THESIS
2023
1 online resource (xi, 83 pages) : illustrations
Abstract
Shareholders voting in director elections is a governance tool for shareholders to express their
support or disapproval of each director. However, only some studies have examined the
consequences caused by shareholder voting. This dissertation aims to fill this gap by focusing
on shareholder voting behaviors in director elections and exploring how such voting results
affect governance practices and upper-echelon behaviors. The first essay examines how
shareholder discontent with board directors affects board decisions from a behavioral
perspective. It argues that boards are likely to attribute shareholder discontent to CEOs,
increasing the likelihood of CEO dismissal. The following essay examines the indirect effects
of voting results on CEOs. It theorizes that the threat derived from s...[
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Shareholders voting in director elections is a governance tool for shareholders to express their
support or disapproval of each director. However, only some studies have examined the
consequences caused by shareholder voting. This dissertation aims to fill this gap by focusing
on shareholder voting behaviors in director elections and exploring how such voting results
affect governance practices and upper-echelon behaviors. The first essay examines how
shareholder discontent with board directors affects board decisions from a behavioral
perspective. It argues that boards are likely to attribute shareholder discontent to CEOs,
increasing the likelihood of CEO dismissal. The following essay examines the indirect effects
of voting results on CEOs. It theorizes that the threat derived from shareholder voting with
directors is contagious, and CEOs are likely to engage in impression management to deal
with the potential threats. The third essay shifts attention to individual directors and
investigates the consequences of voting results on director behaviors. It confirms that
shareholder discontent is positively related to the likelihood of director turnover and proposes
boundary conditions that affect their turnover tendency. The dissertation aims to contribute
broadly to shareholder activism and corporate governance literature by exploring the
interplay between shareholder voting in director elections, board decision-making, and CEO
behaviors
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