Despite the global reach of their commercial activities, many multinational firms have proved slow in internationalizing their boards of directors. Based on a panel study of the internationalization of the boards of 347 non-financial firms from the Nordic countries, we find a higher fraction of...

The traditional view of executive pay as a financial incentive to enhance firm performance that is often equated with shareholder value maximization has been put into question in the last few years. The rise of the new purpose of the corporation and stakeholder capitalism has put that...

In the three decades after World War II, workers and stockholders shared equitably in the nation’s growing wealth. But, during the last several decades, this fair gainsharing has diminished as the power of the stock market, in the form of institutional investors, has grown, and the comparative...