Beyond the Statement: CEO Activism Intensity, CSR Divergence, and the Dynamics of Shareholder Response

Author

• Mahshad Ghazali, The University of Texas Rio Grande Valley

Date of Award

7-1-2026

Document Type

Dissertation

Degree Name

Doctor of Philosophy (PhD)

Department

Management

First Advisor

Sibin Wu

Second Advisor

Wanrong Hou

Third Advisor

Xuan Wang

Abstract

CEO activism, defined as publicly attributed executive communication on contested sociopolitical issues outside core operations, has attracted growing scholarly attention, yet investor interpretation of these acts remains theoretically underdeveloped. This dissertation develops a receiver-side screening framework grounded in screening theory and information asymmetry. Shareholders acting as screeners are posited to evaluate activism along two observable dimensions: activism intensity, comprising outward visibility, inward organizational embedding, and upward institutional engagement; and CSR divergence, the perceived distance between a stance and the firm’s established CSR record. Using event study methodology and OLS regression on a sample of 297 CEO activism events from S&P 500 firms between 2021 and 2025, the study examines shareholder reactions along three dimensions: valence, magnitude, and speed. Outward intensity generates negative abnormal returns and elevated trading volume. Inward intensity suppresses abnormal volume. CSR divergence amplifies the negative valence effect. Shareholder type and political uncertainty serve as boundary conditions.

Comments

Copyright 2026 Mahshad Ghazali. All Rights Reserved. https://proquest.com/docview/3408996752

Recommended Citation

Ghazali, M. (2026). Beyond the Statement: CEO Activism Intensity, CSR Divergence, and the Dynamics of Shareholder Response [Doctoral dissertation, The University of Texas Rio Grande Valley]. ScholarWorks @ UTRGV. https://scholarworks.utrgv.edu/etd/2017