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SUMMARY:Say Pays! Shareholder Voice and Firm Performance -  Mireia Giné
DTSTART:20150602T093000Z
DTEND:20150602T110000Z
UID:TALK59660@talks.cam.ac.uk
CONTACT:Crystal
DESCRIPTION:This paper estimates the effects of Say-on-Pay (SoP)\, a polic
 y that increases shareholder "voice" by providing shareholders with a regu
 lar vote on executive pay. We apply a regression discontinuity design to t
 he votes on shareholder-sponsored SoP proposals. Adopting SoP leads to lar
 ge increases in market value (5%) and to improvements in long-term profita
 bility. In contrast\, it has limited effects on pay levels and structure. 
 Taken together our results suggest that SoP can be seen as a repeated regu
 lar vote of confidence on the CEO and that it serves as a disciplining dev
 ice.\n\n\n
LOCATION:Cambidge Judge Business School\, room W4.03
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