Shareholders want a firm's objective function to place some weight on consumer welfare, motivated by both self … shareholders' marginal rate of substitution between profits and consumer welfare. Calibrations from preference parameters show many … shareholders should place non-trivial weights on consumer welfare. A survey experiment on a representative sample elicits how …

The agents to whom shareholders delegate the management of corporate affairs may transfer value from shareholders to …

aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in … shareholders' collective attempts to boost shareholder value of individual firms leads to a novel pecuniary externality that … excess leverage, agency conflicts between shareholders and managers, negative welfare effects of transparency, excess …

executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders … place on ESG using a revealed preference approach, where shareholders pay higher fees for ESG-oriented index funds in …

find goal announcements are associated with management's responses to the firm's (possibly changed) circumstances, with the … changing power and preferences of key constituencies, as well as from management's attempts to deflect scrutiny. While … announced opportunistically to deflect attention and alleviate pressure on management …

the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive … plays two key roles. First, it helps shareholders express their ideologies through the vote. Second, it facilitates … shareholders' decision-making process by reducing the need to pay attention to every proposal individually and enabling focus on …