We thank Mike Burkart, Ramon Caminal, Xavier Freixas, Tullio Jappelli, Marco Pagano, Urs Peyer, Salvatore Piccolo, Jean Tirole, and Xavier Vives for helpful discussions, and in particular the editor and two anonymous referees whose comments allowed to considerably enhance the paper. We are also grateful to Doug Cogan of the Investor Responsibility Research Center (IRRC) for providing information on social shareholder resolutions, and to Gianluca Principato of SCS Consulting for very constructive comments on an earlier draft. The paper also benefited from seminar audience at IAE, Universitat Pompeu Fabra, INSEAD, Università degli Studi di Brescia, the 2002 ESSFM in Gerzensee and the CEPR conference “Understanding Financial Architecture: Financial Structure and Bankruptcy,” Oxford. A previous version of this paper has been circulated under the title “Stakeholder Activism, Managerial Entrenchment, and the Congruence of Interests between Shareholders and Stakeholders.” The authors acknowledge financial support from the FINRET RTN Network. The usual disclaimer applies. Address for correspondence: Giacinta Cestone, CSEF-Department of Economics, Università di Salerno, Salerno, Italy.
Corporate Social Responsibility and Managerial Entrenchment
Article first published online: 26 JUL 2007
Journal of Economics & Management Strategy
Volume 16, Issue 3, pages 741–771, Fall 2007
How to Cite
Cespa, G. and Cestone, G. (2007), Corporate Social Responsibility and Managerial Entrenchment. Journal of Economics & Management Strategy, 16: 741–771. doi: 10.1111/j.1530-9134.2007.00156.x
- Issue published online: 26 JUL 2007
- Article first published online: 26 JUL 2007
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