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The impact of investor horizon on say-on-pay voting
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Voulgaris, Georgios and Stathopoulos, Konstantinos (2016) The impact of investor horizon on say-on-pay voting. British Journal of Management, 27 (4). pp. 796-818. doi:10.1111/1467-8551.12172 ISSN 1045-3172.
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Official URL: http://dx.doi.org/ 10.1111/1467-8551.12172
Abstract
Shareholder investment horizons have a significant impact on say-on-pay voting patterns. Short-term investors are more likely to avoid expressing opinion on executive pay proposals by casting an abstaining vote. They vote against board proposals on pay only in cases where the CEO already receives excessive pay levels. In contrast, long-term investors typically cast favourable votes. According to our findings, this is due to effective monitoring rather than collusion with the management. Overall, investor heterogeneity in terms of investment horizons helps explain say-on-pay voting, in particular the low levels of say-on-pay dissent, which have recently raised questions over the efficiency of this corporate governance mechanism.
Item Type: | Journal Article | ||||||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management | ||||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Accounting Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Executives -- Salaries, etc., Stockholders -- Attitudes, Stockholders' voting, Stockholders' meetings | ||||||||||
Journal or Publication Title: | British Journal of Management | ||||||||||
Publisher: | Wiley-Blackwell Publishing Ltd. | ||||||||||
ISSN: | 1045-3172 | ||||||||||
Official Date: | October 2016 | ||||||||||
Dates: |
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Volume: | 27 | ||||||||||
Number: | 4 | ||||||||||
Number of Pages: | 55 | ||||||||||
Page Range: | pp. 796-818 | ||||||||||
DOI: | 10.1111/1467-8551.12172 | ||||||||||
Status: | Peer Reviewed | ||||||||||
Publication Status: | Published | ||||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||||
Date of first compliant deposit: | 14 March 2016 | ||||||||||
Date of first compliant Open Access: | 29 May 2018 |
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