Understanding Uncontested Director Elections
Understanding Uncontested Director Elections
复制标题
了解无争议董事选举
DOI：
10.2139/ssrn.2447920
复制
发表时间：
2015
期刊：
影响因子：
--
通讯作者：
David Oesch
中科院分区：
文献类型：
--
作者：
Yonca Ertimur;F. Ferri;David Oesch
我们研究了无争议董事选举中投票结果的决定因素和后果。利用手工收集的独特数据集来了解代理顾问建议背后的基本原理（投票结果的主要驱动因素），我们记录了投票股东关注的董事和董事会特征（以及他们忽视的特征）、它们随时间的演变以及它们的相对重要性。在没有负面推荐的情况下，很少有高票被保留，这凸显了代理顾问的议程设定作用。虽然高投票率很少会导致董事更替，但我们的分析表明，公司通常会通过明确解决潜在问题来应对反对票。总体而言，股东似乎在无争议的董事选举中使用投票来让董事解决具体问题，而不是在董事会内外投票，但他们只在代理顾问强调的事项上这样做。
We examine the determinants and consequences of voting outcomes in uncontested director elections. Exploiting a unique hand-collected dataset of the rationale behind proxy advisors’ recommendations — the primary driver of voting outcomes —, we document the director and board characteristics that voting shareholders focus on (as well as those that they neglect), their evolution over time and their relative importance. Absent a negative recommendation, high votes withheld are infrequent, highlighting the agenda setting role of proxy advisors. While high votes withheld rarely result in director turnover, our analyses show that firms often respond to an adverse vote by explicitly addressing the underlying concern. Overall, it appears that shareholders use their votes in uncontested director elections to get directors to address specific problems, rather than to vote them on or off the board, but they do so only on matters highlighted by the proxy advisors.