Abstract
AbstractThis study deals with the major determinants of company shareholder activism investigated with according to a set of SBF 120 listed firms. Based on a sample of 77 companies, observed over the period 2008–2012, we are led to conclude that some firm governance characteristics do appear to affect shareholding activism. In addition, it has been revealed that the presence of institutional investors, ownership concentration, leaders’ presence in the capital, control structure, leadership change, firm growth as well as leverage level appear to have a significant influence on the probability of activism to take place.
Highlights
Shareholder activism constitutes a relatively new research area within the corporate governance domain
A positive relationship has been discovered to prevail between ownership concentration and shareholder activism
Another important finding of our study lies in the negative relationship between managerial ownership and shareholder activism
Summary
Shareholder activism constitutes a relatively new research area within the corporate governance domain. The activism-related debates date back to the controversy that emerged following the release of the famous publication of the works elaborated by Berle and Means (1932). These works, the authors highlight that the listed firms’ shareholders have lost control to the leaders’ benefit. Activism takes an interesting position in the current research works dealing with corporate governance. These conducted works predominantly interrogate the set of principles and rules likely to help restrict the actions taken by leaders (Charreaux, 1997). The activism designates mainly the investors’ undertaken acts and measures as ABOUT THE AUTHORS
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