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Shareholder Votes and Proxy Advisors: Evidence from Say on Pay

Citations

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Cited by:

  1. David F. Larcker & Allan L. McCall & Gaizka Ormazabal, 2015. "Outsourcing Shareholder Voting to Proxy Advisory Firms," Journal of Law and Economics, University of Chicago Press, vol. 58(1), pages 173-204.
  2. Yonca Ertimur & Fabrizio Ferri & David Oesch, 2018. "Understanding Uncontested Director Elections," Management Science, INFORMS, vol. 64(7), pages 3400-3420, July.
  3. Magnus Blomkvist & Eva Liljeblom & Anders Löflund & Etienne Redor, 2024. "Political Connections and Shareholder Support," Post-Print hal-04662505, HAL.
  4. Wang, Xianjue, 2021. "Disclosure by firms under voting pressure," International Review of Financial Analysis, Elsevier, vol. 78(C).
  5. Canil, Jean & Karpavičius, Sigitas & Li, Shihe & Yu, Chia-Feng, 2022. "Say on mobility:Do CEO outside opportunities affect shareholder say on pay?," Finance Research Letters, Elsevier, vol. 47(PB).
  6. Dasgupta, Amil & Fos, Vyacheslav & Sautner, Zacharias, 2021. "Institutional investors and corporate governance," LSE Research Online Documents on Economics 112114, London School of Economics and Political Science, LSE Library.
  7. JOSEPH A. McCAHERY & ZACHARIAS SAUTNER & LAURA T. STARKS, 2016. "Behind the Scenes: The Corporate Governance Preferences of Institutional Investors," Journal of Finance, American Finance Association, vol. 71(6), pages 2905-2932, December.
  8. Shu, Chong, 2024. "The proxy advisory industry: Influencing and being influenced," Journal of Financial Economics, Elsevier, vol. 154(C).
  9. Mary Elizabeth Badgett & Kelly R. Brunarski & T. Colin Campbell & Yvette S. Harman, 2022. "Director reputational penalties when shareholders disapprove of executive compensation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(4), pages 759-795, December.
  10. Rieneke Slager & Kevin Chuah & Jean-Pascal Gond & Santi Furnari & Mikael Homanen, 2023. "Tailor-to-Target: Configuring Collaborative Shareholder Engagements on Climate Change," Management Science, INFORMS, vol. 69(12), pages 7693-7718, December.
  11. Le Lin & Ke Liao & Deren Xie, 2023. "When Investors Speak, Do Firms Listen? The Role of Investors' Dividend‐related Complaints from Online Earnings Communication Conferences," Abacus, Accounting Foundation, University of Sydney, vol. 59(1), pages 32-75, March.
  12. Wang, Xianjue, 2022. "Disloyal managers and proxy voting," Finance Research Letters, Elsevier, vol. 44(C).
  13. Ng, Jeffrey & Wu, Hong & Zhai, Weihuan & Zhao, Jing, 2021. "The effect of shareholder activism on earnings management: Evidence from shareholder proposals11We appreciate the helpful comments and suggestions from Stephen Taylor, Gary Biddle, Santosh Ramalingegowda, Feng Chen, Samir Trabelsi, Feng Tian, Shivara," Journal of Corporate Finance, Elsevier, vol. 69(C).
  14. Danial Hemmings & Lynn Hodgkinson & Gwion Williams, 2020. "It's OK to pay well, if you write well: The effects of remuneration disclosure readability," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(5-6), pages 547-586, May.
  15. Sudipto Dasgupta & Thomas H. Noe, 2019. "Does Pay Activism Pay Off for Shareholders? Shareholder Democracy and Its Discontents," Management Science, INFORMS, vol. 65(4), pages 1810-1832, April.
  16. Schwartz-Ziv, Miriam & Wermers, Russ, 2022. "Do institutional investors monitor their large-scale vs. small-scale investments differently? Evidence from the say-on-pay vote," Journal of Banking & Finance, Elsevier, vol. 141(C).
  17. Nitish Kumar & Yuehua Tang & Kelsey D. Wei, 2024. "Customers as Friendly Shareholders: Uncovering the Complex Mutual Fund-Broker Relationship," Management Science, INFORMS, vol. 70(4), pages 2568-2589, April.
  18. Nan Li, 2021. "Do Majority‐of‐Minority Shareholder Voting Rights Reduce Expropriation? Evidence from Related Party Transactions," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 59(4), pages 1385-1423, September.
