publication . Article . Part of book or chapter of book . Other literature type . 2013

Institutional Investors as Minority Shareholders

Assaf Hamdani; Yishay Yafeh;
Open Access
  • Published: 01 Apr 2013 Journal: SSRN Electronic Journal (eissn: 1556-5068, Copyright policy)
  • Publisher: Elsevier BV
We examine the link between minority shareholders' rights and corporate governance by studying institutional investors' voting patterns in a concentrated ownership environment. Institutions rarely vote against insider-sponsored proposals even when the law empowers the minority. Institutions vote against compensation-related proposals more often than against related party transactions even when minority shareholders cannot influence outcomes. Potentially conflicted institutions are more likely to vote for insiders' proposals than stand-alone investors, regardless of their effect on outcomes. A plausible conclusion is that empowering minority shareholders affects ...
free text keywords: Finance, Business, Corporate governance, Voting, media_common.quotation_subject, media_common, Institutional investor, Emerging markets, Corporate law, Shareholder, Shareholder resolution, Accounting, business.industry
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