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| Author: | Adams, R. B. Licht, A. N. Sagiv, L. |
| Title: | Shareholders and stakeholders: how do directors decide? |
| Journal: | Strategic Management Journal
2011 : DEC, VOL. 32:12 p. 1331-1355 |
| Index terms: | stock ownership stakeholders directors chief executive officers decision making companies strategic planning regression analysis roles |
| Language: | eng |
| Abstract: | This article investigates how directors make decisions that involve shareholders and other stakeholders. Employing vignettes, it is developed an index of directors' shareholderism. In a survey of the entire population of directors and CEOs in public companies in one country, it is found that directors' personal values and roles are important factors in their decisions. Directors and CEOs are more pro-shareholder the more they support entrepreneurial values. While employee representative directors show a lower level of shareholder orientation, they still often side with shareholders. |
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