📝 SummarXiv

Abstract

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 frequently launch campaigns on the targeted firm's AGM date, which boosts media exposure and triggers future shareholder proposals but does not sway current AGM votes or affect sales. As NGOs gain experience and reputational capital, they shift to earlier pre-AGM campaigns that increase shareholder support at the AGM and lead to improvements in corporate behavior. These patterns reveal a strategic trade-off between maximizing exposure and achieving direct influence.