culture: it increases results-orientation but decreases customer-focus, integrity, and collaboration. Shareholders initially …-induced changes in culture are not in shareholders' long-term interests since firm value declines by 1.4% through this channel …

moral foundation for shareholders' responsibility and describes how the responsibility of shareholding is diffused along the …

that activist investors cannot force their ideas on companies; they must persuade the board or other shareholders that …

shareholders who reveal a corresponding preference for social or environmental performance, as proxied by their quantifiable …

Ease of coordination can enable diffuse shareholders to play a more effective role in corporate governance and thereby … coordination, I find evidence that ease of coordination among institutional shareholders is positively associated with firm value … coordination improves firm value by enhancing the governance role provided by shareholders …

When corporations inflict injuries in the course of business, shareholders wielding ESG principles can, and now … and concerns purpose--the firm should be managed for the shareholders’ financial benefit. The second norm is procedural … and concerns power--the shareholders should have the power to tell managers how to run the firm. The two norms, once put …