A Survey of Shareholder Activism: Motivation and Empirical Evidence

1998 ◽  
Author(s):  
Stuart L. Gillan ◽  
Laura T. Starks
Keyword(s):  
Empirical Evidence ◽  
Shareholder Activism

Managed Distribution Policies in Closed-End Funds and Shareholder Activism

2014 ◽  
Vol 49 (5-6) ◽  
pp. 1311-1337 ◽  
Author(s):  
Martin Cherkes ◽  
Jacob S. Sagi ◽  
Z. Jay Wang
Keyword(s):  
Empirical Evidence ◽  
Shareholder Value ◽  
Shareholder Activism ◽  
Wealth Transfer ◽  
Closed End Funds

AbstractIn closed-end funds, a managed distribution policy (MDP) is a dividend commitment potentially requiring the liquidation of assets. We argue that MDPs lower managerial claims on fund assets and, when the fund is at a discount, increase shareholder value. This transfer of wealth can be rationalized by managers wishing to deter a challenge from activist shareholders through a costly proxy vote. We find strong empirical evidence that managers respond to the presence of activists using MDPs, that MDPs constitute an effective wealth transfer to shareholders, and that activists are less likely to challenge management when an MDP is in place.

Investor activism strategies of private equity firms: evidence from continental Europe

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Irina Berezinets ◽  
Yulia Ilina
Keyword(s):  
Empirical Evidence ◽  
Value Creation ◽  
Private Equity ◽  
Private Investment ◽  
Shareholder Activism ◽  
Listed Companies ◽  
Target Firm ◽  
Public Companies ◽  
Content Type ◽  
Target Firms

Purpose This paper aims to deal with the issue of shareholder activism of private equity investors in public companies. The study identifies characteristics of target firms and investors related to the likelihood of private equity activism. The research also examines whether shareholder activism strategy of private equity investors is associated with the better performance in future and value creation of target firms. Design/methodology/approach The paper applies econometric modeling to hand-collected data on private equity investments in listed companies, in the form of private investment in public equity and open-market share purchases, from eight Continental Europe’s countries for the period 2005–2014. Findings The findings indicate that the probability of shareholder activism is higher if the target firm’s industry corresponds to the private equity investor’s industry specialization, if the private equity firm is older, if the target is larger and the average ownership share purchased by the investor is higher. Conversely, the probability of shareholder activism is lower where a private equity firm invests in the target for the first time. A target firm with an activist investor has poorer operational performance results one year following the investment compared to a target firm with a passive private equity investor. Research limitations/implications Results from the analysis of transactions in Continental Europe countries with French and German legal origin may be not generalizable to other markets with the different legal tradition and institutional environment. Originality/value This research provides new empirical evidence on private equity activism in listed companies of Continental Europe. By distinguishing between active and passive investments, testing rarely considered characteristics to provide valuable insights and analyzing the effect of activism on the target firm’s performance, the study contributes variously to the still-limited body of literature on private equity activism in public companies with a governance structure based on concentrated ownership. The findings emphasize the relationship between shareholder activism and both target and investor’s characteristics from perspective of mitigating agency problem and value creation in target firms. By simultaneously investigating investments in public companies from several European markets, the study complements empirical evidence mostly obtained from studies of a single national market.

Challenges to the social motivation theory of autism: The dangers of counteracting an imprecise theory with even more imprecision

2019 ◽  
Vol 42 ◽  
Author(s):  
Mirko Uljarević ◽  
Giacomo Vivanti ◽  
Susan R. Leekam ◽  
Antonio Y. Hardan
Keyword(s):  
Empirical Evidence ◽  
Social Motivation ◽  
Motivation Theory ◽  
The Social

Abstract The arguments offered by Jaswal & Akhtar to counter the social motivation theory (SMT) do not appear to be directly related to the SMT tenets and predictions, seem to not be empirically testable, and are inconsistent with empirical evidence. To evaluate the merits and shortcomings of the SMT and identify scientifically testable alternatives, advances are needed on the conceptualization and operationalization of social motivation across diagnostic boundaries.

Integrating perspectives: How the development of second-personal competence lays the foundation for a second-personal morality

2020 ◽  
Vol 43 ◽  
Author(s):  
John Corbit ◽  
Chris Moore
Keyword(s):  
Empirical Evidence ◽  
Developmental Process ◽  
Focal Point ◽  
Personal Information ◽  
Personal Competence ◽  
Triadic Interactions ◽  
Personal Morality ◽  
Integrative Process

Abstract The integration of first-, second-, and third-personal information within joint intentional collaboration provides the foundation for broad-based second-personal morality. We offer two additions to this framework: a description of the developmental process through which second-personal competence emerges from early triadic interactions, and empirical evidence that collaboration with a concrete goal may provide an essential focal point for this integrative process.

Men Are Hierarchical, Women Are Egalitarian: An Implicit Gender Stereotype

2004 ◽  
Vol 63 (2) ◽  
pp. 107-111 ◽  
Author(s):  
Marianne Schmid Mast
Keyword(s):  
Empirical Evidence ◽  
Implicit Association Test ◽  
Gender Stereotype ◽  
Association Test ◽  
Implicit Association ◽  
Two Samples

The goal of the present study was to provide empirical evidence for the existence of an implicit hierarchy gender stereotype indicating that men are more readily associated with hierarchies and women are more readily associated with egalitarian structures. To measure the implicit hierarchy gender stereotype, the Implicit Association Test (IAT, Greenwald et al., 1998) was used. Two samples of undergraduates (Sample 1: 41 females, 22 males; Sample 2: 35 females, 37 males) completed a newly developed paper-based hierarchy-gender IAT. Results showed that there was an implicit hierarchy gender stereotype: the association between male and hierarchical and between female and egalitarian was stronger than the association between female and hierarchical and between male and egalitarian. Additionally, men had a more pronounced implicit hierarchy gender stereotype than women.

Socially Shared Regulation of Learning: A Review

2015 ◽  
Vol 20 (3) ◽  
pp. 190-203 ◽  
Author(s):  
Ernesto Panadero ◽  
Sanna Järvelä
Keyword(s):  
Empirical Evidence ◽  
Learning Theory ◽  
Qualitative Data ◽  
Social Regulation ◽  
Observation Data ◽  
Optimal Form ◽  
Self Regulated Learning ◽  
The Past ◽  
Recorded Observation ◽  
Socially Shared Regulation

Abstract. Socially shared regulation of learning (SSRL) has been recognized as a new and growing field in the framework of self-regulated learning theory in the past decade. In the present review, we examine the empirical evidence to support such a phenomenon. A total of 17 articles addressing SSRL were identified, 13 of which presented empirical evidence. Through a narrative review it could be concluded that there is enough data to maintain the existence of SSRL in comparison to other social regulation (e.g., co-regulation). It was found that most of the SSRL research has focused on characterizing phenomena through the use of mixed methods through qualitative data, mostly video-recorded observation data. Also, SSRL seems to contribute to students’ performance. Finally, the article discusses the need for the field to move forward, exploring the best conditions to promote SSRL, clarifying whether SSRL is always the optimal form of collaboration, and identifying more aspects of groups’ characteristics.

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