Stakeholder orientation and product market performance: Evidence from a natural experiment

IF 1.2 Q3 BUSINESS, FINANCE

Review of Financial Economics Pub Date : 2023-08-22 DOI:10.1002/rfe.1188

Juntai Lu, Jia Wei

引用次数: 0

Abstract

We examine the causal effect of stakeholder orientation on firms' product market performance. Using the staggered enactment of constituency statutes across different states as an exogenous shock that increases the extent of the stakeholder orientation, difference‐in‐difference estimations suggest that on average firms incorporated in states that adopted constituency statutes increase sales growth by 1.7% relative to firms incorporated in states that did not adopt such statutes. The effect is stronger if a firm has higher labor intensity and if a firm operates in a durable goods industry. In addition, we find that stakeholder orientation improves the quality of innovation.

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利益相关者导向与产品市场表现：来自自然实验的证据

我们考察了利益相关者导向对企业产品市场绩效的因果效应。利用不同州交错颁布选区法规作为增加利益相关者导向程度的外生冲击，差异中的差异估计表明，在采用选区法规的州成立的公司平均比在未采用选区法规州成立的企业的销售额增长1.7%。如果一家公司的劳动强度更高，并且一家公司经营的是耐用品行业，这种影响会更强。此外，我们发现利益相关者导向提高了创新的质量。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Financial Economics BUSINESS, FINANCE-

CiteScore

2.80

自引率

0.00%

发文量

期刊介绍： The scope of the Review of Financial Economics (RFE) is broad. The RFE publishes original research in finance (e.g. corporate finance, investments, financial institutions and international finance) and economics (e.g. monetary theory, fiscal policy, and international economics). It specifically encourages submissions that apply economic principles to financial decision making. For example, while RFE will publish papers which study the behavior of security prices and those which provide analyses of monetary and fiscal policies, it will offer a special forum for articles which examine the impact of macroeconomic factors on the behavior of security prices.