We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
ES Risks and Shareholder Voice.
- Authors
He, Yazhou Ellen; Kahraman, Bige; Lowry, Michelle
- Abstract
We examine whether shareholder votes in environmental and social (ES) proposals are informative about firms' ES risks. ES proposals are unique in that they nearly always fail. We examine whether mutual funds' support for these failed proposals contains information about the ES risks that firms face. Higher support in failed ES proposals predicts subsequent ES incidents and the effects of these incidents on shareholder value. Examining the detailed records of fund votes, we find that agency frictions between a group of shareholders contribute to proposal failure. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online
- Subjects
ENVIRONMENTAL, social, &; governance factors; RISK; MUTUAL funds; STOCKHOLDER wealth; INFORMATION resources; STOCKHOLDERS' voting; DECISION making in business; STOCKHOLDERS
- Publication
Review of Financial Studies, 2023, Vol 36, Issue 12, p4824
- ISSN
0893-9454
- Publication type
Article
- DOI
10.1093/rfs/hhad033