Social Movements as Extra-institutional Entrepreneurs
This paper adds to the literature of social movement theory which explains how secondary stakeholders gain corporate influence even if they are not participants in the legitimate process of organizational change. The authors use data on activist protests of corporations to see its impact on stock price returns which is an indicator of investors' reactions to an event. The analysis demonstrates "that protests are more influential when they target issues dealing with critical stakeholder groups or when generating greater media coverage."
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