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NGO Activism: Exposure vs. Influence

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  • Michele Fioretti
  • Victor Saint-Jean
  • Simon C. Smith

Abstract

This paper studies how the timing of NGO activism shapes its effectiveness in influencing corporate behavior. Using data on 2,500 campaigns targeting U.S. firms, we show that campaigns timed at annual general meetings (AGMs) generate large visibility gains but little contemporaneous influence, while campaigns launched before the AGM significantly increase shareholder proposal success and improve firms' environmental and social performance. We develop a dynamic model in which NGOs trade off awareness building and credibility formation, generating a lifecycle in activism from visibility-seeking to influence-oriented engagement. Therefore, NGOs' objectives evolve endogenously to coordinate stakeholder pressure and shape corporate behavior.

Suggested Citation

  • Michele Fioretti & Victor Saint-Jean & Simon C. Smith, 2024. "NGO Activism: Exposure vs. Influence," Papers 2411.06875, arXiv.org, revised Jan 2026.
    • Handle: RePEc:arx:papers:2411.06875
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    1. Michele Fioretti & Victor Saint-Jean & Simon C. Smith, 2021. "The Shared Costs of Pursuing Shareholder Values," Papers 2103.12138, arXiv.org, revised Feb 2026.

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    More about this item

    JEL classification:

    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs; Social Entrepreneurship

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