{"title":"It’s time to speak up! investor reaction to CEO sociopolitical activism","authors":"Michael A. Abebe , Keshab Acharya , Mark J. Kroll","doi":"10.1016/j.jbusres.2024.114966","DOIUrl":null,"url":null,"abstract":"<div><p>In this study, we explore how investors react to incidents of CEO sociopolitical activism. Drawing from the business case logic and political psychology literature, we theorize that the perceived relevance and ideology of CEO comments, as well as the institutional context in which they were made determine investor reactions. Our analysis of 379 CEO comments made between 2007–2020 indicates that investors react positively to CEOs’ political comments and negatively to sociocultural ones. Specifically, political comments are received favorably by investors if they are conservative-leaning, and this is especially true when made by CEOs of firms with greater government dependence or those operating in highly regulated industries. Conversely, investors react negatively to social comments made by CEOs of highly regulated firms. Overall, this study addresses recent calls for research on the expanding role of executives by highlighting the complex reactions CEO sociopolitical activism engenders among capital market stakeholders.</p></div>","PeriodicalId":15123,"journal":{"name":"Journal of Business Research","volume":"186 ","pages":"Article 114966"},"PeriodicalIF":10.5000,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Research","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0148296324004703","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
In this study, we explore how investors react to incidents of CEO sociopolitical activism. Drawing from the business case logic and political psychology literature, we theorize that the perceived relevance and ideology of CEO comments, as well as the institutional context in which they were made determine investor reactions. Our analysis of 379 CEO comments made between 2007–2020 indicates that investors react positively to CEOs’ political comments and negatively to sociocultural ones. Specifically, political comments are received favorably by investors if they are conservative-leaning, and this is especially true when made by CEOs of firms with greater government dependence or those operating in highly regulated industries. Conversely, investors react negatively to social comments made by CEOs of highly regulated firms. Overall, this study addresses recent calls for research on the expanding role of executives by highlighting the complex reactions CEO sociopolitical activism engenders among capital market stakeholders.
在本研究中，我们探讨了投资者对首席执行官社会政治激进主义事件的反应。借鉴商业案例逻辑和政治心理学文献，我们从理论上认为，CEO 评论的相关性和意识形态以及发表评论的制度背景决定了投资者的反应。我们对 2007-2020 年间发表的 379 篇 CEO 评论进行的分析表明，投资者对 CEO 的政治评论反应积极，而对社会文化评论反应消极。具体来说，政治评论如果偏向保守，就会受到投资者的青睐，尤其是对政府依赖程度较高或在高度管制行业经营的公司的首席执行官所发表的评论。相反，投资者对高度管制企业首席执行官的社会评论反应消极。总之，本研究通过强调首席执行官的社会政治行动主义在资本市场利益相关者中引起的复杂反应，回应了近期对高管角色不断扩大的研究呼吁。
期刊介绍：
The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.
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