The United Shareholders Association Shareholder 1000 and firm performance |
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| Institution: | 1. Department of Accounting, University of New Orleans, BA 258, 70148-1530 New Orleans, LA, USA;2. Department of Accounting and Finance, University of Manitoba, Winnipeg, Manitoba, Canada;1. Department of Chemical Engineering, Indian Institute of Technology Guwahati, Assam 781039, India;2. Centre for Nanotechnology, Indian Institute of Technology Guwahati, Assam 781039, India;1. SKKU Advanced Institute of Nanotechnology (SAINT), Sungkyunkwan University, Suwon 440-746, Republic of Korea;2. Nano & Bio Research Division, Daegu Gyeongbuk Institute of Science and Technology, Daegu 711-873, Republic of Korea;3. School of Electrical and Electronic Engineering, Yonsei University, Seoul 120-749, Republic of Korea;4. School of Chemical Engineering, Sungkyunkwan University, Suwon 440-746, Republic of Korea |
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| Abstract: | From 1989 through 1993, the United Shareholders Association (USA) published its Shareholder 1000 report, which ranked 1000 firms on several dimensions of corporate performance, including shareholder rights and management compensation. We examine two measures reported by the USA of the alignment between managers' and shareholders' interests: a shareholder rights score and a management compensation rating. The associations between these measures and measures of operating performance and investment levels are analyzed. We find evidence that the USA shareholder rights and management compensation scores are significantly and positively associated with measures of operating performance and investment spending. Further tests indicate that USA management compensation scores proxy for aspects of corporate behavior that have significant valuation implications not reflected in financial statements. |
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