Shareholder Proposals and Corporate Governance

62 Pages Posted: 11 Nov 2008

See all articles by Klose John

Klose John

affiliation not provided to SSRN

April Klein

New York University (NYU) - Department of Accounting

Date Written: March 1995

Abstract

Shareholder-sponsored proposals are studied focusing on those seeking changes in corporate governance and the incentive structure of managers. The sample contains 334 proposals made by shareholders of 485 of the S&P 500 firms between July 1, 1991 and June 30, 1992. We test hypotheses on the determinants of the likelihood of a corporate governance proposal being made as well as the votes obtained. We find that the likelihood of a firm being the target of one or more corporate governance proposals to be significantly affected by firm size, presence of negative net income, percentage of outside directors with outside directorships in other S&P 500 firms, the percentage of institutional ownership and whether or not shareholders vote on the choice of auditor and last year's vote. We also examine the determinants of the likelihood of specific types of proposals and of particular proponents.

Suggested Citation

John, Klose and Klein, April, Shareholder Proposals and Corporate Governance (March 1995). NYU Working Paper No. FIN-98-046, Available at SSRN: https://ssrn.com/abstract=1297750

Klose John (Contact Author)

affiliation not provided to SSRN

No Address Available

April Klein

New York University (NYU) - Department of Accounting ( email )

Stern School of Business
44 West 4th Street
New York, NY 10012
United States

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