Cvijanovic, Dragana
[Verfasser:in]
;
Dasgupta, Amil
[Sonstige Person, Familie und Körperschaft];
Zachariadis, Konstantinos E.
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
In: Journal of Finance, Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 22, 2016 erstellt
Beschreibung:
We investigate whether business ties with portfolio firms influence mutual funds' proxy voting using a comprehensive data set spanning 2003 to 2011. In contrast to prior literature, we find that business ties significantly influence pro-management voting at the level of individual pairs of fund families and firms after controlling for ISS recommendations and holdings. The association is significant only for shareholder-sponsored proposals and stronger for those that pass or fail by relatively narrow margins. Our findings are consistent with a demand-driven model of biased voting in which company managers use existing business ties with funds to influence how they vote