Few issues in the fields of strategy and corporate governance remain as contested as the topic of shareholders and stakeholders.But while a great amount of research addresses this issue from descriptive. instrumental,and/or normative perspectives(Donaldson and Preston,1995),fewer studies examine the decisions of actual managers and no study to our knowledge has addressed this question at the level of board members.Personal attributes of cotporate elites may influence their behavior and motivate their organizational approaches(Fiss and Zajac,2004;Hiller and Hambrick,2005).Policy makers,however,all Few issues in the fields of strategy and organization based on as contested as the topic of shareholders and stakeholders.But while a great amount of research addresses this issue from descriptive. instrumental,and/or normative perspectives(Donaldson and Preston,1995),fewer Studies of decisions the actual managers and no study to our knowledge has regard this issue at the level of board members. Personal attributes of cotporate elites may influence their behavior and motivate their corporate approaches(Fiss and Zajac,2004;Hiller and Hambrick,2005 ).Policy makers,however,all