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来源类型Working Paper
规范类型报告
DOI10.3386/w29005
来源IDWorking Paper 29005
Voting in Shareholders Meetings
Laurent Bouton; Aniol Llorente-Saguer; Antonin Macé; Dimitrios Xefteris
发表日期2021-07-12
出版年2021
语种英语
摘要This paper studies voting in shareholders meetings. We focus on the informational efficiency of different voting mechanisms, taking into account that they affect both management’s incentives before the meeting and shareholders’ decisions at the meeting. We first deal with the case in which the management does not affect the proposal being voted on. We show that, for any distribution of shareholdings and any informational asymmetry among shareholders, a voting mechanism with a richer ballot space dominates a voting mechanism with a poorer one. We then show that efficiency requires full divisibility of the votes. Second, we consider the case in which the management decides whether to put the proposal to a vote. The properties of a voting mechanism then depend both on its voting efficiency and on how it affects managers’ incentives to select good proposals. We uncover a trade-o¤ between selection and voting efficiency underlying the comparison of voting mechanisms: the higher voting efficiency of mechanisms with richer ballot space implies worse selection incentives. In some cases, the negative effect of worse selection incentives on shareholders’ welfare can be large enough to wash out the higher voting efficiency of even the most efficient mechanism.
主题Microeconomics ; Welfare and Collective Choice ; Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w29005
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/586679
推荐引用方式
GB/T 7714
Laurent Bouton,Aniol Llorente-Saguer,Antonin Macé,et al. Voting in Shareholders Meetings. 2021.
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