Who wants stakeholder capitalism? Public and elite perceptions of the role of business leaders in politics

On what policy areas and with what strategies should businesses and their leaders be involved in political activity? Advocates of “stakeholder capitalism” endorse companies and their leaders taking stances on social, environmental, and economic issues that advance the interests of their communities, not just of their shareholders.

We juxtapose this view with two alternatives: companies and their leaders should (a) stay out of politics or (b) advocate only for their narrow business interests. We survey the mass public and business leaders.

The public has little appetite for corporate leader engagement. However, business leaders, especially Democratic ones, endorse more active engagement from their firms on most issues — though they favor their firm leaders engaging in behind-the-scenes strategies rather than those that mobilize employees or customers. We find there is an elite appetite for business leaders to move beyond particularistic lobbying and to influence broader economic and social policy.