RRBM Honor Roll

The RRBM Honor Roll publications have been selected as examples of research that is both rigorous and relevant. The listing below offers credible insights for society.

These publications have been selected for the RRBM Honor Roll by the Selection Board with the exception of 2019 articles selected by a pre-test review panel.


Nature of the publicationJournal article
Title of the publicationFrom a shareholder to stakeholder orientation: Evidence from the analyses of CEO dismissal in large US firms
Journal name/Book publisherStrategic Management Journal

The post-Enron era is marked with growing discourse of stakeholders, sustainability, and corporate social responsibility (CSR). Yet, commentators debate whether U.S. corporations have indeed moved toward a stakeholder orientation, given the difficulties in measuring such a shift. We assess this shift by examining corporate governance practices, especially the prevalence of shareholder- and stakeholder-oriented practices in chief executive officer (CEO) dismissals. Using data on large firms in 1980–2015, we found that, before the 2000s, CEOs were less heavily penalized for poor firm performance when they demonstrated a shareholder orientation by downsizing and refocusing the corporation and more heavily penalized for CSR activity. This trend, however, reversed after the early 2000s. This article provides evidence of the evolution of U.S. firms' governance practices from a shareholder toward stakeholder orientation.

Author #1Shoonchul Shin
Affiliation Author #1Aalborg University Business School
Author #2Juyoung Lee
Affiliation Author #2Faculty of Business, Hong Kong Polytechnic University
Author #3Pratima(Tima) Bansal
Affiliation Author #3Ivey Business School, Western University