Abstract

http://ssrn.com/abstract=1118664
 
 

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Shareholderism: Board Members' Values and the Shareholder-Stakeholder Dilemma


Renee B. Adams


University of New South Wales; Financial Research Network (FIRN); European Corporate Governance Institute (ECGI)

Amir N. Licht


Interdisciplinary Center (IDC) Herzliyah - Radzyner School of Law; European Corporate Governance Institute (ECGI)

Lilach Sagiv


Hebrew University of Jerusalem - Jerusalem School of Business Administration

August 2, 2008

ECGI - Finance Working Paper No. 204/2008

Abstract:     
This study investigates how personal values may affect strategic decisions of board members in dilemmas involving shareholders and other stakeholders. In a survey of the entire population of directors and CEOs in all public corporations in one country, we use vignettes that are based on seminal court cases to identify a general factor of shareholderism (vs. stakeholderism). Directors and CEOs exhibit greater shareholderism the more they endorse entrepreneurial values - namely, higher achievement, power, and self-direction values and lower universalism, benevolence, and conformity values. Employee representative directors exhibit more stakeholderist stances, but in most cases side with shareholders. Finally, directors in more profitable firms exhibit stronger shareholderism.

Number of Pages in PDF File: 40

Keywords: corporate governance, stakeholders, corporate social responsibility, values

JEL Classification: K22, M14

working papers series


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Date posted: April 14, 2008 ; Last revised: July 23, 2012

Suggested Citation

Adams, Renee B. and Licht, Amir N. and Sagiv, Lilach, Shareholderism: Board Members' Values and the Shareholder-Stakeholder Dilemma (August 2, 2008). ECGI - Finance Working Paper No. 204/2008. Available at SSRN: http://ssrn.com/abstract=1118664 or http://dx.doi.org/10.2139/ssrn.1118664

Contact Information

Renée B. Adams
University of New South Wales ( email )
Sydney, NSW 2052
Australia
+61(2)93854280 (Phone)

Financial Research Network (FIRN)
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia
HOME PAGE: http://www.firn.org.au

European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Amir N. Licht (Contact Author)
Interdisciplinary Center (IDC) Herzliyah - Radzyner School of Law ( email )
P.O. Box 167
Herzliya, 46150
Israel
972-9-952-7332 (Phone)
952-9-9513323 (Fax)
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
952-9-9513323 (Fax)
HOME PAGE: http:/www.ecgi.org
Lilach Sagiv
Hebrew University of Jerusalem - Jerusalem School of Business Administration ( email )
Mount Scopus
Jerusalem, 91905
Israel
972 2 652 1841 (Phone)
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