Journal
JOURNAL OF FINANCIAL ECONOMICS
Volume 137, Issue 2, Pages 320-352Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2020.03.004
Keywords
Institutional investors; Proxy voting; Ideology; Spatial model
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We estimate institutional investor preferences from proxy voting records. The W-NOMINATE method maps investors onto a left-right dimension based on votes for fiscal year 2012. Public pension funds and other investors on the left support a more social and environment-friendly orientation of the firm and fewer executive compensation proposals. Money-conscious investors appear on the right. The proxy advisor ISS makes voting recommendations that place it center, to the left of most large mutual funds. A second dimension reflects a more traditional governance view, with management-disciplinarian investors, the proxy advisor Glass Lewis among them, pitted against more management-friendly ones. (C) 2020 Elsevier B.V. All rights reserved.
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