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Encouraging long-term shareholders: The effects of loyalty shares with double voting rights

Belot, François; Ginglinger, Edith; Starks, Laura (2019), Encouraging long-term shareholders: The effects of loyalty shares with double voting rights, 9th Financial Engineering and Banking Society international Conference, 2019-05, Prague, Czech Republic

Type
Communication / Conférence
Date
2019
Conference title
9th Financial Engineering and Banking Society international Conference
Conference date
2019-05
Conference city
Prague
Conference country
Czech Republic
Metadata
Show full item record
Author(s)
Belot, François
Théorie économique, modélisation et applications [THEMA]
Ginglinger, Edith
Dauphine Recherches en Management [DRM]
Starks, Laura
University of Texas
Abstract (EN)
The 2014 passage of the Florange Act in France changed an opt-in provision for loyalty shares (allocating a second voting right for shares held at least two years) to an opt-out provision with shareholder approval. We find that before 2014, loyalty shares were popular among small family firms. Following the Act, firms with a one share – one vote structure that announced they would opt out of the law incurred a negative market reaction, suggesting that shareholders have a positive perception of loyalty shares. It appears that by encouraging costly monitoring by long-term shareholders, loyalty shares can benefit all shareholders.
Subjects / Keywords
Shareholder vote; Institutional Ownership; Corporate Governance Regulation
JEL
G30 - General
M10 - General

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