“…Studies have explored the direct relationship between the Say on Pay policy and corporate performance (Cuñat et al, 2013) or firm value (Correa & Lel, 2016;Fischer, Gramlich, Miller, & White, 2009). Some such studies have focused on the United States (Kimbro & Xu, 2016), while others have focused on the banking industry (Yahr, 2013). Therefore, Proposition 1: Financial variables and performance indicators influence voting behavior in shareholder meetings.…”