Stakeholders

Corporate Stakeholders and Trust

New Models of ‘Intelligent Investing’ for the Post-Crisis Economy

Is coronavirus accelerating the future? Will the crisis provide a tipping point that encourages corporations to promote socially desirable values? Will there be a wider recognition that a sole focus on profits and investors...

The Corporate Governance Machine

The conventional view of corporate governance is that it is a neutral set of processes and practices that govern how a company is managed. We demonstrate that this view is profoundly mistaken: in the United...

Corporate Social Responsibility and Managerial Entrenchment

When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become an effective entrenchment strategy for inefficient CEOs. We thus argue that managerial turnover and firm value...

CEO Political Ideology, Shareholder Primacy and Dividend Policy

We argue that CEOs have different attitudes toward the firm’s stakeholders and that these differences in attitudes affect the firm’s decision making. We hypothesize that these differences stem from differences in...

Shifting Influences on Corporate Governance: Capital Market Completeness and Policy Channeling

Corporate governance scholarship is typically portrayed as driven by single factor models, for example, shareholder value maximization, director primacy or team production. These governance models are Copernican; one factor is...

The EU Sustainable Governance Consultation and the Missing Link to Soft Law

In this paper, we investigate whether reform of EU company law is needed to make corporate governance more sustainable through an analysis of some of the key questions found in the European Commission’s questionnaire in its public...

What do we know about different systems of corporate governance?

Outsourcing Climate Change

This paper exploits newly available information on firms’ direct (own production) and indirect (supplier-generated) carbon emission intensities and transaction-level imports to conduct an in-depth analysis of whether and how...

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...

The End of the Corporation

We are witnessing a quiet but quick transformation of corporate governance. The rise of digital technologies and social media are forcing companies to reconsider how they organize themselves and structure firm governance. What...

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...