Determinants and Consequences of Shareholder Proposals: the Cases of Board Election, Charter Amendment, and Profit Disposal
Determinants and Consequences of Shareholder Proposals: the Cases of Board Election, Charter Amendment, and Profit Disposal
复制标题
股东提案的决定因素和后果：以董事会选举、章程修改、利润处置为例
DOI：
10.1016/j.jcorpfin.2017.05.004
复制
发表时间：
2017
影响因子：
6.1
通讯作者：
Tsung-ming
中科院分区：
文献类型：
--
作者：
Yeh;Tsung-ming
本研究通过对2004-2013年日本的股东提案进行调查，探讨行使法定强有力的股东权利是否会对经营产生影响。与美国的股东相比，日本的股东享有更多的法定权利，包括对董事会选举、章程修改和利润处置等问题具有约束力的股东决议。实证检验揭示了几个重要的结果。首先，不同类型的股东提案是由不同的公司特征引发的。第二，与公司治理相关的董事会选举和章程修改决议获得的票数高于利润处置决议。投票结果也与外资持股、股东大会持续时间和公司收到提案的历史呈正相关。此外，大股东发起的决议对目标公司有积极的影响，这些公司报告了正的公告相关异常收益。通过董事会选举决议的公司和收到大股东修改章程建议的公司的经营业绩有所改善。管理层亦因应大股东的要求增加股份回购及派息，惟决议案后的经营业绩并无重大改变。总的来说，结果表明，法定强大的股东权利，当大股东行使，可以产生积极的影响。
By investigating shareholder proposals in Japan during 2004–2013, this study aims to address the question whether exercising legally powerful shareholder rights has an impact on the management. Compared with their counterparts in the United States, Japanese shareholders are entitled to more statutory rights, including binding shareholder resolutions on issues relating to board election, charter amendment, and profit disposal. The empirical tests reveal several important results. First, different types of shareholder proposals are triggered by varying firm characteristics. Second, resolutions on the board election and charter amendments relating to corporate governance receive higher votes than those for profit disposal. Voting outcome is also positively associated with foreign shareholding, duration of the general meeting, and the firm's history of receiving proposals. Moreover, resolutions initiated by large shareholders have positive impacts on the target firms, which reported positive announcement-associated abnormal returns. Improvements in the operating performance are observed for firms passing board election resolutions and firms receiving charter amendment proposals from large shareholders. The management also increased share buyback and dividend payout in response to demands by large shareholders, although there was no significant change in the post-resolution operating performance. Overall, the results indicate that statutorily powerful shareholder rights, when exercised by large shareholders, can have a positive impact.