2006 | OriginalPaper | Buchkapitel
Roberta Romano on Institutional Shareholders and Corporate Governance in the US
verfasst von : Geoffrey Owen, Tom Kirchmaier, Jeremy Grant
Erschienen in: Corporate Governance in the US and Europe
Verlag: Palgrave Macmillan UK
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Public sector funds like CalPERS and NYCERS are the most activist investors in the US. They mainly employ voting initiatives to make their voice heard. However, empirical studies demonstrate that such initiatives have no impact on corporate performance; in cases where funds are entitled to subsidies for their voting initiatives they actually destroy – on average — shareholder value.