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- W3124998143 abstract "Confidential voting in corporate proxies is a principal recommendation in activist institutional investors’ corporate governance guidelines because they believe that it mitigates conflicts of interest that prevent private‐sector institutions from voting against management even though to do so would maximize share value. This article examines the impact of the adoption of confidential voting through a panel data set of shareholder and management proposals at firms that adopted the practice. It finds, contrary to confidential voting advocates’ expectations, that the adoption of confidential voting has no significant effect on voting outcomes. It also does not affect firms’ stock performance. The results are not a function of selection bias in confidential voting firms’ ownership: those firms have higher ownership levels of investors with supposed conflicts (banks and insurance companies) than firms at which confidential voting was proposed but not adopted." @default.
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- W3124998143 date "2003-06-01" @default.
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- W3124998143 title "Does Confidential Proxy Voting Matter?" @default.
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- W3124998143 doi "https://doi.org/10.1086/377048" @default.
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