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Corporate Governance through the Proxy Contest: Evidence and Implications

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Author Info
Ikenberry, David
Lakonishok, Josef
Abstract

The current literature concerning proxy contests provides little evidence that shareholders suffer materially from sub par performance prior to a contest. Furthermore, no study has thoroughly examined the long-term performance of targeted firms subsequent to a proxy contest. Using a sample of ninety-seven election contests during the period 1968-87, the authors find negative abnormal returns and deteriorating operating performance prior to the announcement of a contest. Following the contest, negative abnormal returns are observed. These negative returns are driven by cases in which dissident shareholders successfully acquire board seats. The results for accounting-based operating performance measures confirm these findings. Copyright 1993 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Business.

Volume (Year): 66 (1993)
Issue (Month): 3 (July)
Pages: 405-35
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Handle: RePEc:ucp:jnlbus:v:66:y:1993:i:3:p:405-35

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  1. Charalambos Th. Constantinou & Costas Th. Constantinou, 2003. "The Effect of Board Structure on Bidder-Shareholders' Wealth: Further Evidence from the UK Bidding Firms," ESRC Centre for Business Research - Working Papers wp261, ESRC Centre for Business Research. [Downloadable!]
  2. Michael J. Fleming, 1995. "New evidence on the effectiveness of the proxy mechanism," Research Paper 9503, Federal Reserve Bank of New York. [Downloadable!]
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