Stakeholder-, Shareholder Value und Corporate Governance gelten seit den 90er Jahren als zentrale Wirtschaftsbegriffe des globalen Kapitalismus. Ihre Bedeutung aus finanzsoziologischer Sicht ist jedoch weitgehend unerforscht. Vor dem Hintergrund der strukturellen Wandlungen im globalen...

I show that in a global market for corporate control straightforward profit maximization, not maximizing a weighted sum of profits and sales, is the dominant solution of the game if management assigns decisions on output and the input of productive factors to different departments within the...

We study the equilibrium effects of the "S" dimension of ESG under imperfect competition in labor or product markets. We model ESG policies as constraints that boards place on managers to treat their stakeholders well. "Doing Well by Doing Good" holds for moderate ESG policies, which are...