کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959549 929318 2016 31 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Passive investors, not passive owners
ترجمه فارسی عنوان
سرمایه گذاران غیر فعال، صاحبان غیرمنفعل
کلمات کلیدی
حاکمیت شرکتی؛ مالکیت نهادی؛ بودجه منفعل؛ عملکرد
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی

Passive institutional investors are an increasingly important component of U.S. stock ownership. To examine whether and by which mechanisms passive investors influence firms' governance, we exploit variation in ownership by passive mutual funds associated with stock assignments to the Russell 1000 and 2000 indexes. Our findings suggest that passive mutual funds influence firms' governance choices, resulting in more independent directors, removal of takeover defenses, and more equal voting rights. Passive investors appear to exert influence through their large voting blocs, and consistent with the observed governance differences increasing firm value, passive ownership is associated with improvements in firms’ longer-term performance.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 121, Issue 1, July 2016, Pages 111–141
نویسندگان
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