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- Title
Company Stock in Defined Contribution Plans: Evidence from Proxy Voting.
- Authors
Park, Heejin
- Abstract
I examine whether firms' decisions to offer company stock in defined contribution (DC) plans are explained by managers' corporate control motives. Using a large sample of proxy voting outcomes, I find that employee ownership in DC plans is significantly and positively associated with the level of voting support for management-sponsored proposals. This suggests that managers encourage employee DC holdings in company stock in order to receive higher voting support in favor of management. The effects of employee ownership on voting outcomes are significantly greater in specific subsamples where employee vote is more important to management.
- Subjects
STOCKS (Finance); EMPLOYEE ownership; EXECUTIVES; INDUSTRIAL management; HUMAN capital; RETIREMENT planning
- Publication
Financial Management (Wiley-Blackwell), 2017, Vol 46, Issue 1, p155
- ISSN
0046-3892
- Publication type
Article
- DOI
10.1111/fima.12147