Shareholders and stakeholders: How do directors decide?

Adams, Renee B., Licht, Amir N. and Sagiv, Lilach (2011) Shareholders and stakeholders: How do directors decide?. Strategic Management Journal, 32 12: 1331-1355. doi:10.1002/smj.940


Author Adams, Renee B.
Licht, Amir N.
Sagiv, Lilach
Title Shareholders and stakeholders: How do directors decide?
Journal name Strategic Management Journal   Check publisher's open access policy
ISSN 0143-2095
1097-0266
Publication date 2011-12
Sub-type Article (original research)
DOI 10.1002/smj.940
Volume 32
Issue 12
Start page 1331
End page 1355
Total pages 25
Place of publication West Sussex, United Kingdom
Publisher John Wiley & Sons
Collection year 2012
Language eng
Abstract his study examines 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 a survey of the entire population of directors and CEOs in public corporations in one country, we find that directors' personal values and roles play an important part in their decisions. Directors and CEOs are more pro-shareholder the more they endorse entrepreneurial values—specifically, higher achievement, power, and self-direction values and lower universalism values. While employee representative directors exhibit a lower baseline level of shareholder orientation, they nonetheless often side with shareholders.
Keyword Shareholderism
Stakeholders
Directors
Values
Corporate governance
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2012 Collection
UQ Business School Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 35 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 48 times in Scopus Article | Citations
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Created: Mon, 10 Oct 2011, 17:22:12 EST by Karen Morgan on behalf of UQ Business School