Nottingham University Business School
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Yerzhan Tokbolat

BSc Finance with distinction (Eurasian National University, Kazakhstan); MSc Finance and Investment with distinction (Nottingham University Business School, UK)

Room: D07 (Yang Fujia)
Tel: +44 (0) 115 8431398

Current Status: Writing up
Year of Registration: 2014
Expected Completion Date: /10/2017

Primary Funding Source:
Nottingham University Business School Scholarship

Research Topic:
Shareholder voting and corporate diversification a perspective of M&A

Research Details:
My PhD thesis is grounded in the literature of corporate governance and corporate diversification. More specifically, we engage into the conversation on shareholder voting on a firm's decision to pursue diversifying M&A strategy.
Most research has shown that interests of shareholders (owners) and managers (agents) can sometimes be different as the latter tend to pursue their own benefits rather than improving shareholders' wealth (Fama and Jensen, 1983). Recent research in corporate governance literature suggests that shareholder voting can be a potential solution to this problem. It could be used by shareholders as a tool through which they communicate with the board of directors and if needed protest against their proposals. Yermack (2010) argues that protest voting could lead to important changes in corporate governance and strategy. In the context of M&A, it can help to refrain managers from pursuing deals that are not in the best interest of shareholders (Becht et al., 2014). While the rights of shareholders to elect managers and broads of directors and to vote for executive remuneration have been studied widely in different institutional settings and periods of time, voting for approval of M&A has been overlooked in recent literature (Henning et al., 2014).

Research Supervisor/s: Stephen Thompson and Hang Le

Division: Industrial Economics and Finance

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Nottingham University Business School

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