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Asking for More Than Answers: Online Shareholder Activism and Corporate Green Innovation

Published online by Cambridge University Press:  20 March 2025

Lanhua Li ,
Yuxin Zhang  and
Bao Wu Open the ORCID record for Bao Wu [Opens in a new window]
Lanhua Li
Affiliation:
Zhejiang University of Technology, China
Yuxin Zhang
Affiliation:
Zhejiang University of Technology, China
Bao Wu*
Affiliation:
Zhejiang University of Technology, China
*
Corresponding author: Bao Wu ([email protected])
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Abstract

The rise of online voicing and campaigns empowered by digital technologies and online social media is rejuvenating retail investor activism that has been mostly ignored in the traditional offline setting. This article argues that online activism that is initiated by retail investors will affect managerial attention intensity and attention priority on environmental issues, thus promoting green innovation. Using a Chinese-listed companies database with 13,795 firm-year observations over the period from 2011 to 2018, our results confirm that online environmental activism induces corporate green innovation. Online activism is more effective when the retail investor base holds larger shares in total and presents questions with a more intensely negative tone. Additionally, the above-mentioned moderating effects are stronger in digital firms. Our study offers insights into the online patterns of shareholder activism in the digital era and highlights the role of minority voicing in promoting corporate sustainable transformation.

摘要

摘要

与传统的线下情境不同，数字平台和在线社交媒体的崛起为散户投资者的线上发声和激进主义赋予了新的力量，使他们不再被忽视。本研究认为，由散户投资者发起的线上激进主义将影响管理层对环境保护的注意力强度和注意力优先度，从而促进企业绿色创新。基于中国上市公司2011-2018年间13795个公司年度观测样本的研究结果，证实了这个假设。当散户投资者群体在目标企业中持有更大比例的整体股份，并以更强烈的负面语气提出环境问题时，线上激进主义的效果更为显著，在数字企业中尤为强烈。本研究为数字时代下股东参与线上激进主义提供了启示，并强调了少数群体发声在推动企业可持续转型中不可忽视的作用。

Keywords

attention-based viewdigitalizationgreen innovationretail investorsshareholder activism注意力基础观数字化绿色创新散户投资者股东激进主义
Type
Article
Information
Management and Organization Review , First View , pp. 1 - 37
Copyright
Copyright © The Author(s), 2025. Published by Cambridge University Press on behalf of International Association for Chinese Management Research

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