This study examines the relationship between proxy advisory firms’ recommendations and investors’ voting behavior in Japan, where corporate governance has been under transition. Based on 1,025 shareholder meeting proposals and recommendations by proxy advisory firms in Japan between March 2010 and March 2022, multivariate regression analyses reveal that the dissenting recommendations of the two main proxy advisory firms are negatively correlated with the approval rate of proposals, as well as the percentage of affirmative votes cast by institutional investors. Furthermore, the institutional investors’ behavior is more consistent with the recommendations of proxy advisory firms than that of other investors.

中文翻译：

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日本投票结果和代理顾问推荐的实证研究

本研究探讨了公司治理转型时期的日本代理咨询公司的建议与投资者投票行为之间的关系。根据2010年3月至2022年3月期间日本的1,025份股东大会提案和代理咨询公司的建议，多元回归分析显示，两家主要代理咨询公司的反对建议与提案的通过率呈负相关，而提案的通过率也与提案的通过率呈负相关。机构投资者投赞成票的百分比。此外，机构投资者的行为比其他投资者的行为更符合代理咨询公司的建议。