Arbeitspapier
Shareholders and Stakeholders around the World: The Role of Values, Culture, and Law in Directors' Decisions
We present evidence on the way personal and institutional factors could together guide public company directors in decision-making concerning shareholders and stakeholders. In a sample comprising more than nine hundred directors originating from over fifty countries and serving in firms from twenty three countries, we confirm that directors around the world hold a principled, quasi-ideological stance towards shareholders and stakeholders, called shareholderism, on which they vary in line with their personal values. We theorize and find that in addition to personal values, directors' shareholderism level associates with cultural norms that are conducive to entrepreneurship. Among legal factors, only creditor protection exhibits a negative correlation with shareholderism, while general legal origin and proxies for shareholder and employee protection are unrelated to it.
- Sprache
-
Englisch
- Erschienen in
-
Series: LawFin Working Paper ; No. 13
- Klassifikation
-
Wirtschaft
Business and Securities Law
Corporate Culture; Diversity; Social Responsibility
- Thema
-
shareholderism
stakeholders
directors
values
culture
social norms
law
institutions
corporate governance
CSR
ESG
entrepreneurship
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Licht, Amir N.
Adams, Renee B.
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2020
- DOI
-
doi:10.2139/ssrn.3766934
- Handle
- URN
-
urn:nbn:de:hebis:30:3-616537
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Licht, Amir N.
- Adams, Renee B.
- Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin)
Entstanden
- 2020
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