Fezzey et al.'s (2024) CEO Activism Decision Matrix categorizes executive sociopolitical engagement into inactive, symbolic, covert, and substantive strategies based on combinations of communicative and economic power. While this typology effectively conceptualizes structural dimensions of CEO activism, it requires theoretical expansion in three critical areas that would transform the matrix from a static to a dynamic model. This commentary integrates stakeholder salience theory (Mitchell et al., 1997), institutional theory (DiMaggio & Powell, 1983), and process perspectives to demonstrate how these extensions enhance both the explanatory power and practical utility of their framework.
DiMaggioP.PowellW. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160. https://doi.org/10.2307/2095101
2.
DuttonJ. E.DukerichJ. M. (1991). Keeping an eye on the mirror: Image and identity in organizational adaptation. Academy of Management Journal, 34(3), 517–554. https://doi.org/10.2307/256405
3.
FezzeyT. N. A.DrnevichP. L.BorgholthausC. J. (2024). Damned if you do and damned if you don’t: A theoretical examination and extension of CEO activism. Group & Organization Management, 50(2), 632–681. https://doi.org/10.1177/10596011241308618
4.
MattenD.MoonJ. (2008). “Implicit” and “explicit” CSR: A conceptual framework for a comparative understanding of corporate social responsibility. Academy of Management Review, 33(2), 404–424. https://doi.org/10.5465/amr.2008.31193458
5.
MitchellR. K.AgleB. R.WoodD. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853–886. https://doi.org/10.5465/amr.1997.9711022105
6.
RowleyT. J. (1997). Moving beyond dyadic ties: A network theory of stakeholder influences. Academy of Management Review, 22(4), 887–910. https://doi.org/10.5465/amr.1997.9711022107
7.
ScottW. R. (2008). Institutions and organizations: Ideas and interests (3rd ed.). Sage Publications.
8.
VredenburgJ.KapitanS.SpryA.KemperJ. A. (2020). Brands taking a stand: Authentic brand activism or woke washing?Journal of Public Policy & Marketing, 39(4), 444–460. https://doi.org/10.1177/0743915620947359
