Introduction;

摘要

During the past decade, hedge fund activism has emerged as a new form of corporate governance mechanism that brings about operational, financial, and governance reforms in the corporation. Shareholder activism (Gillan and Starks, 2007; Karpoff, 2001) and more broadly, large investors' monitoring of corporate managers (Shleifer and Vishny, 1986; Grossman and Hart, 1980) are not new phenomena in capital markets around the world. In the United States, institutional investors such as pension funds and mutual funds have been actively engaging in the management of the invested firms since the 1980s with the goal of improving shareholder value. However, the early institutional shareholder activism has been plagued by many regulatory and structural barriers such as free-rider problems and conflict of interest (Black, 1990). As a result, the evidence on the effect of their activist efforts has largely been mixed (Gillan and Starks, 2007).