Shareholder Proposals in the New Millennium: Shareholder Support, Board Response, and Market Reaction

@article{Thomas2007ShareholderPI,
  title={Shareholder Proposals in the New Millennium: Shareholder Support, Board Response, and Market Reaction},
  author={R. Thomas and J. Cotter},
  journal={Journal of Corporate Finance},
  year={2007},
  volume={13},
  pages={368-391}
}
Although the owners of publicly traded companies have had the right to offer shareholder proposals using Rule 14a-8 for several decades, the effectiveness of the rule has been frequently questioned because few of these proposals received substantial support from other shareholders and even fewer have been implemented by boards. Using new data from the 2002-2004 proxy seasons, we analyze shareholder voting patterns on these proposals, board reactions to them, and market responses. We find some… Expand
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