Does Shareholder Activism Create Value? A Meta-Analysis

Bajzík, Josef, Tomas Havranek, Zuzana Irsova and Jiri Novak

No 18233, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: We conduct a meta-analysis of 1,973 estimates of stock price responses to shareholder activism reported in 67 primary studies. We document publication bias in the literature. Corrected activism effects range from 0% to 1.5%. Effects are stronger when shareholder rights are better protected and when stock markets are smaller. Markets respond more positively to activism by individual investors, confrontational activism, and activism aimed at company sale. Estimates based on longer periods, simpler risk-adjustment approaches, more recent and longer datasets, as well as those published in more reputable journals tend to be larger.

JEL-codes: G14 G30 G34 L20 (search for similar items in EconPapers)
Date: 2023-06
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Working Paper: Does Shareholder Activism Create Value? A Meta-Analysis (2023)
Working Paper: Does Shareholder Activism Create Value? A Meta-Analysis (2023)
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