One Size Fits All? A Configurational Study of Collective Shareholder Engagement on ESG Issues

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Abstract

Although institutional investors working collectively have increasing potential to influence corporations’ behaviour towards Environmental Social Governance (ESG) issues through shareholder activism practices such as collective engagement–i.e. direct dialogue and interactions with investee corporations organized by a coalition of investors–little is known about the conditions that underpin the effectiveness of collective engagement. Relying on unique archival data from the United-Nations Principles for Responsible Investing (PRI) and multiple other sources of qualitative and quantitative data, we examine which combinations of factors makes companies responsive to collective engagement by a group of shareholders. We develop a neo-configurational perspective to explain the effectiveness of collective engagement based on configurations of investor coalition characteristics, engagement tactics and company characteristics. Using QCA, we contribute to current studies of shareholder activism, provide insights into responsible investing practices and establish the potential of the neo-configurational perspective for stakeholder saliency theory
Original languageEnglish
Title of host publicationAcademy of Management Proceedings 2019
Volume2019
Edition1
DOIs
Publication statusPublished - Aug-2019

Publication series

NameAcademy of Management Proceedings
PublisherAcademy of Management
ISSN (Print)0065-0668

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