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The Role of Proxy Advisory Firms: Evidence from a Regression-Discontinuity Design

Citations

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Cited by:

  1. Ilya Ivaninskiy & Irina Ivashkovskaya & Joseph A. McCahery, 2023. "Does digitalization mitigate or intensify the principal-agent conflict in a firm?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(3), pages 695-725, September.
  2. Mario Cerrato & Hormoz Ramian & Shengfeng Mei, 2022. "European firms, Panic Borrowing and Credit Lines Drawdowns: What did we learn from the COVID-19 shock? (updated version February 2023)," Working Papers 2022_12, Business School - Economics, University of Glasgow.
  3. C. S. Agnes Cheng & Xiaohui (Fiona) Li & Jing Xie & Yuxiang Zhong, 2023. "Accounting conservatism and common ownership by dedicated institutional blockholders," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(9-10), pages 1943-1983, October.
  4. Melissa Newham & Jo Seldeslachts & Albert Banal-Estañol, 2025. "Common Ownership and Market Entry: Evidence from the Pharmaceutical Industry," American Economic Journal: Microeconomics, American Economic Association, vol. 17(4), pages 260-327, November.
  5. Hoepner, Andreas G.F. & Lin, Ming-Tsung, 2022. "Do shareholder views affect corporate political activities?," International Review of Financial Analysis, Elsevier, vol. 84(C).
  6. 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.
  7. Mario Cerrato & Hormoz Ramian & Shengfeng Mei, 2023. "European firms,Panic Borrowing and Credit Lines Drawdowns: What did we learn from the COVID-19 Shock?," Working Papers 2023_05, Business School - Economics, University of Glasgow.
  8. Gow, Ian D. & Larcker, David F. & Watts, Edward M., 2023. "Board diversity and shareholder voting," Journal of Corporate Finance, Elsevier, vol. 83(C).
  9. 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).
  10. Liu, Tingting & Liu, Yu & Ullah, Barkat & Wei, Zuobao & Xu, Lixin Colin, 2021. "The dark side of transparency in developing countries: The link between financial reporting practices and corruption," Journal of Corporate Finance, Elsevier, vol. 66(C).
  11. Cabezon, Felipe, 2025. "Executive compensation: The trend toward one-size-fits-all," Journal of Accounting and Economics, Elsevier, vol. 79(1).
  12. Dion Bongaerts & Thomas Lambert & Daniel Liebau & Peter Roosenboom, 2025. "Vote Delegation in DeFi Governance," Papers 2503.11940, arXiv.org.
  13. 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).
  14. Duan, Ying & Jiao, Yawen & Tam, Kinsun, 2021. "Conflict of interest and proxy voting by institutional investors," Journal of Corporate Finance, Elsevier, vol. 70(C).
  15. Edmans, Alex & Gosling, Tom & Jenter, Dirk, 2023. "CEO compensation: Evidence from the field," Journal of Financial Economics, Elsevier, vol. 150(3).
  16. Jiekun Huang, 2023. "Thy Neighbor’s Vote: Peer Effects in Proxy Voting," Management Science, INFORMS, vol. 69(7), pages 4169-4189, July.
  17. Blake Rayfield & Omer Unsal, 2021. "Institutional monitoring and litigation risk: Evidence from employee disputes," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(1), pages 81-119, April.
  18. 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.
  19. Manish Jha, 2024. "Do Activists Align with Larger Mutual Funds?," Papers 2411.16553, arXiv.org.
  20. Yonca Ertimur & Fabrizio Ferri & David Oesch, 2018. "Understanding Uncontested Director Elections," Management Science, INFORMS, vol. 64(7), pages 3400-3420, July.
  21. Masumoto, Kazuhide & Takeda, Fumiko, 2022. "Market reactions to proxy advisory companies’ recommendations in Japan," Finance Research Letters, Elsevier, vol. 50(C).
  22. 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).
