Does an institutional change that eases exit via bankruptcy reform enhance venture growth? We take advantage of a quasi-natural experiment in Japan to examine this question. Using longitudinal data over a 10-year period, we find that bankruptcy reform not only increases the rates of bankruptcy...

In this paper, we advance the stakeholder theory literature by developing and testing a set of hypotheses concerning which firms are likely to be targeted by secondary stakeholder groups. To test these hypotheses, we draw upon a unique dataset of stakeholder actions within the United States...