Effects of shareholder proposals on the market value of Japanese firms
Effects of shareholder proposals on the market value of Japanese firms
复制标题
股东提案对日本企业市值的影响
DOI：
10.1016/j.iref.2023.03.025
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发表时间：
2023
影响因子：
4.5
通讯作者：
Ryo Sato and Fumiko Takeda
中科院分区：
文献类型：
--
作者：
Caro-Burnett Johann;Weese Eric;Eric Weese;Akira Yakita;Ryo Sato and Fumiko Takeda
本研究调查了2017年至2021年第二波激进主义浪潮中股东提案对日本企业市值的影响。虽然收到股东提案的公告会对被投资公司的股票价格产生积极影响，但拒绝股东提案会产生负面影响。与第一波行动主义不同，与选举和解雇董事有关的提案与其他提案没有什么不同，随着股东提案的多样化，这些提案可能会变得更加重要。与第一波类似，当大股东提出建议时，市场反应变得更大。
This study investigates the effect of shareholder proposals on the market value of Japanese firms in the second wave of activism from 2017 to 2021. While announcements of receiving a shareholder proposal positively affect stock prices of investee companies, rejection of a shareholder's proposal has a negative impact. Unlike the first wave of activism, proposals related to the election and dismissal of directors are no different from those of other proposals, which may become more important as shareholder proposals diversify. Similar to the first wave, market responses become larger when the large shareholders made the proposals.