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.

中文翻译：

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利益相关者导向和产品市场表现：来自自然实验的证据

我们研究了利益相关者导向对企业产品市场表现的因果影响。利用不同州交错颁布的选区法规作为增加利益相关者导向程度的外生冲击，双重差分估计表明，平均而言，在采用选区法规的州注册成立的公司相对于公司而言，销售额增长了 1.7%并入未采用此类法规的州。如果一家公司的劳动强度较高并且该公司从事耐用品行业，则这种效应会更强。此外，我们发现以利益相关者为导向可以提高创新质量。