Research on firms' stakeholder orientation has described two perspectives: An ex ante narrow orientation towards their shareholders and an ex ante broad orientation towards all their stakeholders. Both streams rely on the assumption of long-term owners, who create spillovers to other stakeholders or enable synergies between stakeholders and shareholders. However, stock-holding periods have become much shorter over the past decades, causing unprecedented ownership volatility. In this paper, we clarify the impact of ownership volatility on stakeholder orientation.