Arbeitspapier
Say Pays! Shareholder Voice and Firm Performance
This paper estimates the effects of Say-on-Pay (SoP); a policy that increases shareholder "voice" by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP proposals. Adopting SoP leads to large increases in market value (4%) and to improvements in long-term performance: profitability and labor productivity increase, while overheads and investment fall. In contrast, we find limited effects on pay levels and structure. This suggests that SoP serves as a regular vote of confidence on the CEO, which leads to higher efficiency and market value.
- Language
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Englisch
- Bibliographic citation
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Series: IZA Discussion Papers ; No. 8538
- Classification
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Wirtschaft
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Personnel Economics: Compensation and Compensation Methods and Their Effects
- Subject
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say-on-pay
corporate governance
executive compensation
- Event
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Geistige Schöpfung
- (who)
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Cuñat, Vicente
Giné, Mireia
Guadalupe, Maria
- Event
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Veröffentlichung
- (who)
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Institute for the Study of Labor (IZA)
- (where)
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Bonn
- (when)
-
2014
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Cuñat, Vicente
- Giné, Mireia
- Guadalupe, Maria
- Institute for the Study of Labor (IZA)
Time of origin
- 2014
Other Objects (12)
Say pays!: Shareholder voice and firm performance
Shareholder voice and its opponents
Vermögensteilung: Maria Say, Wilhelm Say, Karl Say, Marie Say, Amalie Say und Johann Say
Say It. : The Performative Voice in the Dramatic Works of Samuel Beckett.
Does Target Firm's Earnings Management Affect Shareholder's Gains? Evidence from China
CSR and firm risk: Is shareholder activism a double-edged sword?
Vertrag: Ernst Say und Mina Say, Wilhelm Karl Say, Wilhelm Say, Maria Say, Emilie Say und Johann Friedrich Say über Liegenschaftsübergabe
Vertrag: August Zimber und Wilhelmine Say, Wilhelm Say, Karl Say, Maria Say, Emilie Say und Johann Freidrich Say über Vergleich
Vertrag: Mina Say, Wilhelm Karl Say, Wilhelm Say, Maria Say, Emilie Say, Johann Friedrich Say und August Zimfer über Pacht
Autogrammfoto vom Gesangsduo SAY SAY
say
say
Say pays!: Shareholder voice and firm performance
Shareholder voice and its opponents
Vermögensteilung: Maria Say, Wilhelm Say, Karl Say, Marie Say, Amalie Say und Johann Say
Say It. : The Performative Voice in the Dramatic Works of Samuel Beckett.
Does Target Firm's Earnings Management Affect Shareholder's Gains? Evidence from China
CSR and firm risk: Is shareholder activism a double-edged sword?
Vertrag: Ernst Say und Mina Say, Wilhelm Karl Say, Wilhelm Say, Maria Say, Emilie Say und Johann Friedrich Say über Liegenschaftsübergabe
Vertrag: August Zimber und Wilhelmine Say, Wilhelm Say, Karl Say, Maria Say, Emilie Say und Johann Freidrich Say über Vergleich
Vertrag: Mina Say, Wilhelm Karl Say, Wilhelm Say, Maria Say, Emilie Say, Johann Friedrich Say und August Zimfer über Pacht
Autogrammfoto vom Gesangsduo SAY SAY
say
say
Say pays!: Shareholder voice and firm performance
Shareholder voice and its opponents
Vermögensteilung: Maria Say, Wilhelm Say, Karl Say, Marie Say, Amalie Say und Johann Say
Say It. : The Performative Voice in the Dramatic Works of Samuel Beckett.
Does Target Firm's Earnings Management Affect Shareholder's Gains? Evidence from China
CSR and firm risk: Is shareholder activism a double-edged sword?
Vertrag: Ernst Say und Mina Say, Wilhelm Karl Say, Wilhelm Say, Maria Say, Emilie Say und Johann Friedrich Say über Liegenschaftsübergabe
Vertrag: August Zimber und Wilhelmine Say, Wilhelm Say, Karl Say, Maria Say, Emilie Say und Johann Freidrich Say über Vergleich
Vertrag: Mina Say, Wilhelm Karl Say, Wilhelm Say, Maria Say, Emilie Say, Johann Friedrich Say und August Zimfer über Pacht
Autogrammfoto vom Gesangsduo SAY SAY
say