Institutional Investors and Activism
Authors: Professor David F. Larcker and Brian Tayan,
Researcher, Corporate Governance Research Initiative
Stanford Graduate School of Business
Shareholders exert influence over the corporation through the board of directors and the proxy voting process. While indirect, this influence can be powerful in shaping corporate policy.
This Quick Guide examines the relation between institutional investors and the corporation.
It answers the questions:
• What types of shareholders exist?
• What influence do shareholders have over companies?
• Does activism improve performance?
• What are proxy advisors?
• What role do proxy advisors play?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
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Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.