{"id":238518,"date":"2025-07-11T15:10:44","date_gmt":"2025-07-11T07:10:44","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/the-power-of-explaining-your-no-how-investor-vote-rationales-drive-corporate-change\/"},"modified":"2025-10-15T17:31:44","modified_gmt":"2025-10-15T09:31:44","slug":"the-power-of-explaining-your-no-how-investor-vote-rationales-drive-corporate-change","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/ft-chinese-column\/the-power-of-explaining-your-no-how-investor-vote-rationales-drive-corporate-change\/","title":{"rendered":"\u89e3\u91cb\u53cd\u5c0d\u7968\uff1a\u6a5f\u69cb\u6295\u8cc7\u8005\u85c9\u52a9\u6295\u7968\u7406\u7531\u63a8\u52d5\u516c\u53f8\u6cbb\u7406\u6539\u9769"},"content":{"rendered":"<p>\u904e\u53bb\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u5728\u5c0d\u4f01\u696d\u8463\u4e8b\u6295\u4e0b\u53cd\u5c0d\u7968\u6642\uff0c\u6975\u5c11\u516c\u958b\u8aaa\u660e\u53cd\u5c0d\u7684\u5177\u9ad4\u539f\u56e0\u3002 \u800c\u5982\u4eca\uff0c\u9019\u7a2e\u60c5\u6cc1\u6b63\u5728\u6539\u8b8a\u3002 \u9644\u5728\u53cd\u5c0d\u7968\u4e0a\u7684\u7c21\u77ed\u66f8\u9762\u8aaa\u660e\u2014\u2014\u6b63\u6210\u70ba\u63a8\u52d5\u516c\u53f8\u6cbb\u7406\u6539\u9769\u7684\u5229\u5668\u3002<\/p>\n<p>\u9999\u6e2f\u5927\u5b78\u3001\u5e03\u88e1\u65af\u6258\u5927\u5b78\u548c\u591a\u502b\u591a\u5927\u5b78\u7684\u5b78\u8005\u5206\u6790\u4e86<span>2014<\/span>\u81f3<span>2022<\/span>\u5e74\u9593<span>273<\/span>\u5bb6\u6a5f\u69cb\u6295\u8cc7\u8005\uff08\u5408\u8a08\u7ba1\u7406\u8cc7\u7522\u8d85\u904e<span>37<\/span>\u842c\u5104\u7f8e\u5143\uff09\u62ab\u9732\u7684\u8fd1<span>80<\/span>\u842c\u689d\u6295\u7968\u8a18\u9304\uff0c\u767c\u73fe\uff1a\u7576\u6295\u8cc7\u8005\u660e\u78ba\u89e3\u91cb\u53cd\u5c0d\u7406\u7531\u6642\uff0c\u4f01\u696d\u66f4\u9858\u610f\u50be\u807d\uff0c\u4e26\u64da\u6b64\u8abf\u6574\u6cbb\u7406\u7b56\u7565\u3002 \u9019\u4e00\u7c21\u55ae\u800c\u900f\u660e\u7684\u6a5f\u5236\uff0c\u6b63\u5728\u6084\u7136\u6539\u8b8a\u5168\u7403\u8463\u4e8b\u6703\u7684\u904b\u4f5c\u65b9\u5f0f\u3002<\/p>\n<h5><strong>\u8d8a\u4f86\u8d8a\u900f\u660e\u7684\u53cd\u5c0d\u7968<\/strong><\/h5>\n<p>\u6295\u7968\u7406\u7531\u516c\u958b\u5316\u7684\u8208\u8d77\uff0c\u6a19\u8a8c\u8457\u6a5f\u69cb\u6295\u8cc7\u8005\u8207\u4f01\u696d\u4e92\u52d5\u65b9\u5f0f\u7684\u6df1\u523b\u8f49\u8b8a\u3002 \u904e\u53bb\uff0c\u80a1\u6771\u96d6\u7136\u53ef\u4ee5\u6295\u4e0b\u8d0a\u6210\u6216\u53cd\u5c0d\u7968\uff0c\u4f46\u5176\u80cc\u5f8c\u7684\u5224\u65b7\u908f\u8f2f\u5f80\u5f80\u4e0d\u70ba\u4eba\u77e5\u3002 \u5982\u4eca\uff0c\u8d8a\u4f86\u8d8a\u591a\u6a5f\u69cb\u6295\u8cc7\u8005\u4e3b\u52d5\u62ab\u9732\u53cd\u5c0d\u67d0\u4f4d\u8463\u4e8b\u7684\u5177\u9ad4\u539f\u56e0\uff0c\u70ba\u8463\u4e8b\u6703\u8207\u6295\u8cc7\u8005\u4e4b\u9593\u642d\u5efa\u8d77\u66f4\u52a0\u76f4\u63a5\u900f\u660e\u7684\u6e9d\u901a\u7ba1\u9053\u3002<\/p>\n<p>\u6578\u64da\u53cd\u6620\u51fa\u9019\u4e00\u8da8\u52e2\uff1a\u652f\u63f4\u7968\u4e2d\uff0c\u50c5\u6709<span>1.7%<\/span>\u9644\u5e36\u8aaa\u660e<span>; <\/span>\u800c\u5728\u53cd\u5c0d\u7968\u4e2d\uff0c\u9019\u4e00\u6bd4\u4f8b\u9ad8\u9054<span>14.5%<\/span>\u3002 \u9019\u8868\u660e\uff0c\u6295\u7968\u7406\u7531\u5e38\u4f5c\u70ba\u4e00\u7a2e\u300c\u9810\u8b66\u4fe1\u865f\u300d \u63d0\u793a\u4f01\u696d\u5b58\u5728\u9700\u8981\u95dc\u6ce8\u7684\u6cbb\u7406\u554f\u984c\u3002<\/p>\n<p>\u9019\u4e00\u505a\u6cd5\u6b63\u5728\u5168\u7403\u8cc7\u672c\u5e02\u5834\u5feb\u901f\u666e\u53ca\u3002 \u7814\u7a76\u986f\u793a\uff0c\u5728\u6a23\u672c\u671f\u5167\uff0c\u7d04<span>84%<\/span>\u7684\u4f01\u696d\u81f3\u5c11\u6536\u5230\u904e\u4e00\u6b21\u9644\u5e36\u7406\u7531\u7684\u53cd\u5c0d\u7968\uff0c\u8aaa\u660e\u9019\u5df2\u4e0d\u518d\u662f\u6fc0\u9032\u6295\u8cc7\u8005\u7684\u5c08\u5229\uff0c\u800c\u662f\u4e3b\u6d41\u6a5f\u69cb\u6295\u8cc7\u8005\u5ee3\u6cdb\u63a1\u7528\u7684\u53c3\u8207\u65b9\u5f0f\u3002<\/p>\n<h5><strong>\u53cd\u5c0d\u7968\u80cc\u5f8c\u7684\u4e3b\u8981\u95dc\u5207\uff1a\u7368\u7acb\u6027\u8207\u591a\u5143\u5316<\/strong><\/h5>\n<p>\u7814\u7a76\u767c\u73fe\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u6700\u5e38\u63d0\u51fa\u7684\u53cd\u5c0d\u7406\u7531\u662f\u8463\u4e8b\u6703\u7f3a\u4e4f\u7368\u7acb\u6027\uff0c\u4f54\u6bd4\u9054<span>21%<\/span>\u3002 \u9019\u9032\u4e00\u6b65\u5370\u8b49\u4e86\u7368\u7acb\u8463\u4e8b\u5728\u516c\u53f8\u6cbb\u7406\u4e2d\u81f3\u95dc\u91cd\u8981\u7684\u89d2\u8272\u3002<\/p>\n<p>\u7dca\u96a8\u5176\u5f8c\u7684\u662f\u8463\u4e8b\u6703\u591a\u5143\u5316\u554f\u984c\uff0c\u4f54\u6bd4\u8fd1<span>18%<\/span>\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u6295\u8cc7\u8005\u5c0d\u591a\u5143\u5316\u7684\u95dc\u6ce8\u65e9\u65bc<span>2017<\/span>\u5e74\u8c9d\u840a\u5fb7\uff08<span>BlackRock<\/span>\uff09\u548c\u9053\u5bcc\u96c6\u5718\uff08<span>State