The PSI Model for Predicting Activist Engagements: Toward a Theory of Shareholder Activism
提出一个多维理论模型（PSI模型），从问题、解决方案和干预三个要素预测股东积极主义的目标选择与行动结果，对研究公司治理和股东行为的学者有参考价值。
This paper introduces a multidimensional theoretical perspective for predicting shareholder activism. First, I outline a generalized process of activist targeting, divided into two stages: target identification and target engagement. Second, I argue that activist shareholders target firms based on three elements: problem, solution, and intervention. Synthesizing several strands of literature and insights from the target identification stage of the activist targeting process, I develop the baseline proposition that activists do not merely target firms with clear problems, but account for the availability of viable solutions and the opportunity to intervene in their targeting calculus. Third, I extend this problem × solution × intervention (PSI) model to develop propositions about variation in the types and outcomes of activism campaigns that manifest in different contexts. Drawing on insights from the target engagement stage of the activist targeting process, I argue that activism campaigns vary in terms of both tactics and outcomes based on the configuration of the three elements of the PSI model.