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In Thomson-Reuters 13F filings in conjunction with COMPUSTAT Fundamentals Annual (joined using CUSIP8 and year, where both available):
*blockholders ====Old Governance Measures==== The following governance measures are listed under firm variables below: agovgoldenparachute - 0/1 for the CEO has a golden parachute (many missing) agovlimitabilityactbywritconsent - 0/1 whether governance has limited shareholders ability to act by written consent (many missing) agovmajvoterequirement -0/1 for whether board members are elected on majority or plurality, which matters for uncontested seats (many missing) agovresignrequiredonmajorityvote - number 0/1 "Indicates that a director is required to submit his/her resignation upon failing to receive support from a majority of blockholders votes cast (institutional investors with >= 5% which, typically, the board may chose to accept or reject)." (many missing) I tried each of them in a FE panel regression of sharesthe type found in table 3, like: areg tdc116l car5totpub car5totpriv agovresignrequiredonmajorityvote i.year, absorb(ceofirmid) cluster(ceofirmid) In each case, the sample dropped to ~2k (from 41k), and there was no significance for ANY variable.
mktvalue mkvalt- market value
CEO Compensation and Returns to Public and Private Acquisitions: Testing the Shareholder Value Hypothesis (view source)
Revision as of 15:10, 20 February 2021
, 15:10, 20 February 2021→New Measures
*iitop5prop -- Proportion of shares held by the five largest institutional investors compared to all institutional investors
*iicount -- Number institutional investors
*blocktot -- Number of blockholders (institutional investors with >= 5% of shares)
From COMPUSTAT Fundamentals Annual (joined using CUSIP8 and year, where available):
*npr -- net profit ratio
*csho -- number of shares outstanding (in millions)
*revt -- revenue (note that this replaces the old revt variable)
*roa -- return on assets (ebitda/totalassets)
*leverage -- total liabilities/total assets
*totalassets -- same as the old at variable but from a new pull
*interlock -- 1/0 CEO is on compensation committee
*mktcap -- Market Capitalization calculated as closing price (prcc_c) x common shares outstanding (csho)
*iifractot -- fraction of shares held by institutional investors
*iifractop5 -- fraction of shares held by top 5 institutional investors
=====Reference Papers and their data=====
acqi - current income from acquisitions in CSTAT
acq - cost of acquisitions from CSTAT
agovgoldenparachute - 0/1 for the CEO has a golden parachute (many missing)
agovlimitabilityactbywritconsent - 0/1 whether governance has limited shareholders ability to act by written consent (many missing)
