Managerial Activism

57 Pages Posted: 15 May 2019 Last revised: 27 Apr 2022

See all articles by Senay Agca

Senay Agca

George Washington University - School of Business, Department of Finance

Asli Togan Egrican

Kadir Has University

Date Written: April 25, 2022


We examine managerial activism through collective action in the corporate sector. Activist managers spend considerable resources to pursue pro-business as well as pro-manager issues. While managerial activism is valuable in following pro-business strategies, pro-manager agendas may exacerbate agency problems. Our evidence supports the pro-business role of managerial activism. Firm performance improves with managerial activism through collective action, primarily in firms that are government dependent, have more intangible assets or operate in industries with low competition. Overall, managerial activism adds value to firms, especially when information dissemination is more essential due to firm characteristics.

Keywords: Corporate Governance, Managerial Activism, CEO Compensation, Firm Performance, Corporate Social Responsibility

JEL Classification: G14, G18, G34, G38, D7

Suggested Citation

Agca, Senay and Togan Egrican, Asli, Managerial Activism (April 25, 2022). Available at SSRN: or

Senay Agca (Contact Author)

George Washington University - School of Business, Department of Finance ( email )

2201 G Street
Funger Hall 505
Washington, DC 20052
United States
202-994-9209 (Phone)
202-994-5014 (Fax)


Asli Togan Egrican

Kadir Has University ( email )

Faculty of Economics and Administrative Sciences
5347312433 (Phone)


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