Stakeholders
Working Paper
Socially Responsible Corporate Customers
Using corporate social responsibility (CSR) ratings of 34,117 corporate customer-supplier relationships from 50 countries worldwide, we find that customers' CSR ratings are associated with suppliers' subsequent CSR performance, but not vice versa...Read more
International Evidence on Firm Level Decisions in Response to the Crisis: Shareholders vs. Other Stakeholders
The relationship between changes in GDP and unemployment during the 2008 financial crisis differed significantly from previous experiences and across countries. We study firm-level decisions in France, Germany, Japan, the UK, and the US. We find...Read more
Boards, and the Directors Who Sit on Them
Boards of directors are intellectually interesting; the literature on boards has academic impact, and there is substantial scope for this literature to have policy impact.
I illustrate these points by combining a select review of the...Read more
Governance and Stakeholders
Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder...Read more
The Private Ordering Solution to Multiforum Shareholder Litigation
This paper empirically analyzes a private ordering solution to multiforum shareholder litigation: exclusive forum provisions in corporate charters and bylaws. These provisions, whose use has become quite widespread, require that all corporate law...Read more
Culture and Law in Corporate Governance
Understanding the role of culture in corporate governance has become a subject of growing importance. Today, no institutional analysis of corporate governance systems would be complete without considering the cultural environment in which such...Read more
Shareholders and Stakeholders: How do Directors Decide?
This study investigates how directors make decisions that involve shareholders and other stakeholders. Using vignettes derived from seminal court cases, we construct an index of directors’ shareholderism as a general orientation on this issue. In...Read more
Banks and Labor as Stakeholders: Impact on Economic Performance
Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet, theory clearly indicates that the combination of relative powers of different stakeholders affects a...Read more
The Shifting Balance of Power between Shareholders and the Board: News Corp's Exodus to Delaware and Other Antipodean Tales
NOTE: The research in this Working Paper was subsequently published in the form of the following articles: (i) Jennifer G. Hill, "Subverting Shareholder Rights: Lessons from News Corp's Migration to Delaware", 63 Vand. L. Rev. 1-51 (2010) (...Read more