In this study, we investigate whether and to what extent institutional shareholders' political values influence their … find that firms led by institutional shareholders with a more Republican-oriented political ideology are less likely to … issue environmental reports. Such a negative effect is more pronounced for firms with institutional shareholders with long …

rather than its merits. The ultimate shareholder primacy norm is that directors are agents of shareholders, and that … directors are under fundamental obligation to run the company in the interest of the shareholders. This article finds that … directors owed no such legal obligation to shareholders, that the confusion was based on the historical application of …