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Do stakeholders matter for corporate governance? Behavior and performance of Norwegian banks 1985-2002

Bøhren, Øyvind; Josefsen, Morten G.
Research report
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CCGR_report_01-2007.pdf (457.0Kb)
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http://hdl.handle.net/11250/95394
Utgivelsesdato
2007
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  • Centre for Corporate Governance Research (CCGR) [20]
Originalversjon
CCGR Research Report 1/2007  
Sammendrag
The distribution of formal control rights among the firm’s stakeholders (such as

stockholders, creditors, employees, politicians, and customers) attracts considerable

public attention in many countries. For instance, a common view in the UK and the

US is that firms should have profit maximization as their only objective, and that

stockholders should be the dominant stakeholder in corporate governance. In contrast,

conventional wisdom in Continental Europe and Japan is that firms should have

multiple objectives and allocate formal power to more stakeholder types than just

stockholders. The politics of corporate governance addresses this issue by regulating

the owners’ ability to control the corporation.

This report addresses this issue empirically by trying to answer two questions. First,

what relationship do we actually observe between stakeholder structure and corporate

behavior? For instance, do firms take less risk when stockholders share control rights

with employees, customers, and politicians? Second, what is the real-world link

between stakeholder structure and economic performance? For instance, do ownerless

firms have lower returns to capital invested than firms owned by stockholders?
Beskrivelse
First published on CCGRs homepage: http://www.bi.no/ccgr
Utgiver
BI Norwegian School of Management
Serie
CCGR Research Report;1/2007

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