{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,4]],"date-time":"2026-04-04T04:29:14Z","timestamp":1775276954539,"version":"3.50.1"},"reference-count":67,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"6","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2025,6]]},"abstract":"<jats:p> The Securities and Exchange Commission (SEC) permits managers to request the exclusion of shareholder-initiated proposals. I construct a novel data set of excluded and withdrawn proposals from the SEC\u2019s responses to managers\u2019 requests. An examination of announcement returns to withdrawal and exclusion decisions demonstrates that SEC-challenged proposals are value destroying. I find that special interest investors pursuing self-serving agendas and retail investors advocating for one-size-fits-all reforms explain the value-destroying nature of SEC-challenged proposals. On average, the SEC challenge benefits firm value by filtering out these harmful proposals. However, a regression discontinuity design reveals that proposals the SEC refuses to exclude may receive majority shareholder support and destroy firm value. <\/jats:p><jats:p> This paper was accepted by Suraj Srinivasan, accounting. <\/jats:p><jats:p> Funding: I thank the Swiss Finance Institute for its generous financial support. <\/jats:p><jats:p> Supplemental Material: The online appendix and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2022.01344 . <\/jats:p>","DOI":"10.1287\/mnsc.2022.01344","type":"journal-article","created":{"date-parts":[[2024,9,18]],"date-time":"2024-09-18T16:21:26Z","timestamp":1726676486000},"page":"4728-4756","source":"Crossref","is-referenced-by-count":4,"title":["What Are the Firm Value Implications of SEC-Challenged Shareholder Proposals?"],"prefix":"10.1287","volume":"71","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-1274-9065","authenticated-orcid":false,"given":"Maxime","family":"Couvert","sequence":"first","affiliation":[{"name":"Faculty of Business and Economics, The University of Hong Kong, Pokfulam, Hong Kong; and HKU Jockey Club Enterprise Sustainability Global Research Institute, Pokfulam, Hong Kong"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhr081"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhy126"},{"key":"B5","first-page":"1735","volume":"119","author":"Bainbridge SM","year":"2006","journal-title":"Harvard Law Rev."},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1093\/pan\/mpm029"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1111\/corg.12109"},{"issue":"1","key":"B8","first-page":"43","volume":"59","author":"Bebchuk LA","year":"2003","journal-title":"Bus. 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