-financial stakeholder, labor unions. Consistent with the idea that leverage diminishes the bargaining position of labor, we find that unions …

exogenous passage of Constituency laws to measure stakeholder protection, I find that firms incorporated in states that pass the … laws have a higher number of stakeholder-friendly policies. More importantly, I demonstrate that after the increase in … stakeholder protection, firms with weaker governance experience lower innovation and firm value, and higher leverage than firms …

largely to blame. At first glance a stakeholder approach would seem an appealing solution: surely if the purpose of … and embraced stakeholder theory. However, far from successfully redressing inequality, a stakeholder approach is unlikely … direction. We suggest that a stakeholder approach gives corporate executives both a sword and a shield with which to preserve …

Amid growing concerns for the effects that corporations have on stakeholders, supporters of stakeholder governance … pledges to do so at face value. By contrast, critics of stakeholder governance question whether corporate leaders have … stakeholders and not just shareholders and was widely viewed as a major milestone that would usher in a new stakeholder capitalism …