Stakeholders

Working Paper

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
30 November 2019

Growing Up Under Mao and Deng: On the Ideological Determinants of Corporate Policies

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to...

Hao Liang | Rong Wang | Haikun Zhu
23 March 2018

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...

Franklin Allen | Elena Carletti | Yaniv Grinstein
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

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