NO EXIT!: THE LOGIC OF DEFENSIVE SHAREHOLDER ACTIVISM

Corporate Board: Role, Duties & Composition

Andreas Jansson¹ 

关键词: Corporate Governance;    Shareholder activism;    Transaction Costs;    Case Study;   

DOI  :  10.22495/cbv10i2art2

学科分类：社会科学、人文和艺术（综合）

来源: Virtus Interpress

【 摘 要 】

This paper examines the issue of what motivates shareholder activism. The standard explanation portrays shareholder activism as a response to poor corporate performance, but the empirical literature provides inconclusive support, indicating the need for alternative or complementary explanations. This paper contributes to the literature by showing, with the help of a case study, that shareholder activism can also be a response to increasing costs for exiting the investment, making outside shareholders increasingly exposed to expropriation risks. Significant expropriation risk can antecede a defensive type of shareholder activism characterized by intensified monitoring and reactive intervention to fend off expropriation attempts, which differs from the standard explanation in both motivation and outcome.

【 授权许可】

CC BY-NC