The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
Social Movements as Extra-Institutional Entrepreneurs: The Effect of Protests on Stock Price Returns
Abstract
This paper uses social movement theory to examine one way in which secondary stakeholders outside the corporation may influence organizational processes, even if they are excluded from participating in legitimate channels of organizational change. Using data on activist protests of U.S. corporations during 1962–1990, we examine the effect of protests on abnormal stock price returns, an indicator of investors' reactions to a focal event. Empirical analysis demonstrates that protests are more influential when they target issues dealing with critical stakeholder groups, such as labor or consumers, and when generating greater media coverage. Corporate targets are less vulnerable to protest when the media has given substantial coverage to the firm prior to the protest event. Past media attention provides alternative information to investors that may contradict the messages broadcast by protestors.
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Cites
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The antecedents of deinstitutionalization
Oliver, C. (1992) · Organization Studies · doi:10.1177/017084069201300403 · Cited by 1,746 · cited 1×
“Other protests, such as demonstrations not occurring on the property of the company, do not necessarily impose costs, but they draw attention 416/ASQ, September 2007 to existing stakeholder concerns and may cause investors to question the firm’s managerial soundness (Oliver, 1992).”
BackgroundEnvironmental disclosures, regulatory costs, and changes in firm value
Blacconiere, W. G., & Patten, D. M. (1994) · Journal of Accounting and Economics · doi:10.1016/0165-4101(94)90026-4 · Cited by 782
Cress, D. M., & Snow, D. A. (2000) · American Journal of Sociology · doi:10.1086/210399 · Cited by 722 · cited 1×
“…organizations collaborate to sponsor a protest, they draw on a larger resource base, which allows them to coordinate more effectively every aspect of the event (Gamson, 1990; Skocpol et al., 1993; Minkoff, 1997, 1999; Soule et al., 1999; Cress and Snow, 2000; Andrews, 2001; Van Dyke, 2003).”
BackgroundThe Effects of Advertiser Reputation and Extremity of Advertising Claim on Advertising Effectiveness
Goldberg, M. E., & Hartwick, J. (1990) · Journal of Consumer Research · doi:10.1086/208547 · Cited by 444
ORGANIZATIONAL PERCEPTION MANAGEMENT
Elsbach, K. D. (2003) · Research in Organizational Behavior · doi:10.1016/s0191-3085(03)25007-3 · Cited by 277
Cited by
Institutional Complexity and Organizational Responses
Greenwood, R., Raynard, M., Kodeih, F., Micelotta, E. R., & Lounsbury, M. (2011) · Academy of Management Annals · doi:10.5465/19416520.2011.590299 · Cited by 3,519
Responding to public and private politics: corporate disclosure of climate change strategies
Reid, E. M., & Toffel, M. W. (2009) · Strategic Management Journal · doi:10.1002/smj.796 · Cited by 1,093
Keeping up Appearances: Reputational Threat and Impression Management after Social Movement Boycotts
McDonnell, M.-H., & King, B. (2013) · Administrative Science Quarterly · doi:10.1177/0001839213500032 · Cited by 618
Self-citationSpinning gold: The financial returns to stakeholder engagement
Henisz, W. J., Dorobantu, S., & Nartey, L. J. (2014) · Strategic Management Journal · doi:10.1002/smj.2180 · Cited by 546
Social media and the formation of organizational reputation
Etter, M., Ravasi, D., & Colleoni, E. (2019) · Academy of Management Review · doi:10.5465/amr.2014.0280 · Cited by 428
Metadata
- Authors
- King, B. G., & Soule, S. A.
- Venue
- Administrative Science Quarterly
- Publisher
- SAGE Publications
- Published
- 2007-09
- Volume
- 52
- Issue
- 3
- Pages
- 413-442
- ISSN
- 0001-8392 (ISSN-L)
- 1930-3815
- OpenAlex
- W2151817029
- Cited by
- 729
- References
- 9
- FWCI
- 43.97
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