  23. Gormley, Todd A. & Gupta, Vishal K. & Matsa, David A. & Mortal, Sandra C. & Yang, Lukai, 2023. "The Big Three and board gender diversity: The effectiveness of shareholder voice," Journal of Financial Economics, Elsevier, vol. 149(2), pages 323-348.
  24. Ormazabal, Gaizka & Jochem, Torsten & Rajamani, Anjana, 2020. "Why Have CEO Pay Levels Become Less Diverse?," CEPR Discussion Papers 15523, C.E.P.R. Discussion Papers.
  25. Lucian A. Bebchuk & Alma Cohen & Scott Hirst, 2017. "The Agency Problems of Institutional Investors," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 89-102, Summer.
  26. Schilling, Linda, 2023. "Voters, Bailouts, and the Size of the Firm," MPRA Paper 118146, University Library of Munich, Germany.
  27. 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.
  28. Li, Xuan, 2023. "Home bias in shareholder voting," Discussion Papers 2023/21, Norwegian School of Economics, Department of Business and Management Science.
  29. Bolton, Patrick & Li, Tao & Ravina, Enrichetta & Rosenthal, Howard, 2020. "Investor ideology," Journal of Financial Economics, Elsevier, vol. 137(2), pages 320-352.
  30. 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).
  31. Calluzzo, Paul & Kedia, Simi, 2019. "Mutual fund board connections and proxy voting," Journal of Financial Economics, Elsevier, vol. 134(3), pages 669-688.
  32. Bilal Hafeez & M. Humayun Kabir & Udomsak Wongchoti, 2022. "Are retail investors really passive? Shareholder activism in the digital age," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(3-4), pages 423-460, March.
  33. Kind, Axel & Poltera, Marco & Zaia, Johannes, 2024. "The value of say on pay," Journal of Banking & Finance, Elsevier, vol. 169(C).
  34. Matthew Kubic, 2025. "The benefits of article 11 pro forma disclosure," Review of Accounting Studies, Springer, vol. 30(3), pages 2768-2821, September.
  35. Jing Xie, 2024. "Are passive investors also passive voters? Evidence from securities lending by mutual funds," Working Papers 202410, University of Macau, Faculty of Business Administration.
  36. Field, Laura Casares & Lowry, Michelle, 2022. "Bucking the trend: Why do IPOs choose controversial governance structures and why do investors let them?," Journal of Financial Economics, Elsevier, vol. 146(1), pages 27-54.
  37. 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.
  38. Quinn D. Curtis & Justin J. Hopkins, 2022. "Career concerns for revealing misreporting," Review of Accounting Studies, Springer, vol. 27(1), pages 1-34, March.
  39. Isil Erel & Léa H Stern & Chenhao Tan & Michael S Weisbach, 2021. "Selecting Directors Using Machine Learning," NBER Chapters, in: Big Data: Long-Term Implications for Financial Markets and Firms, pages 3226-3264, National Bureau of Economic Research, Inc.
  40. Joshua D Gottlieb & Richard R Townsend & Ting Xu, 2022. "Does Career Risk Deter Potential Entrepreneurs?," The Review of Financial Studies, Society for Financial Studies, vol. 35(9), pages 3973-4015.
  41. Wang, Xianjue, 2021. "Disclosure by firms under voting pressure," International Review of Financial Analysis, Elsevier, vol. 78(C).
  42. Albuquerque, Ana & Carter, Mary Ellen & Guo, Zhe (Michael) & Lynch, Luann J., 2025. "Complexity of CEO compensation packages," Journal of Accounting and Economics, Elsevier, vol. 79(1).
  43. Wang, Xianjue, 2022. "Disloyal managers and proxy voting," Finance Research Letters, Elsevier, vol. 44(C).
  44. 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.
  45. Jon Frost & Leonardo Gambacorta & Yi Huang & Hyun Song Shin & Pablo Zbinden, 2019. "BigTech and the changing structure of financial intermediation," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 34(100), pages 761-799.
