Research by the Corporate Governance Research Initiative

In this Closer Look, we take a deep dive into a sample of companies that failed their say-on-pay votes and the changes they implemented the subsequent year. We find many failed votes are in response to large, one-time special awards.…

In summer 2024, Stanford Graduate School of Business, the Hoover Institution Working Group on Corporate Governance, and the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford University hired Prolific to conduct a nationwide…

The concept of systemic organizational risk is critically important in corporate governance. A systemic risk is one in which the system itself — through its incentives, structure, and culture — encourages or fails to detect behavior contrary to…

In November 2018, a Boeing 737 MAX airplane crashed off the coast of Indonesia, killing all 189 passengers and crew members. Four months later, a second 737 MAX flying from Ethiopia to Nairobi crashed, killing 157 individuals. In this Closer Look…

In this Closer Look, we consider whether ESG is a luxury good — a good whose high price tag stimulates demand. During times of economic prosperity, shareholders expressed willingness to sacrifice personal financial benefit to see environmental…

The proxy advisory industry – in which independent third-party firms provide voting recommendations to institutional investors for matters on the annual proxy – has grown in size and controversy. Despite a large number of smaller players, the…

In fall 2023, Stanford Graduate School of Business, the Hoover Institution Working Group on Corporate Governance, and the Rock Center for Corporate Governance at Stanford University collaborated with the MSCI Sustainability Institute to survey 47…

In recent years, many companies have made voluntary pledges to reduce their carbon footprint. In this Closer Look, we examine how some companies institutionalize their climate commitments through executive compensation contracts. We find…

In fall 2023, Stanford Graduate School of Business, the Hoover Institution Working Group on Corporate Governance at Stanford University, and the Rock Center for Corporate Governance at Stanford University jointly conducted a nationwide survey of…

CEO succession planning is a critical exercise for any organization. And yet, experience clearly demonstrates that many companies fail to successfully handle the transition from one CEO to the next. What are the causes of this breakdown? We…

Recent years have seen a reemergence of the practice of awarding “mega grants” to CEOs. Mega grants are large, one-time equity awards granted in lieu of or in addition to annual awards with the intended purpose of providing significant incentive…

This Data Spotlight provides data and statistics on the level and structure of CEO compensation in the United States. This data supplements in the issues introduced in the Quick Guides “…

In Closer Look, we highlight significant “holes” in our knowledge of corporate governance. These are central issues where insufficient or inadequate study has left us unable to answer basic questions, and where key assumptions relied upon by…

In this Closer Look, we consider current trends in shareholder activism and their potential impact. We examine the introduction of universal proxies, the increase in “activism experience” among directors, and the changing strategies of activists…

A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide will take an in-depth look at Board of Directors.

A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide takes an in-depth look at CEO compensation.

A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide takes an in-depth look at CEO succession planning.

A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide will take an in-depth look at shareholders and activism.

A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide takes an in-depth look at the …

This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) ratings, including:

• The influence of ESG ratings on mutual fund flows
• The correlation of ESG ratings across…

This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) activities including:

• The relation between ESG activities and firm value
• The impact of environmental and…

In this Closer Look, we examine individual investor perception of ESG to gauge their concern for environmental and social issues, their view of whether fund managers should use their voting power to influence ESG practices, and their willingness…

In summer 2022, Stanford Graduate School of Business, the Hoover Institution Working Group on Corporate Governance at Stanford University, and Rock Center for Corporate Governance at Stanford University jointly conducted a nationwide survey of 2,…