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Nigerian professional investors' sense-making of the impact of shareholder activism on corporate accountability

Ashiru, Folajimi; Adegbite, Emmanuel; Nakpodia, Franklin

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Authors

Folajimi Ashiru

Emmanuel Adegbite



Abstract

This study investigates the perceptions of professional investors (PIs) on the impact of three groups of shareholder activists (i.e., reputable, sophisticated, or institutional) on corporate accountability in a weak institutional context and how this shapes the PIs’ investment recommendations. Relying on a sense-making theoretical perspective of the power and competence of shareholder activists obtained through semi-structured interviews with 27 Nigerian PIs, we reveal that the impact of shareholder activism occurs in three activism-accountability dimensions: dominant, insignificant, and emerging. Subsequently, we unpack factors that explain the power and influence of the dominant activism of reputable activists, the insignificant activism of sophisticated activists and the emerging activism of institutional activists. By advocating a contextual understanding of shareholder activism, this article sheds much-needed insights into the concept of ‘activism-accountability’ in a weak institutional environment.

Citation

Ashiru, F., Adegbite, E., & Nakpodia, F. (2023). Nigerian professional investors' sense-making of the impact of shareholder activism on corporate accountability. Journal of Accounting and Public Policy, 42(4), Article 107114

Journal Article Type Article
Acceptance Date Jun 29, 2023
Online Publication Date Jul 5, 2023
Publication Date 2023-07
Deposit Date Aug 15, 2023
Publicly Available Date Aug 15, 2023
Journal Journal of Accounting and Public Policy
Print ISSN 0278-4254
Electronic ISSN 1873-2070
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 42
Issue 4
Article Number 107114
Public URL https://durham-repository.worktribe.com/output/1717546

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