본문 내용으로 건더뛰기

KDI 경제정보센터

ENG
  • 경제배움
  • Economic

    Information

    and Education

    Center

최신자료
A Shared Interest: Do Bonds Strengthen Equity Monitoring?
NBER
2024.06.04
Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company’s bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers are more likely to be attentive and share an interest with equity investors in improving governance. The findings do not concentrate on companies or shareholder proposals where creditor-shareholder conflicts are likely. Overall, the findings suggest that corporate bond holdings influence how actively institutions monitor their equity positions and contribute to institutions’ overall incentive to be engaged stewards.