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Trust and monitoring

Author

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  • Lesmeister, Simon
  • Limbach, Peter
  • Goergen, Marc
Abstract
We show that in countries with more societal trust shareholders cast fewer votes at shareholder meetings and are more supportive of management proposals. This result is confirmed by instrumental variable regressions. It also holds at the U.S.-county level and for voting by U.S. institutional investors. Lower monitoring via voting relates less negatively to future firm performance in high-trust countries, suggesting that managers do not exploit greater discretion when trust is high. We also find a negative relation between trust and bond spreads. Our evidence supports theory arguing that trust substitutes for monitoring and has implications for investors’ optimal monitoring effort.

Suggested Citation

  • Lesmeister, Simon & Limbach, Peter & Goergen, Marc, 2022. "Trust and monitoring," Journal of Banking & Finance, Elsevier, vol. 143(C).
    • Handle: RePEc:eee:jbfina:v:143:y:2022:i:c:s0378426622001832
    DOI: 10.1016/j.jbankfin.2022.106587
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    More about this item

    Keywords

    Culture; Monitoring; Shareholder expropriation; Shareholder voting; Societal trust;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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