  46. Bar-Isaac, Heski & Shapiro, Joel, 2020. "Blockholder voting," Journal of Financial Economics, Elsevier, vol. 136(3), pages 695-717.
  47. Han, Jungsuk & Lee, Jongsub & Li, Tao, 2025. "A review of DAO governance: Recent literature and emerging trends," Journal of Corporate Finance, Elsevier, vol. 91(C).
  48. Peter Iliev & Jonathan Kalodimos & Michelle Lowry, 2021. "Investors’ Attention to Corporate Governance [The “Wall Street Walk” and shareholder activism: Exit as a form of voice]," The Review of Financial Studies, Society for Financial Studies, vol. 34(12), pages 5581-5628.
  49. Efrat Dressler & Yevgeny Mugerman, 2023. "Doing the Right Thing? The Voting Power Effect and Institutional Shareholder Voting," Journal of Business Ethics, Springer, vol. 183(4), pages 1089-1112, April.
  50. Schmidt, Cornelius & Fahlenbrach, Rüdiger, 2017. "Do exogenous changes in passive institutional ownership affect corporate governance and firm value?," Journal of Financial Economics, Elsevier, vol. 124(2), pages 285-306.
  51. Jiang, Wei & Li, Tao & Mei, Danqing, 2019. "Activist arbitrage in M&A acquirers," Finance Research Letters, Elsevier, vol. 29(C), pages 156-161.
  52. Abramova, Inna & Core, John & Sutherland, Andrew, 2019. "Institutional Investor Attention and Firm Disclosure," MPRA Paper 93665, University Library of Munich, Germany.
  53. He, Yazhou Ellen, 2021. "Communications in proxy contests," Journal of Corporate Finance, Elsevier, vol. 69(C).
  54. Farizo, Joseph D., 2022. "(Black)Rock the vote: Index funds and opposition to management," Journal of Corporate Finance, Elsevier, vol. 76(C).
  55. Schneider, Thomas, 2025. "Executive incentives under common ownership," Journal of Corporate Finance, Elsevier, vol. 93(C).
  56. Shu, Chong, 2024. "The proxy advisory industry: Influencing and being influenced," Journal of Financial Economics, Elsevier, vol. 154(C).
  57. Ormazabal, Gaizka, 2018. "The Role of Stakeholders in Corporate Governance: A View from Accounting Research," CEPR Discussion Papers 12775, C.E.P.R. Discussion Papers.
  58. Jha, Manish, 2025. "Do activists align with larger mutual funds?," Journal of Banking & Finance, Elsevier, vol. 173(C).
  59. Schneider, Julian, 2023. "Förderung der Transparenz oder Kosten für die Aktionäre? Beurteilung der Regulierung von Proxy Advisors anhand der U.S.-Marktreaktion [Promoting Transparency or Harming Shareholders? U.S. Market Re," Junior Management Science (JUMS), Junior Management Science e. V., vol. 8(1), pages 148-162.
  60. Foroughi, Pouyan & Marcus, Alan & Nguyen, Vinh, 2024. "Mutual fund pollution experience and environmental voting," Journal of Banking & Finance, Elsevier, vol. 162(C).
  61. 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.
  62. Tao Li, 2018. "Outsourcing Corporate Governance: Conflicts of Interest Within the Proxy Advisory Industry," Management Science, INFORMS, vol. 64(6), pages 2951-2971, June.
  63. Lee, Choonsik, 2021. "Mitigating information imperfections in proxy contests: The effect of dissidents' proxy solicitation," Journal of Corporate Finance, Elsevier, vol. 69(C).
  64. Timmermans, Oscar, 2024. "Cash versus share payouts in relative performance plans," LSE Research Online Documents on Economics 123696, London School of Economics and Political Science, LSE Library.
  65. 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.
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