A Survey of Shareholder Activism: Motivation and Empirical Evidence
Contemporary Finance Digest, Vol. 2, No. 3, Pp. 10-34, Autumn 1998
Posted: 20 Mar 2000
We provide an overview of shareholder activism by institutional and individual investors. We discuss the objectives of activist shareholders, the identity of the activists, and provide a brief history of their activities. We also present a survey of the theoretical and empirical research regarding the motivations and outcomes of shareholder activism.
I. What is Shareholder Activism;
II. History of Shareholder Activism A. Early Activism B. Shareholder Activism by Institutional Investors C. Recent Developments
III. Motivation for Shareholder Activism A. Impact of a Large Shareholder B. Monitoring and Liquidity Effects C. Activism through the Proxy Process
IV. Who Gets Targeted;
V. Does Shareholder Activism Work; A. Short-term stock market reactions around the date of announcement of activism B. Voting outcomes on shareholder proposals C. Long-term Performance after the Shareholder Activism D. Changes in Other Aspects of the Target Firm E. Relationship Investing
Note: This is a description of the article and not the actual abstract.
JEL Classification: G34
Suggested Citation: Suggested Citation