Table 8

Changes in Operations After Appearance on Focus List

This table compares changes in operations in the 12-month period before to appearance on a Council of Institutional Investors focus list to changes in operations and corporate governance in the 12 months after list appearance. The sample contains 117 firms that appeared on focus lists in the 1991-94 period. A Wilcoxon signed-rank test is used to measure whether there is a statistically significant change before and after focus list appearance. Measures of change are based on reports in the New York Times and the Wall Street Journal.

Event Before After Wilcoxon Test

P-Value
Corporate divestiture/spinoff 39.0% 51.7% 0.014
Corporate merger/acquisition 33.1% 28.0% 0.91
CEO Change 18.6% 17.8% 0.62

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