Stathopoulos, Konstantinos and Voulgaris, Georgios (2016) The importance of shareholder activism : the case of say-on-pay. Corporate Governance : an International Review, 24 (3). pp. 359-370. doi:10.1111/corg.12147 ISSN 0964-8410.

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Abstract

Manuscript Type: Review
Research Question/Issue: This study focuses on the role of Say-on-Pay as a mechanism that aims to promote the efficiency of corporate governance by providing an additional channel for the expression of shareholder “voice”. Initially introduced in the UK, Say-on-Pay has subsequently been adopted in a large number of countries and it has recently received significant attention from regulators, media and the general public. The purpose of this study is to review prior literature related to Say-on-Pay and its impact on firm value and corporate decision-making.
Research Findings/Insights: Our study highlights the interdisciplinary nature of research on Say-on-Pay. We also shed light on conceptual gaps and empirical discrepancies in prior studies, indicating that many questions linked to Say-on-Pay and its importance for the executive pay-setting process remain largely unanswered.
Theoretical/Academic Implications: At a theoretical level, we highlight potential areas for development of the existing theoretical framework for Say-on-Pay, which is at present rather limited and primarily influenced by agency theory. At an empirical level, we propose a substantial number of avenues for fruitful future research on this topic.
Practitioner/Policy Implications: In the light of recent proposals for extending the role of Say-on-Pay within the corporate governance framework, our findings are particularly relevant to regulators. More thought is needed about changing its nature from advisory to mandatory, since the degree of its effectiveness and the dynamics of the voting process are still unclear. Our study could also be informative for the media and the general public, especially given the increasing attention afforded to Say-on-Pay.

Item Type:	Journal Article
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Divisions:	Faculty of Social Sciences > Warwick Business School > Accounting Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH):	Corporate governance -- Great Britain, Executives -- Wages , Stockholders' voting
Journal or Publication Title:	Corporate Governance : an International Review
Publisher:	Wiley-Blackwell Publishing Ltd.
ISSN:	0964-8410
Official Date:	May 2016
Dates:	Date Event May 2016 Published 22 November 2015 Available 7 October 2015 Accepted 13 February 2015 Submitted
Volume:	24
Number:	3
Page Range:	pp. 359-370
DOI:	10.1111/corg.12147
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Date of first compliant deposit:	31 December 2015
Date of first compliant Open Access:	22 November 2017
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