NGO activism: Exposure vs. influence

We examine how NGOs time campaigns to influence corporate decisions at Annual General Meetings (AGMs). Using data on 2,500 U.S. campaigns, we find that NGOs often campaign on the AGM date, which increases media exposure and future shareholder proposals but does not affect current AGM votes or consumers. As NGOs gain reputational capital, they shift to earlier pre-AGM campaigns to support related shareholder proposals and directly improve corporate behavior. The evidence underscores a strategic trade-off between visibility and influence, showing how NGO tactics evolve with NGOs' credibility and the changing expectations of socially conscious stakeholders about NGO activities.