Stanford Closer Look Series

The Stanford Closer Look series is a collection of short studies through which we explore topics, issues, and controversies in corporate governance. In each study, we take a targeted look at a specific issue and explain why it is important.

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Failed Say on Pay: How Do Companies Course Correct after a “No” Vote?

Amit Batish, David F. Larcker, Lucia Song, Brian Tayan, Courtney Yu
Stanford Closer Look Series Corporate Governance Research Initiative October2024

In this Closer Look, we take a deep dive into a sample of companies that failed their say-on-pay votes and the changes they implemented the subsequent year. We find many failed votes are in response to large, one-time special awards.…

Solar Flare Up: Systemic Organizational Risk in the Residential Solar Industry

David F. Larcker, Brian Tayan
Stanford Closer Look Series Corporate Governance Research Initiative August2024

The concept of systemic organizational risk is critically important in corporate governance. A systemic risk is one in which the system itself — through its incentives, structure, and culture — encourages or fails to detect behavior contrary to…

Boeing 737 MAX

David F. Larcker, Brian Tayan
Stanford Closer Look Series Corporate Governance Research Initiative May2024

In November 2018, a Boeing 737 MAX airplane crashed off the coast of Indonesia, killing all 189 passengers and crew members. Four months later, a second 737 MAX flying from Ethiopia to Nairobi crashed, killing 157 individuals. In this Closer Look…

Is ESG a Luxury Good?

David F. Larcker, Amit Seru, Brian Tayan
Stanford Closer Look Series Corporate Governance Research Initiative May2024

In this Closer Look, we consider whether ESG is a luxury good — a good whose high price tag stimulates demand. During times of economic prosperity, shareholders expressed willingness to sacrifice personal financial benefit to see environmental…

Seven Questions About Proxy Advisors

David F. Larcker, Brian Tayan
Stanford Closer Look Series Corporate Governance Research Initiative April2024

The proxy advisory industry – in which independent third-party firms provide voting recommendations to institutional investors for matters on the annual proxy – has grown in size and controversy. Despite a large number of smaller players, the…

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