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Shareholder activism and equity price reactions

Timothy King, Konstantinos Bozos and Dimitrios Koutmos

Economics Letters, 2017, vol. 160, issue C, 100-104

Abstract: Using a large dataset of 8,870 shareholder corporate social responsibility (CSR) proposals for US firms, we employ a novel methodological approach that allows for the estimation of dynamic share price and risk reactions. We show that formal activist shareholder recommendations can affect stock returns and risk. However, the direction and magnitude of these effects are conditional upon the nature of the proposal and the identity of the sponsor.

Keywords: Corporate social responsibility; Shareholder activism; Time-varying betas; Risk-return trade-off (search for similar items in EconPapers)
JEL-codes: M14 G12 G14 C32 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:eee:ecolet:v:160:y:2017:i:c:p:100-104