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Tuesday 02 June 2015, 10:30-12:00
Say Pays! Shareholder Voice and Firm Performance
- 👤 Speaker: Mireia Giné 🔗 Website
- 📅 Date & Time: Tuesday 02 June 2015, 10:30 - 12:00
- 📍 Venue: Cambidge Judge Business School, room W4.03
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Crystal
Abstract
This paper estimates the effects of Say-on-Pay (SoP), a policy that increases shareholder “voice” by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP proposals. Adopting SoP leads to large increases in market value (5%) and to improvements in long-term profitability. In contrast, it has limited effects on pay levels and structure. Taken together our results suggest that SoP can be seen as a repeated regular vote of confidence on the CEO and that it serves as a disciplining device.
Series This talk is part of the Finance & Accounting Seminar Series series.
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- Cambidge Judge Business School, room W4.03
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