We use a sample of 147 countries to investigate the link between democracy and reforms. Democracy may be conducive to … institutions. The results provide a robust support for the claim that democracy is good for growth-enhancing reforms. …

When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become … increased by the institutionalization of stakeholder protection depriving incumbent CEOs of activists’ support. This finding … to stakeholder protection even in case of managerial replacement. Our theory also explains a recent trend whereby social …

-specific skills. But the threat of poaching means that it is the individual ‘stakeholder’, not the firm, who must bear the cost. We …

Over the last two centuries, many countries experienced regime transitions toward democracy. We document this … democratic transition over a long time horizon. We use historical time series of income, education and democracy levels from 1870 … to 2000 to explore the economic factors associated with rising levels of democracy. We find that primary schooling, and …

there exists a distribution of resources such that democracy emerges in equilibrium, but there are distributions of … resources for which democracy is infeasible in equilibrium irrespective of the level of development. The model also delivers … results on the stability of democracy with regard to changes in the economic and demographic environment. The results are …

democracy and to assess the prospects of future research in the area. …