A Vote for Sustainable Development: Investigating ESG Shareholder Engagement in U.S. Capital Markets
This study examines the causal effect of passing close-call ESG shareholder proposals on daily abnormal stock returns (DAR) using a novel dataset of U.S. shareholder proposal data from 2010-2024. Employing regression discontinuity design (RDD), it extends prior methodologies by Cuñat et al. (2012) and Flammer (2015) to assess whether shareholder engagement is an effective mechanism for aligning ma