  19. Ryan McDonough & Venky Nagar & Jordan Schoenfeld, 2024. "Voluntary disclosures by activist investors: the role of activist expectations," Review of Accounting Studies, Springer, vol. 29(3), pages 2031-2081, September.
  20. Yu Ting Forester Wong, 2020. "Wolves at the Door: A Closer Look at Hedge Fund Activism," Management Science, INFORMS, vol. 66(6), pages 2347-2371, June.
  21. Dutta, Shantanu & Officer, Micah S. & Wang, Ruixiang & Zhu, Pengcheng, 2025. "Do “say-on-pay” votes affect M&A decisions?," Journal of Corporate Finance, Elsevier, vol. 91(C).
  22. Alina G. Andrei & J. (Hans) van Oosterhout & Steve Sauerwald, 2023. "Symbolic Shareholder Democracy: Toward a Behavioral Understanding of the Role of Shareholder Voting in CEO Dismissals," Organization Science, INFORMS, vol. 34(5), pages 1736-1758, September.
  23. Xiaohui Li & Yao Shen & Jing Xie, 2024. "Proxy Voting on CEO Pay: Evidence from Rejection of the Inevitable Disclosure Doctrine," Working Papers 202412, University of Macau, Faculty of Business Administration.
  24. Lin, Jing & Li, Fang & Zheng, Steven Xiaofan & Zhou, Mingshan, 2023. "Minority shareholder voting and dividend policy," Journal of Banking & Finance, Elsevier, vol. 148(C).
  25. Xavier Gabaix & Augustin Landier & Julien Sauvagnat, 2014. "CEO Pay and Firm Size: An Update After the Crisis," Economic Journal, Royal Economic Society, vol. 124(574), pages 40-59, February.
  26. Juan Pineiro-Chousa & Marcos Vizcaíno-González & Jérôme Caby, 2018. "Linking market capitalisation and voting pattern in corporate meetings," Post-Print halshs-02001463, HAL.
  27. Nico Lehmann, 2019. "Do Corporate Governance Analysts Matter? Evidence from the Expansion of Governance Analyst Coverage," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 57(3), pages 721-761, June.
  28. Ormazabal, Gaizka & Jochem, Torsten & Rajamani, Anjana, 2020. "Why Have CEO Pay Levels Become Less Diverse?," CEPR Discussion Papers 15523, Centre for Economic Policy Research.
  29. Vincent C. Ma & John S. Liu, 2016. "Exploring the research fronts and main paths of literature: a case study of shareholder activism research," Scientometrics, Springer;Akadémiai Kiadó, vol. 109(1), pages 33-52, October.
  30. Matthew Grosse & Stephen Kean & Tom Scott & Tom Smith, 2017. "Shareholder say on pay and CEO compensation: three strikes and the board is out," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(3), pages 701-725, September.
  31. Berno Buechel & Lydia Mechtenberg & Alexander F. Wagner, 2022. "When do proxy advisors improve corporate decisions?," Swiss Finance Institute Research Paper Series 22-47, Swiss Finance Institute.
  32. Rachelle Belinga & Blanche Segrestin, 2016. "Proxy voting policies as tools for shareholder engagement in CSR: an exploratory study," Post-Print hal-01312918, HAL.
  33. Blankespoor, Elizabeth & deHaan, Ed & Marinovic, Iván, 2020. "Disclosure processing costs, investors’ information choice, and equity market outcomes: A review," Journal of Accounting and Economics, Elsevier, vol. 70(2).
  34. Choonsik Lee & Matthew E. Souther, 2020. "Managerial Reliance on the Retail Shareholder Vote: Evidence from Proxy Delivery Methods," Management Science, INFORMS, vol. 66(4), pages 1717-1736, April.
  35. Bedford, Anna & Bugeja, Martin & Ghannam, Samir & Jeganathan, Davina & Ma, Nelson, 2023. "Were CEO pay cuts during the COVID-19 pandemic merely symbolic? Shareholders' reaction and outrage," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
  36. Martin Nerlinger & Martin Rohleder & Marco Wilkens & Jonas Zink, 2026. "What Drives Sustainable Institutional Engagement and Voting Behavior?," The Financial Review, Eastern Finance Association, vol. 61(2), pages 471-491, May.
