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Book cover: Advances in Financial Economics

Advances in Financial Economics

ISSN: 1569-3732
Series editor(s): Professor Kose John, Professor Anil Makhija, Professor Stephen P. Ferris

Subject Area: Economics

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DO OUTSIDE BLOCKHOLDERS INFLUENCE CORPORATE GOVERNANCE PRACTICES?


Document Information:
Title:DO OUTSIDE BLOCKHOLDERS INFLUENCE CORPORATE GOVERNANCE PRACTICES?
Author(s):Sarah W. Peck
Volume:9 Editor(s): Mark Hirschey, Kose John and, Anil K. Makhija ISBN: 978-0-76231-133-0 eISBN: 978-1-84950-289-4
Citation:Sarah W. Peck (2004), DO OUTSIDE BLOCKHOLDERS INFLUENCE CORPORATE GOVERNANCE PRACTICES?, in Mark Hirschey, Kose John and, Anil K. Makhija (ed.) Corporate Governance (Advances in Financial Economics, Volume 9), Emerald Group Publishing Limited, pp.81-101
DOI:10.1016/S1569-3732(04)09004-8 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Article type:Chapter Item
Abstract:This study investigates whether block acquisitions lead to changes in board and CEO compensation characteristics and finds that block purchasers do not play a significant role in improving the firm’s governance practices. However, the majority of professional investors have sold their block within a year, suggesting that they do not own their stock long enough to alter governance policies nor to benefit from such changes. For the smaller number of firms where a new blockholder maintains their investment for more than a year, the use of equity based CEO compensation increases while the use of cash based compensation decreases.

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