Street<\/span>\uff09\u7b49\u5927\u578b\u6a5f\u69cb\u7684\u5021\u8b70\uff0c\u9019\u8868\u660e\u591a\u5143\u5316\u6539\u9769\u7684\u52d5\u529b\u4e3b\u8981\u4f86\u81ea\u6a5f\u69cb\u6295\u8cc7\u8005\u672c\u8eab\uff0c\u800c\u975e\u50c5\u6191\u5927\u578b\u8cc7\u7522\u7ba1\u7406\u6a5f\u69cb\u63a8\u52d5\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u6295\u8cc7\u8005\u9084\u5e38\u56e0\u8463\u4e8b\u4efb\u671f\u904e\u9577\u3001\u517c\u8077\u904e\u591a\uff08\u5373\u540c\u6642\u64d4\u4efb\u591a\u5bb6\u4f01\u696d\u7684\u8463\u4e8b\uff09\u4ee5\u53ca\u8463\u4e8b\u9577\u517c\u4efb\u9996\u5e2d\u57f7\u884c\u5b98\u7b49\u554f\u984c\u8868\u9054\u4e0d\u6eff\u3002 \u6709\u8da3\u7684\u662f\uff0c\u6295\u7968\u7406\u7531\u4e2d\u6975\u5c11\u6d89\u53ca\u8463\u4e8b\u61c9\u76e1\u7684\u6838\u5fc3\u8077\u80fd\uff0c\u4f8b\u5982\u6230\u7565\u76e3\u7763\u6216\u4f01\u696d\u4f30\u503c\u7b49\u8b70\u984c\uff0c\u9019\u8868\u660e\u6a5f\u69cb\u6295\u8cc7\u8005\u7576\u524d\u66f4\u95dc\u6ce8\u7684\u662f\u8463\u4e8b\u6703\u7684\u7d50\u69cb\uff0c\u800c\u975e\u4f01\u696d\u904b\u71df\u6216\u8ca1\u52d9\u8868\u73fe\u3002<\/p>\n<h5><strong>\u6295\u7968\u7406\u7531\u662f\u5426\u8868\u9054\u771f\u5be6\u95dc\u5207\uff1f<\/strong><\/h5>\n<p>\u7814\u7a76\u986f\u793a\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u7684\u53cd\u5c0d\u7406\u7531\u4e26\u975e\u6d41\u65bc\u5f62\u5f0f\uff0c\u800c\u662f\u771f\u5be6\u7684\u53cd\u6620\u4e86\u5176\u5c0d\u516c\u53f8\u6cbb\u7406\u7684\u95dc\u6ce8\u3002 \u7406\u7531\u5167\u5bb9\u8207\u8463\u4e8b\u6703\u7684\u5be6\u969b\u60c5\u6cc1\u9ad8\u5ea6\u5951\u5408\uff1a\u4f8b\u5982\uff0c\u88ab\u6279\u8a55\u7f3a\u4e4f\u591a\u5143\u5316\u7684\u4f01\u696d\uff0c\u78ba\u5be6\u8463\u4e8b\u6703\u69cb\u6210\u66f4\u70ba\u55ae\u4e00<span>; <\/span>\u800c\u88ab\u6307\u51fa\u8463\u4e8b\u4efb\u671f\u904e\u9577\u7684\u4f01\u696d\uff0c\u5be6\u969b\u60c5\u6cc1\u4e5f\u78ba\u5982\u5176\u8a00\u3002 \u9019\u7a2e\u76f8\u95dc\u6027\u986f\u793a\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u4e26\u975e<span>\u201c<\/span>\u7406\u7531\u6f02\u6d17<span>\u201d<\/span>\uff0c\u800c\u662f\u5728\u8b58\u5225\u771f\u5be6\u7684\u6cbb\u7406\u98a8\u96aa\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u7684\u95dc\u6ce8\u91cd\u9ede\u8207\u4ee3\u7406\u9867\u554f\uff08\u5982<span>ISS<\/span>\u548c<span>Glass