TY  - UNPD
A1  - Licht, Amir N.
A1  - Adams, Renee B.
T1  - Shareholders and stakeholders around the world: the role of values, culture, and law in directors’ decisions
T2  - LawFin working paper ; No. 13
N2  - 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.
T3  - LawFin Working Paper - 13 
KW  - shareholderism
KW  - stakeholders
KW  - directors
KW  - values
KW  - culture
KW  - social norms
KW  - law
KW  - institutions
KW  - corporate governance
KW  - CSR
KW  - ESG
KW  - entrepreneurship
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/61653
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-616537
IS  - This version: 5 November 2020
PB  - Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University
CY  - Frankfurt am Main
ER  -