  37. Laura Henning, 2015. "Shareholder voting and merger returns," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 29(4), pages 337-363, November.
  38. Brunarski, Kelly R. & Campbell, T. Colin & Harman, Yvette S., 2015. "Evidence on the outcome of Say-On-Pay votes: How managers, directors, and shareholders respond," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 132-149.
  39. Holderness, Clifford G. & Pontiff, Jeffrey, 2016. "Shareholder nonparticipation in valuable rights offerings: New findings for an old puzzle," Journal of Financial Economics, Elsevier, vol. 120(2), pages 252-268.
  40. C.S. Agnes Cheng & Iftekhar Hasan & Feng Tang & Jing Xie, 2024. "Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures," Working Papers 202408, University of Macau, Faculty of Business Administration.
  41. Marcos Vizcaíno-González & Juan Pineiro-Chousa & Jorge Sáinz-González, 2017. "Selecting explanatory factors of voting decisions by means of fsQCA and ANN," Quality & Quantity: International Journal of Methodology, Springer, vol. 51(5), pages 2049-2061, September.
  42. Artiga González, Tanja & Calluzzo, Paul & Granic, Georg D., 2023. "Ballot order effects in independent director elections," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).
  43. Kim, Natalie Kyung Won & Kwon, Sewon & Shin, Jae Yong, 2025. "Do compensation committees do what they say they do? Evidence from narrative disclosure in proxy statements," Finance Research Letters, Elsevier, vol. 73(C).
  44. Gipper, Brandon, 2021. "The economic effects of expanded compensation disclosures," Journal of Accounting and Economics, Elsevier, vol. 71(1).
  45. Bolton, Patrick & Li, Tao & Ravina, Enrichetta & Rosenthal, Howard, 2020. "Investor ideology," Journal of Financial Economics, Elsevier, vol. 137(2), pages 320-352.
  46. Villalonga, Belén & Tufano, Peter & Wang, Boya, 2025. "Corporate ownership and ESG performance," Journal of Corporate Finance, Elsevier, vol. 91(C).
  47. Lan, Ge & Li, Donghui & Yang, Shijie, 2023. "Costs of voting and firm performance: Evidence from RegTech adoption in Chinese listed firms," Research in International Business and Finance, Elsevier, vol. 64(C).
  48. Germán López Pérez & Isabel María García Sánchez & José Luis Zafra Gómez, 2024. "A systematic literature review and bibliometric analysis of eco‐innovation on financial performance: Identifying barriers and drivers," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 1321-1340, February.
  49. Miyachi, Hiroaki & Takeda, Fumiko, 2024. "Empirical study on voting results and proxy advisor recommendations in Japan," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
  50. Canil, Jean & Karpavičius, Sigitas, 2020. "Compensation consultants: Does reputation matter?," Journal of Corporate Finance, Elsevier, vol. 64(C).
  51. Cabezon, Felipe, 2025. "Executive compensation: The trend toward one-size-fits-all," Journal of Accounting and Economics, Elsevier, vol. 79(1).
  52. Dragana Cvijanović & Nickolay Gantchev & Rachel Li, 2023. "CEO Succession Roulette," Management Science, INFORMS, vol. 69(10), pages 5794-5815, October.
  53. Canil, Jean & Karpavičius, Sigitas & Yu, Chia-Feng, 2019. "Are shareholders gender neutral? Evidence from say on pay," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 169-186.
  54. Paul M. Guest & Marco Nerino, 2019. "Do Corporate Governance Ratings Change Investor Expectations? Evidence from Announcements by Institutional Shareholder Services," Working Papers wp515, Centre for Business Research, University of Cambridge.
  55. Vanda Heinen & Christopher Koch & Mario Scharfbillig, 2018. "Exporting corporate governance: Do foreign and local proxy advisors differ?," Working Papers 1810, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz.
  56. Bullipe R. Chintha & Sriniwas Mahapatro, 2025. "Do investors differentiate between types of component auditors? Evidence from auditor ratification voting," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(1), pages 511-540, February.
  57. Foroughi, Pouyan, 2025. "Walking quietly: Fiduciary waivers and blockholder exit," Global Finance Journal, Elsevier, vol. 68(C).
  58. Ferri, Fabrizio & Oesch, David, 2013. "Management Influence on Investors: Evidence from Shareholder Votes on the Frequency of Say on Pay," Working Papers on Finance 1329, University of St. Gallen, School of Finance.
