Shareholderism Around the World: Corporate Purpose, Culture, and Law
研究了全球900多名董事的股东主义倾向，发现其受个人价值观、文化传统和外籍身份影响，而与普通法或大陆法系无关，对理解企业目的和监管有效性有参考价值。
We provide the first comprehensive analysis of directors’ shareholderism: their principled stance toward shareholders and stakeholders in forming strategy. We develop an analytical framework that links shareholderism to individual and institutional factors and test our theoretical predictions using a sample of more than 900 directors originating from 55 countries and serving in 23 countries. Directors’ shareholderism varies according to their individual values; their cultural heritage of egalitarianism, harmony, and embeddedness; and their status as expatriate directors. Directors’ shareholderism does not appear to depend on the distinction between common and civil law. Instrumental variable regressions that address the endogeneity of directors’ expatriate status suggest that expatriates’ and local directors’ shareholderism reflect different cultural emphases. To be effective, current approaches to ensuring corporations do the “right” thing through legal injunctions may need to be mindful of the stability and resilience of individual values and culture. This paper was accepted by David Simchi-Levi, business strategy. Funding: A. N. Licht acknowledges financial support from the Israeli Science Foundation [Grant 342/08]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2222.00463 .