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Paul Pfleiderer

Paul Pfleiderer is the C.O.G. Miller Distinguished Professor of Finance, Emeritus at Stanford Graduate School of Business and the director of the Corporations and Society Initiative. Pfleiderer received BA, MPhil, and PhD degrees from Yale University, all in the field of economics. He has been teaching at Stanford since 1981.
ESG, Corporate Governance & Future of the Firm

The Harmful Effects of “Good” Corporate Governance

Anat Admati
In new research, Anat R. Admati, Nate Atkinson, and Paul Pfleiderer argue that when misconduct is profitable, enforcement mechanisms aimed at deterring corporate misconduct often fail to achieve their goals and they may even backfire. The reason is that corporations can adjust internal governance mechanisms, particularly managerial compensation, to reduce or nullify the deterrent effects of corporate or managerial sanctions. These responses may lead to more misconduct and exacerbate social harm.

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