Lewis<\/span>\uff09\u5728\u4e0d\u5c11\u65b9\u9762\u5b58\u5728\u5dee\u7570\uff0c\u8aaa\u660e\u8a31\u591a\u6a5f\u69cb\u4e26\u975e\u7c21\u55ae\u7167\u642c\u5efa\u8b70\uff0c\u800c\u662f\u5728\u7368\u7acb\u5224\u65b7\u57fa\u790e\u4e0a\u4f5c\u51fa\u6295\u7968\u6c7a\u7b56\u3002<\/p>\n<h5><strong>\u4f01\u696d\u662f\u5426\u56de\u61c9\uff1f <\/strong><\/h5>\n<p>\u7814\u7a76\u9032\u4e00\u6b65\u767c\u73fe\uff0c\u6295\u7968\u7406\u7531\u4e0d\u50c5\u50b3\u9054\u614b\u5ea6\uff0c\u4e5f\u80fd\u63a8\u52d5\u4f01\u696d\u884c\u70ba\u8abf\u6574\u3002 \u90a3\u4e9b\u5728\u80a1\u6771\u5927\u6703\u4e0a\u906d\u9047\u9ad8\u6bd4\u4f8b\u53cd\u5c0d\u7968\u4e14\u9644\u6709\u660e\u78ba\u7406\u7531\u7684\u4f01\u696d\uff0c\u5f80\u5f80\u6703\u5728\u96a8\u5f8c\u4e00\u5e74\u5c0d\u76f8\u95dc\u554f\u984c\u4f5c\u51fa\u7a4d\u6975\u56de\u61c9\u3002 \u4f8b\u5982\uff0c\u88ab\u6279\u8a55\u8463\u4e8b\u6703\u591a\u5143\u5316\u4e0d\u8db3\u7684\u4f01\u696d\uff0c\u901a\u5e38\u6703\u63d0\u5347\u5973\u6027\u8463\u4e8b\u7684\u6bd4\u4f8b<span>; <\/span>\u800c\u5728\u8463\u4e8b\u4efb\u671f\u6216\u517c\u8077\u554f\u984c\u4e0a\u53d7\u5230\u8cea\u7591\u7684\u4f01\u696d\uff0c\u4e5f\u66f4\u50be\u5411\u65bc\u4f5c\u51fa\u8abf\u6574\u3002<\/p>\n<p>\u53cd\u994b\u6a5f\u5236\u662f\u96d9\u5411\u7684\u3002 \u90a3\u4e9b\u7a4d\u6975\u56de\u61c9\u6295\u7968\u7406\u7531\u7684\u4f01\u696d\uff0c\u5728\u5f8c\u7e8c\u5e74\u5ea6\u6536\u5230\u7684\u53cd\u5c0d\u7968\u6bd4\u4f8b\u901a\u5e38\u6703\u4e0b\u964d\uff0c\u8868\u660e\u56de\u61c9\u6295\u8cc7\u8005\u95dc\u5207\u6709\u52a9\u65bc\u63d0\u5347\u80a1\u6771\u652f\u63f4\uff0c\u4e5f\u70ba\u8463\u4e8b\u6703\u8a8d\u771f\u5c0d\u5f85\u6295\u7968\u7406\u7531\u63d0\u4f9b\u4e86\u5be6\u969b\u6fc0\u52f5\u3002<\/p>\n<p>\u4f46\u7814\u7a76\u4e5f\u767c\u73fe\uff0c\u50c5\u6709\u53cd\u5c0d\u7968\u672c\u8eab\u4e26\u4e0d\u8db3\u4ee5\u4fc3\u6210\u6539\u8b8a\u3002 \u53ea\u6709\u7576\u53cd\u5c0d\u7968\u4f34\u96a8\u8457\u660e\u78ba\u7406\u7531\u6642\uff0c\u4f01\u696d\u624d\u66f4\u53ef\u80fd\u63a1\u53d6\u884c\u52d5\u3002 \u9019\u51f8\u986f\u4e86\u300c\u89e3\u91cb\u6027\u53cd\u5c0d\u300d\u76f8\u8f03\u300c\u6c89\u9ed8\u53cd\u5c0d\u300d\u66f4\u5177\u6cbb\u7406\u6548\u529b\u3002<\/p>\n<h5><strong>\u4e00\u7a2e\u4f4e\u6210\u672c\u6cbb\u7406\u53c3\u8207\u65b9\u5f0f<\/strong><\/h5>\n<p>\u6295\u7968\u7406\u7531\u7684\u610f\u7fa9\u9060\u4e0d\u6b62\u65bc\u5f71\u97ff\u500b\u5225\u4f01\u696d\uff0c\u5b83\u4e5f\u53ef\u80fd\u6539\u8b8a\u516c\u53f8\u6cbb\u7406\u7684\u6574\u9ad4\u751f\u614b\u3002 \u5c0d\u6301\u5009\u8986\u84cb\u6578\u5343\u5bb6\u4f01\u696d\u7684\u5927\u578b\u8cc7\u7522\u7ba1\u7406\u6a5f\u69cb\u800c\u8a00\uff0c\u62ab\u9732\u6295\u7968\u7406\u7531\u662f\u4e00\u7a2e\u4f4e\u6210\u672c\u3001\u53ef\u6301\u7e8c\u7684\u53c3\u8207\u65b9\u5f0f\u3002 \u76f8\u6bd4\u4e4b\u4e0b\uff0c\u76f4\u63a5\u5c0d\u8a71\u6216\u53c3\u8207\u8463\u4e8b\u6703\u5247\u6210\u672c\u66f4\u9ad8\uff0c\u96e3\u4ee5\u5ee3\u6cdb\u9069\u7528\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u516c\u958b\u62ab\u9732\u7684\u6295\u7968\u7406\u7531\u9084\u80fd\u5e36\u4f86\u66f4\u5ee3\u6cdb\u7684\u5e02\u5834\u5f71\u97ff\u3002 \u5176\u4ed6\u6295\u8cc7\u8005\u53ef\u64da\u6b64\u8b58\u5225\u91cd\u8981\u6cbb\u7406\u8b70\u984c\uff0c\u8abf\u6574\u81ea\u8eab\u6295\u7968\u6c7a\u7b56<span>; <\/span>\u4f01\u696d\u4ea6\u53ef\u85c9\u52a9\u540c\u884c\u7684\u6295\u7968\u7406\u7531\uff0c\u5c0d\u6bd4\u81ea\u8eab\u5be6\u8e10\uff0c\u767c\u73fe\u6f5b\u5728\u554f\u984c\uff0c\u63d0\u524d\u6539\u9032\u3002<\/p>\n<h5><strong>\u80a1\u6771\u53c3\u8207\u7684\u65b0\u8da8\u52e2<\/strong><\/h5>\n<p>\u6295\u7968\u7406\u7531\u7684\u62ab\u9732\u6216\u8a31\u53ea\u662f\u6a5f\u69cb\u6295\u8cc7\u8005\u63d0\u9ad8\u6cbb\u7406\u900f\u660e\u5ea6\u7684\u7b2c\u4e00\u6b65\u3002 \u96a8\u8457\u53d7\u8a17\u8cac\u4efb\u58d3\u529b\u4e0d\u65b7\u4e0a\u5347\uff0c\u8cc7\u7522\u7ba1\u7406\u6a5f\u69cb\u9700\u8981\u5411\u5ba2\u6236\u8b49\u660e\u5176\u7a4d\u6781\u53c3\u8207\u6cbb\u7406\u4e8b\u52d9\uff0c\u672a\u4f86<span>\u201c<\/span>\u89e3\u91cb\u6027\u6295\u7968<span>\u201d<\/span>\u6709\u671b\u5f9e\u500b\u5225\u5be6\u8e10\u767c\u5c55\u70ba\u884c\u696d\u898f\u7bc4\u3002<\/p>\n<p>\u7814\u7a76\u9084\u6307\u51fa\uff0c\u8a72\u6a5f\u5236\u7684\u4e0b\u4e00\u500b\u767c\u5c55\u65b9\u5411\u662f\u63d0\u5347\u5c0d<span>\u201c<\/span>\u652f\u63f4\u7968<span>\u201d<\/span>\u7684\u89e3\u91cb\u54c1\u8cea\u3002 \u76ee\u524d\uff0c\u5927\u591a\u6578\u652f\u63f4\u7968\u7684\u7406\u7531\u8f03\u70ba\u7bc4\u672c\u5316\uff0c\u7f3a\u4e4f\u5be6\u8cea\u8cc7\u8a0a\u3002 