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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Does governance create value? Evidence from say-on-pay votes |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 33 |
| Date | 2021 |
| Abstract Text | Say-on-pay is introduced to align the interest of shareholders and executives. In this paper, we find approval rates on compensation proposals are positively associated with firm value creation, denoted by the growth rate of return on assets (RoA), earnings before interest and tax (EBIT) and share price. We further find the detailed results with discontinuous voting outcomes of 662 S&P 500 and Russell 3000 companies from 2011 to 2020. The results suggest the influence of approval rates group 1 is generally negative, and that of approval rates group 2 and 3 are positive. No long-term effects are found. |
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