| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13633 |
| DP13633 Investor Ideology | |
| Patrick Bolton; Tao Li; Enrichetta Ravina; Howard Rosenthal | |
| 发表日期 | 2019-03-29 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We estimate institutional investor preferences based on their proxy voting records in publicly listed Russell 3000 firms. We employ a spatial model of proxy voting, the W-NOMINATE method for scaling legislatures, and map institutional investors onto a left-right dimension based on their votes for fiscal year 2012. The far-left are socially responsible and the far-right are “money conscious” investors. Significant ideological differences reflect an absence of shareholder unanimity. The proxy adviser ISS, similar to a political leader, makes voting recommendations that place it in the center; to the left of most mutual funds. Public pension funds and other investors on the left support a more social and environment-friendly orientation of the firm and fewer executive compensation proposals. A second dimension reflects a more traditional governance view, with management disciplinarian investors, the proxy adviser Glass-Lewis among them, pitted against more management friendly ones. |
| 主题 | Financial Economics |
| 关键词 | Proxy voting Institutional investors Socially responsible investment |
| URL | https://cepr.org/publications/dp13633 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542492 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Tao Li,Enrichetta Ravina,et al. DP13633 Investor Ideology. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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