Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/300143 
Authors: 
Year of Publication: 
2024
Series/Report no.: 
IES Working Paper No. 10/2024
Publisher: 
Charles University in Prague, Institute of Economic Studies (IES), Prague
Abstract: 
I collect 1,186 reported estimates of long-run value creation from 49 studies and present the first meta-analysis of the literature on shareholder activism and its effect on firm value in the longrun. This synthesis is necessary because shareholder activism is increasing over time and across countries. The study shows that the conclusion as to whether activism is beneficial depends on the benchmark with which the targeted firm is compared. Second, the estimates are also overstated due to publication bias. Third, the value added by activism depends on the country-specific regulátory framework.
Subjects: 
Abnormal return
event study
long run
meta-analysis
model averaging
publication bias
shareholder activism
JEL: 
G14
G30
G34
L20
Document Type: 
Working Paper

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