Abstract

This study investigates whether shareholder activists consider corporate social performance when selecting targets for shareholder resolutions. The sample, the 2003 S&P 500, is observed over five years. Findings suggest that poor CSP makes it more likely that a firm will be targeted for a corporate governance resolution, and calculating behaviors make it more likely that a firm will be targeted for either a corporate governance or social issues resolution. Neither agency theory nor social movements theory can adequately explain the findings