CEO activism: a case study under the stakeholder alignment model
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2023-04-10
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Casarões, Guilherme Stolle Paixão e
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In the current environment of uncertainty, political polarization, and dissatisfaction with traditional politics, CEO activism has become a rising trend among corporate leaders. CEOs are increasingly involved in activism on issues that are not directly linked to their firm’s business. The Stakeholder Alignment Model theory, proposed by scholars Hambrick and Wowak, posits that CEOs’ decisions to engage in activism are influenced both by their personal beliefs and individual traits, as well as the values and beliefs of relevant stakeholders, such as employees and consumers. This study seeks to examine and test the Stakeholder Alignment Model by conducting a comparative case study on the activism of two CEOs from Brazilian mass retailers, Luiza Trajano of Magazine Luiza and Luciano Hang of Havan. Through the analysis of their distinct activism profiles, this research aims to identify commonalities and disparities, thereby contributing to the study of CEO activism, its antecedents, and manifestation within Brazil’s current political polarization context. Additionally, the study draws managerial lessons from their examples of activism.