Market reactions to proxy advisory companies’ recommendations in Japan
Market reactions to proxy advisory companies’ recommendations in Japan
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日本代理咨询公司建议的市场反应
DOI：
10.1016/j.frl.2022.103331
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发表时间：
2022
影响因子：
10.4
通讯作者：
Kazuhide Masumoto and Fumiko Takeda
中科院分区：
文献类型：
--
作者：
Kosuke Kikuchi;Hiroaki Miyachi;and Fumiko Takeda;Kazuhide Masumoto and Fumiko Takeda
本研究探讨了日本公司治理结构从关系型向市场型转变的背景下，代理咨询公司的推荐对目标公司股价的影响。基于2003年至2022年报纸上报道的125项投票建议，我们发现，股票价格对与董事会政策不一致的建议的反应比对一致的建议的反应更大。当公司规模较小和/或外国投资者持股比例较高时，当建议反对收购防御措施时，以及当公司名称引起投资者注意时，市场反应会更大。
This study investigates how proxy advisory companies’ recommendations affect the stock prices of target companies in Japan, whose governance system has been under transition from relationship-based to more market-based. Based on 125 voting recommendations reported in newspapers between 2003 and 2022, we find that stock prices respond to recommendations inconsistent with the board's policy more largely than to those consistent. The market reactions become larger when firms are smaller and/or have a higher shareholding ratio of foreign investors, when recommendations are against takeover defense measures, and when the firms’ name attracts investor attention.