authors personal copy - huji.pdfVIP

This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or selling or licensing copies, or posting to personal, institutional or third party websites are prohibited. In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier’s archiving and manuscript policies are encouraged to visit: /copyright Authors personal copy Available online at Journal of Corporate Finance 14 (2008) 107 – 117 /locate/jcorpfin Stakeholders and the composition of the voting rights of the board of directors Dan Galai a,b , Zvi Wiener a,⁎ a School of Business Administration, The Hebrew University of Jerusalem, Jerusalem, 91905, Israel b Stern School of Business, New York University, New York, 10012, USA Received 10 January 2007; received in revised form 28 January 2008; accepted 14 February 2008 Available online 2 March 2008 Abstract We propose a new approach to dynamic representation of different groups of stakeholders on the board of directors. This approach is based