NGO activism: Exposure vs. influence

Michele Fioretti, Victor Saint-Jean and Simon C. Smith

No 373, Working Papers from The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State

Abstract: We examine how NGOs time campaigns to influence corporate decisions at Annual General Meetings (AGMs). Using data on 2,500 U.S. campaigns, we find that NGOs often campaign on the AGM date, which increases media exposure and future shareholder proposals but does not affect current AGM votes or consumers. As NGOs gain reputational capital, they shift to earlier pre-AGM campaigns to support related shareholder proposals and directly improve corporate behavior. The evidence underscores a strategic trade-off between visibility and influence, showing how NGO tactics evolve with NGOs' credibility and the changing expectations of socially conscious stakeholders about NGO activities.

Keywords: Non-Governmental Organizations; NGO campaigns; social and environmental responsibility; ESG; firm dynamics; non-profit objectives (search for similar items in EconPapers)
JEL-codes: L21 L31 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cbscwp:336740

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