Journal
FINANCIAL MANAGEMENT
Volume 49, Issue 4, Pages 1029-1050Publisher
WILEY
DOI: 10.1111/fima.12301
Keywords
online annual general meetings; shareholder participation; corporate governance
Categories
Funding
- Shanghai Pujiang Program [18PJC007]
- Programfor Professor of Special Appointment (Eastern Scholar) at Shanghai Institutions of Higher Learning [TP2018001]
- National Natural Science Foundation of China [71973029, 71632006]
- MOEProject forKey Research Institutes of Humanities and Social Science in Universities [16JJD790037]
- Higher EducationDiscipline Innovation Project [B18033]
- Shanghai Philosophy and Social Science Foundation [2017BGL009]
- Dawn Programof the Shanghai Education Commission
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We find that annual shareholder meetings conducted online can significantly increase the participation of shareholders, especially minority shareholders. This finding is more evident when the cost of physically attending the annual meeting is higher and when the firm's ownership is more dispersed. We further document significant positive stock returns when firms initiate annual online meetings. We also find that such online meetings help improve corporate governance. Overall, we provide evidence that online shareholder meetings provide shareholders a cost-effective way to participate in governance issues.
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