  59. Kind, Axel & Poltera, Marco & Zaia, Johannes, 2024. "The value of say on pay," Journal of Banking & Finance, Elsevier, vol. 169(C).
  60. Wonjae Chang & Michael Dambra & Bryce Schonberger & Inho Suk, 2023. "Does Sensationalism Affect Executive Compensation? Evidence from Pay Ratio Disclosure Reform," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 61(1), pages 187-242, March.
  61. Nadya Malenko & Yao Shen, 2016. "The Role of Proxy Advisory Firms: Evidence from a Regression-Discontinuity Design," The Review of Financial Studies, Society for Financial Studies, vol. 29(12), pages 3394-3427.
  62. Chen, Jeff Z. & Kolev, Kalin & Luo, Xin & Yang, Liu, 2025. "What are they looking at: directors’ facial appearances and shareholder voting outcomes," Journal of Business Research, Elsevier, vol. 198(C).
  63. Tao Li, 2018. "Outsourcing Corporate Governance: Conflicts of Interest Within the Proxy Advisory Industry," Management Science, INFORMS, vol. 64(6), pages 2951-2971, June.
  64. Lee, Choonsik, 2021. "Mitigating information imperfections in proxy contests: The effect of dissidents' proxy solicitation," Journal of Corporate Finance, Elsevier, vol. 69(C).
  65. Montagnes, B. Pablo & Peskowitz, Zachary & Sridharan, Suhas A., 2025. "How well do voting choice policies represent investor preferences?," Working Papers 371, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
  66. Hsu, Yuan-Teng & Huang, Chia-Wei & Koedijk, Kees G., 2023. "Unintended consequences of compensation peer groups on corporate innovation," Journal of Corporate Finance, Elsevier, vol. 78(C).
  67. Shahid Ali & Junrui Zhang & Muhammad Usman & Muhammad Kaleem Khan & Farman Ullah Khan & Muhammad Abubakkar Siddique, 2020. "Do tournament incentives motivate chief executive officers to be socially responsible?," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 35(5), pages 597-619, February.
  68. Gulen, Huseyin & O'Brien, William J., 2017. "Option repricing, corporate governance, and the effect of shareholder empowerment," Journal of Financial Economics, Elsevier, vol. 125(2), pages 389-415.
  69. Steven S. Crawford & Karen K. Nelson & Brian R. Rountree, 2021. "Mind the gap: CEO–employee pay ratios and shareholder say‐on‐pay votes," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(1-2), pages 308-337, January.
  70. Joura, Essam & Xiao, Qin & Ullah, Subhan, 2021. "The impact of Say-on-Pay votes on firms' strategic policies: Insights from the Anglo-Saxon economy," International Review of Financial Analysis, Elsevier, vol. 73(C).
  71. Christie Hayne & Marshall Vance, 2019. "Information Intermediary or De Facto Standard Setter? Field Evidence on the Indirect and Direct Influence of Proxy Advisors," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 57(4), pages 969-1011, September.
  72. Vizcaíno, Marcos & Chousa, Juan P., 2016. "Analyzing the influence of the funds' support on Tobin's q using SEM and fsQCA," Journal of Business Research, Elsevier, vol. 69(6), pages 2118-2124.
  73. Patloch Alexandra, 2017. "Wirtschaftspolitische Maßnahmen zur Beeinflussung von Managergehältern," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 66(2), pages 111-141, August.
  74. Pamela Kent & Kim Kercher & James Routledge, 2018. "Remuneration committees, shareholder dissent on CEO pay and the CEO pay–performance link," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(2), pages 445-475, June.
  75. Meera Behera & Vikram Nanda & Oded Palmon, 2022. "Disciplinary shocks: say-on-pay and the role of large shareholders," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1453-1499, November.
  76. Quinn D. Curtis & Justin J. Hopkins, 2022. "Career concerns for revealing misreporting," Review of Accounting Studies, Springer, vol. 27(1), pages 1-34, March.
  77. Ferri, Fabrizio & Zheng, Ronghuo & Zou, Yuan, 2018. "Uncertainty about managers’ reporting objectives and investors’ response to earnings reports: Evidence from the 2006 executive compensation disclosures," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 339-365.
  78. Jiang, Wei & Li, Tao & Mei, Danqing, 2019. "Activist arbitrage in M&A acquirers," Finance Research Letters, Elsevier, vol. 29(C), pages 156-161.
