Off-campus UMass Amherst users: To download campus access dissertations, please use the following link to log into our proxy server with your UMass Amherst user name and password.

Non-UMass Amherst users: Please talk to your librarian about requesting this dissertation through interlibrary loan.

Dissertations that have an embargo placed on them will not be available to anyone until the embargo expires.

Author ORCID Identifier

https://orcid.org/0000-0002-4799-4474

AccessType

Open Access Dissertation

Document Type

dissertation

Degree Name

Doctor of Philosophy (PhD)

Degree Program

Management

Year Degree Awarded

2021

Month Degree Awarded

May

First Advisor

Christopher P. Agoglia

Second Advisor

Elaine (Ying) Wang

Subject Categories

Accounting

Abstract

Shareholder voting is an important way for investors to participate in corporate governance. In this study, I examine, as individual investors participate in shareholder voting, whether and how their investment decision is affected by the consistency between their own vote and management’s final decision on the voting issue (i.e., opinion consistency) and whether management’ final decision aligns with the majority or minority of investors (i.e., management position). Using ego-defensiveness theory and majority effect, I predict and find that when investors have stronger opinions on the voting issue, they make more positive investment decisions if management’s final decision on the voting issue is consistent (versus inconsistent) with their own vote, and this effect is stronger when management aligns with the minority of investors, compared to when management aligns with the majority of investors. In contrast, when investors have weaker opinions on the voting issue, they make more positive investment decisions when management aligns with the majority of investors (versus aligns with the minority of investors), regardless of whether management’s final decision is consistent with their own vote. My study improves our understanding on the role of investor voting in forming investors’ investment decisions, and has practical implications for regulators, company management, and individual investors.

DOI

https://doi.org/10.7275/22487458.0

Available for download on Saturday, May 14, 2022

Included in

Accounting Commons

Share

COinS