Stakeholders

Working Paper

19 October 2020

Shareholder Value(s): Index Fund ESG Activism and the New Millennial Corporate Governance

Major index fund operators have been criticized as ineffective stewards of the firms in which they are now the largest shareholders. While scholars debate whether this passivity is a serious problem, index funds’ generally docile...

Michal Barzuza | Quinn Curtis | David H. Webber
30 July 2020

Personal and Organizational Higher Purpose, Corporate Governance and Shareholder Value: Survey Results

This paper reports the findings of a recent survey of 1019 individuals to learn about their commitment to and perceived value from personal and organizational higher purpose, and examines the implications of the findings for corporate...

Stuart Bunderson | Anjan Thakor
05 June 2020

Shareholderism versus Stakeholderism – A Misconceived Contradiction. A Comment on “The Illusory Promise of Stakeholder Governance” by Lucian Bebchuk and Roberto Tallarita

This paper critiques an assessment by Bebchuk and Tallarita (BT) of the relative merits of shareholder and stakeholder governance. BT’s paper argues that stakeholder governance is either nothing more than enlightened shareholder...

Colin Mayer
06 March 2020

Can Stakeholder Orientation Improve Inventory Efficiency? Evidence from a Quasi-Natural Experiment

This study investigates whether and how firms’ stakeholder orientation affects their inventory efficiency as well as financial performance. Using U.S. state legislatures’ staggered adoption of constituency statutes over a...

Yunxiao Liu | Woochan Kim
22 February 2020

Do Short-Term Incentives Affect Long-Term Productivity?

Previous research shows that incentives to increase earnings-per-share cause firm to increase stock repurchases and reduce investment and employment. It is natural to expect firms to cut less productive investment and employment...

Heitor Almeida | Nuri Ersahin | Vyacheslav Fos | Rustom Irani | Mathias Kronlund

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