This study examines whether corporations should operate solely to maximize shareholder value or to serve a more broadly defined, diverse set of social interests. This paper reviews how American public policy toward corporations has rested upon different answers to this question, from colonial...

This paper investigates how economic policy uncertainty affects firms' frequency and their choice of financial instruments to raise capital. By applying a three-step sequential framework over a sample of 6834 publicly listed US non-financial firms, we find that during periods of high economic...