In the public discussion, the series of accounting scandals and bankruptcies which has taken place in the last years is primarily attributed to the greed of managers and institutional lacks in securing shareholder's interests. However, this article argues that it is precisely the proliferation...

We present evidence on the way personal and institutional factors could together guide public company directors in decision-making concerning shareholders and stakeholders. In a sample comprising more than nine hundred directors originating from over fifty countries and serving in firms from...