Cyber democracy for better board representation? The effect of e-voting on excess control in an emerging economy

Author:

Yang Kuo-Pin,Chou Christine1,Schwarz Gavin M2ORCID

Affiliation:

1. Department of International Business, National Dong Hwa University, Hualien

2. School of Management, UNSW Business School, University of New South Wales, Sydney, NSW, Australia

Abstract

With a growth in shareholder activism, the influence of shareholders on the make-up and selection of board members is increasingly acknowledged but under-explored. Focusing on one element of activism, this article considers the adoption and use of electronic voting (e-voting) for board elections in emerging economies, testing its effect on the excess control of controlling shareholders. Using a sample of board elections at 809 publicly listed Taiwanese companies, results challenge convention on governance and shareholder democracy. We show that adopting e-voting counterintuitively leads to greater levels of excess control which subsequently harms firm performance—an effect more pronounced in firms characterized by a pyramidal control structure and family-controlled firms. Findings offer an alternative view on shareholder democracy, revisiting expectations of benefits accrued from e-voting. JEL Classification: M10, L21, L25

Funder

Ministry of Science and Technology, Taiwan

Publisher

SAGE Publications

Subject

General Business, Management and Accounting

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Digital democracy: A systematic literature review;Frontiers in Political Science;2023-02-09

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