  79. Dubois, Edouard & McGinty, Sean & Uchida, Konari & Chen, Yenn-Ru & Fu, Jyun-Ying, 2023. "Institutional shareholders, proxy advisor recommendation, and vote outcomes in shareholder meetings," Research in International Business and Finance, Elsevier, vol. 66(C).
  80. Demir Bektić & Patrick Jahnke, 2026. "Asset Manager Capitalism, Stakeholder Management and Share Buybacks," Journal of Asset Management, Palgrave Macmillan, vol. 27(1), pages 1-15, March.
  81. Duan, Ying & Jiao, Yawen & Tam, Kinsun, 2021. "Conflict of interest and proxy voting by institutional investors," Journal of Corporate Finance, Elsevier, vol. 70(C).
  82. Steve Sauerwald & J. (Hans) Van Oosterhout & Marc Van Essen, 2016. "Expressive Shareholder Democracy: A Multilevel Study of Shareholder Dissent in 15 Western European Countries," Journal of Management Studies, Wiley Blackwell, vol. 53(4), pages 520-551, June.
  83. Stacey Beaumont & Raluca Ratiu & David Reeb & Glenn Boyle & Philip Brown & Alexander Szimayer & Raymond Silva Rosa & David Hillier & Patrick McColgan & Athanasios Tsekeris & Bryan Howieson & Zoltan Ma, 2016. "Comments on Shan and Walter: ‘Towards a Set of Design Principles for Executive Compensation Contracts’," Abacus, Accounting Foundation, University of Sydney, vol. 52(4), pages 685-771, December.
  84. Brian Cadman & Richard Carrizosa, 2024. "Equity Incentive Plans and Board of Director Discretion over Equity Grants," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 62(4), pages 1227-1264, September.
  85. Jung Ho Choi & Brandon Gipper & Shawn X. Shi, 2025. "Executive pay transparency and relative performance evaluation: evidence from the 2006 pay disclosure reforms," Review of Accounting Studies, Springer, vol. 30(3), pages 2922-2962, September.
  86. Brav, Alon & Cain, Matthew & Zytnick, Jonathon, 2022. "Retail shareholder participation in the proxy process: Monitoring, engagement, and voting," Journal of Financial Economics, Elsevier, vol. 144(2), pages 492-522.
  87. He, Yazhou Ellen, 2021. "Communications in proxy contests," Journal of Corporate Finance, Elsevier, vol. 69(C).
  88. Gregorio Sánchez‐Marín & Gabriel Lozano‐Reina & J. Samuel Baixauli‐Soler, 2024. "Shareholder activism in listed family firms: Exploring the effectiveness of say‐on‐pay on CEO compensation," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 33(3), pages 308-330, July.
  89. Nicola Cucari, 2019. "Determinants of say on pay vote: a configurational analysis," International Entrepreneurship and Management Journal, Springer, vol. 15(3), pages 837-856, September.
  90. Alam, Zinat & Ghosh, Chinmoy & Ryan, Harley E. & Wang, Lingling, 2025. "Discretion in pay ratio estimation," Journal of Banking & Finance, Elsevier, vol. 173(C).
  91. Keusch, Thomas, 2021. "Shareholder Activists and Frictions in the CEO Labor Market," LawFin Working Paper Series 19, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
  92. Stuart L. Gillan & Nga Q. Nguyen, 2024. "Shareholder voting on golden parachutes: Effective governance or too little too late?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(9-10), pages 2279-2303, October.
  93. Ainsley Elbra & Erin O'Brien & Martijn Boersma, 2025. "The Political Influence of Proxy Advisors in Campaigns for Ethical Investment: Guiding the Invisible Hand," Regulation & Governance, John Wiley & Sons, vol. 19(4), pages 1063-1073, October.
  94. Wei, Xiaoqin (Alex), 2025. "Managerial overconfidence and pay-for-luck," International Review of Financial Analysis, Elsevier, vol. 107(C).
  95. Powell, Daniel & Rapp, Marc Steffen, 2015. "Non-mandatory say on pay votes and AGM participation: Evidence from Germany," SAFE Working Paper Series 107, Leibniz Institute for Financial Research SAFE.
  96. Lingwei Li & Huai Zhang, 2021. "The devil is in the detail? Investors’ mispricing of proxy voting outcomes on M&A deals," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(3-4), pages 692-717, March.
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