题　目：Responding to Shareholder-Led Social Activism at Peer Firms: Evidence from a Regression Discontinuity Design

嘉　宾：吴志岩, 教授, 浙江大学

主　持：石先蔚, 副教授, 上海交通大学

时　间：2025年10月22日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰楼A305室

内容简介:

This research extends the information-processing perspective of board decision-making by focusing on how boards adapt to social cues from peer firms. Drawing on social information processing theory, we propose that the actions of peer firms, especially their responses to shareholder-led social activism, serve as critical information sources. Specifically, we argue boards will interpret peer firms’ conformity to social activism as a signal of evolving norm of stakeholder-friendly decision-making, nudging them to follow the norm by appointing independent directors with nonprofit experience. The impact of these social cues is more pronounced when they originate from high-performing peer firms or those led by CEOs with liberal ideologies. Using a regression discontinuity design with 1,542 U.S. public firms provides strong empirical support for our hypotheses.

演讲人简介：

吴志岩，管理学博士，师从许庆瑞院士，现任浙江大学教授。其研究聚焦于战略管理，擅长运用因果推断方法。相关成果发表于《管理世界》、Academy of Management Journal、Journal of Business Venturing、Journal of Management、Management Science、Organization Science 等中英文权威期刊。现任Management and Organization Review副主编，并担任Journal of Business Venturing和Journal of Management的编委。他的研究曾获EBS最佳论文奖，入选INFORMS播客 Resoundingly Human 专题介绍，并被欧洲主流媒体广泛报道。此外，他曾获Journal of Management最佳审稿人奖。

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