Stakeholder Orientation and Corporate Payout Policy: Insights from State Legal Shocks
(2020)
Journal Article
Ni, X., Song, W., & Yao, J. (2020). Stakeholder Orientation and Corporate Payout Policy: Insights from State Legal Shocks. Journal of Banking and Finance, 121, Article 105970. https://doi.org/10.1016/j.jbankfin.2020.105970
We employ a difference-in-differences estimation approach to examine the impact of stakeholder orientation on corporate payout policy. The empirical test exploits the enactment of US state-level constituency statutes, which allow directors to conside... Read More about Stakeholder Orientation and Corporate Payout Policy: Insights from State Legal Shocks.