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\u6b63\u5982\u7814\u7a76\u6240\u793a\uff0c\u6700\u5177\u5f71\u97ff\u529b\u7684\u6cbb\u7406\u5de5\u5177\uff0c\u5f80\u5f80\u4e0d\u662f\u8907\u96dc\u7684\u76e3\u7ba1\u898f\u5247\u6216\u9ad8\u6210\u672c\u7684\u5e72\u9810\u63aa\u65bd\uff0c\u800c\u662f\u4e00\u53e5\u6e05\u6670\u7684\u89e3\u91cb\uff1a\u300c\u6211\u70ba\u4f55\u8aaa\u4e0d\u300d\u3002<\/p>\n<p>\u5c0d\u4f01\u696d\u800c\u8a00\uff0c\u9019\u662f\u4e00\u7a2e\u63d0\u9192\uff1a\u5728\u6295\u8cc7\u65e5\u76ca\u900f\u660e\u7684\u6642\u4ee3\uff0c\u6bcf\u4e00\u5f35\u80a1\u6771\u6295\u7968\uff0c\u90fd\u53ef\u80fd\u627f\u8f09\u8457\u4e0d\u5bb9\u5ffd\u8996\u7684\u6cbb\u7406\u4fe1\u865f\u3002<\/p>\n<p><span>\u00a0<\/span><\/p>\n<p>\u672c\u6587\u4f5c\u8005\u70ba\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u526f\u9662\u9577\u3001\u9999\u6e2f\u5927\u5b78\u8cfd\u99ac\u6703\u74b0\u7403\u4f01\u696d\u53ef\u6301\u7e8c\u767c\u5c55\u7814\u7a76\u6240\u806f\u5e2d\u6240\u9577\u53ca\u91d1\u878d\u5b78\u6559\u6388<span>Roni Michaely<\/span>\u6559\u6388\u3001\u5e03\u88e1\u65af\u6258\u5927\u5b78<span>Silvina Rubio<\/span>\u6559\u6388\u53ca\u591a\u502b\u591a\u5927\u5b78<span>Irene Yi<\/span>\u6559\u6388\u3002 \u6587\u7ae0\u57fa\u65bc\u4ed6\u5011\u8fd1\u671f\u5408\u4f5c\u7684\u8ad6\u6587\u300a<span>Voting Rationales<\/span>\u300b\u3002<\/p>\n<p>\u8ad6\u6587\u539f\u6587\u9023\u7d50\uff1ahttps:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4521854<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-238518","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-ft-chinese-column-tc","leadership-topic-categories-opinions-and-speeches-tc","opinion-speeches-categories-faculty-tc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" 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\u6295\u7968\u7406\u7531\u201c\u7684\u8208\u8d77\uff0c\u6a19\u8a8c\u8457\u516c\u53f8\u6cbb\u7406\u9032\u5165\u4e00\u500b\u66f4\u52a0\u900f\u660e\u3001\u66f4\u52a0\u91cd\u8996\u80a1\u6771\u4e92\u52d5\u7684\u65b0\u968e\u6bb5\u3002\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/ft-chinese-column\/the-power-of-explaining-your-no-how-investor-vote-rationales-drive-corporate-change\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-07-11T07:10:44+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-10-15T09:31:44+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u89e3\u91cb\u53cd\u5c0d\u7968\uff1a\u6a5f\u69cb\u6295\u8cc7\u8005\u85c9\u52a9\u6295\u7968\u7406\u7531\u63a8\u52d5\u516c\u53f8\u6cbb\u7406\u6539\u9769 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" 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