Proxy contests and corporate democracy |
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| Authors: | Kazuhiko Mikami |
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| Affiliation: | Kwansei Gakuin University, Nishinomiya 662-8501, Japan |
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| Abstract: | A proxy contest is a fight between two management teams to gain proxies from shareholders.The management team which accumulates a majority of votes wins the competition for corpo rate control. This paper attempts to construct a formal model of proxy contests and analyze their implications for the shareholders’ benefit and power of control over the firm. |
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| Keywords: | Proxy contest One share– one vote Corporate democracy |
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