caa a22 4500 445862734 CHVBK 20180317145448.0 cr unu---uuuuu 170323e20110801xx s 000 0 eng 10.1007/s10997-009-9114-9 doi (NATIONALLICENCE)springer-10.1007/s10997-009-9114-9 Shareholder activism among portfolio managers: rational decisions or 15 minutes of fame? [Elektronische Daten] [Lars Nordén, Therese Strand] This paper investigates shareholder activism by observing Swedish portfolio managers' behavior at firms' annual general meetings. Institutional shareholders' voting behavior and tendencies for raising opinions at the general meetings are related to firm characteristics, suggested by both agency theory and institutional perspectives. The results show that institutional shareholders are more likely to be active in large firms, which appear a lot in media, and have a large proportion of institutional ownership. Portfolio managers appear not to consider bad firm performance as a reason for targeting firms. Instead, managers' behavior is consistent with the institutional notion that they benefit from the activism themselves, without trying to improve target firms' performance. In view of this notion, it is rational for managers to be active in large firms, with large media coverage, achieving their 15minutes of fame at the general meetings. Springer Science+Business Media, LLC., 2009 Institutional shareholder activism nationallicence Target firms nationallicence Agency theory nationallicence Institutional theory nationallicence Nordén Lars Stockholm University School of Business, Stockholm, Sweden aut Strand Therese Copenhagen Business School, Porcelænshaven 24A, 2000, Frederiksberg, Denmark aut Journal of Management & Governance Springer US; http://www.springer-ny.com 15/3(2011-08-01), 375-391 1385-3457 15:3<375 2011 15 10997 https://doi.org/10.1007/s10997-009-9114-9 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10997-009-9114-9 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Nordén Lars Stockholm University School of Business, Stockholm, Sweden aut NATIONALLICENCE 700 1- Strand Therese Copenhagen Business School, Porcelænshaven 24A, 2000, Frederiksberg, Denmark aut NATIONALLICENCE 773 0- Journal of Management & Governance Springer US; http://www.springer-ny.com 15/3(2011-08-01), 375-391 1385-3457 15:3<375 2011 15 10997 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer