#Activism: Investor Reactions to Corporate Sociopolitical Activism
研究了企业在推特上表达社会政治立场如何影响股价，发现此类行动平均使公司价值下降0.22%，但明确表达与核心价值观一致的立场很重要。
Corporations, which in the past have been hesitant to contribute to conversations regarding political and social issues, are increasingly speaking out on current issues such as race, sexual orientation, gender, immigration, and environmental issues. Despite this trend, limited academic research has focused on how corporate sociopolitical activism (CSA) efforts impact firm value. In addition, extant studies have not fully identified the extent to which the firm and their message influence the outcomes of this approach. The current study explores how sociopolitical stances communicated on Twitter affect firms’ stock prices. Results from an event study of 260 incidents of CSA show that CSA efforts decrease firm value by an average of 0.22%, indicating that wading into social or political issues is a risky strategy. However, further analysis highlights the importance of clearly articulating stances on social issues that align with the firm’s core values.