Abstract
Expanding on Fezzey et al.’s (2024) model of CEO activism, this commentary argues that stakeholders are paramount to understanding CEO activism and must be explicitly included in a robust model of CEO activism. We live in an increasingly activist society where CEOs face pressure from a variety of internal and external stakeholders to engage in activism (Edelman, 2021; Fezzey, et al., 2024; Hambrick & Wowak, 2021). Besides influencing whether and how CEOs engage in activism, stakeholders (especially activist stakeholders) also have a strong influence on the outcomes of CEO activism. After offering an updated model of CEO activism that highlights the dual influence of stakeholders, this article discusses the complexity of stakeholder influence and suggests a number of important questions that should be addressed by future research.
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