This paper reviews the theoretical and empirical literature on executive compensation. We
start by presenting data on the level of CEO and other top executive pay over time and …

We summarize and synthesize the results from 73 studies that examine the consequences of
shareholder activism for targeted firms, and draw two primary conclusions. First, activism that …

Corporate governance (CG) research has largely focused on internal governance
mechanisms (ie the board of directors, controlling owners, and managerial incentives) …

Research summary: In this paper, we theorize and empirically investigate how a long‐term
orientation impacts firm value. To study this relationship, we exploit exogenous changes in …

Shareholder activism has become a dynamic institutional force, and its associated, rapidly
increasing body of scholarly literature affects numerous disciplines within the organization …

Proxy advisory firms have become important players in corporate governance, but the extent
of their influence over shareholder votes is debated. We estimate the effect of Institutional …

We investigate the economic role of proxy advisors (PAs) in the context of mandatory “say on
pay” votes, a novel and complex item requiring significant firm‐specific analysis. PAs are …

This paper investigates the market reaction to recent legislative and regulatory actions
pertaining to corporate governance. The managerial power view of governance suggests …

This paper provides evidence on the incidence, characteristics, and performance of activist
engagements across countries. We find that the incidence of activism is greatest with high …

We study 134 vote-no campaigns and 1,198 shareholder proposals related to executive pay
between 1997 and 2007. Union pension funds sponsor most of these initiatives, yet their …