By Jonathan Karpoff, M. Wayne Marr Jr., Morris Danielson
Many stories point out company's inventory expense decreases while the corporate provides regulations concerning company governance to its constitution or bylaws. The authors of this monograph analyzed the impact of 20 assorted governance provisions and file that businesses with the fewest restrictive provisions of their industries have the easiest industry-adjusted functionality.
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Additional resources for Corporate Governance and Firm Performance (The Research Foundation of AIMR and Blackwell Series in Finance)
This provision establishes a procedure in which all proxies, ballots, and voting tabulations that identify individual shareholders are kept confidential. Only vote tabulators and election inspectors may examine individual proxies and ballots. Managers and shareholders are told only of vote totals. Confidentialvoting may protect shareholders, particularly large shareholders, from being subject to coercion or retaliatory measures from management for the shareholders' voting decisions. @ Czdm~lativevoting.
Journal of Financial Economics, vol. 11:329-60. Demsetz, Harold, and Ken Lehn. 1985. " Journal of Political Economy, vol. 93:1155-77. Eckbo, B. Espen. 1990. "Journal of Financial and Quantitative Analysis. vol. 25:491-505. Gordon, Lilli A. Equity Market: Past Pe$omance and Future Prospects. Report to the California Public Employees' Retirement System, January 11. Gordon, Idlli, and John Pound. 1992. " Narvard University working paper. Hirschey, Mark, and Elaine Jones. 1993. " University of Kansas working paper.
Two-thirds) of the outstanding stock not held by the interested stockholder, or (2) stockholders receive a stipulated price for the stock acquired by the large stockholder as part of the business combination. The stipulated price is set by a formula that guarantees that the price paid is likely to be very high. Cash-out law. , 20 percent) in a firm is required to notify all other shareholders of the acquisition. All other shareholders are then entitled to sell their shares to the acquirer at a price at least as high as the highest price the acquirer paid in the period during which the large shareholder acquired its shares.
Corporate Governance and Firm Performance (The Research Foundation of AIMR and Blackwell Series in Finance) by Jonathan Karpoff, M. Wayne Marr Jr., Morris Danielson