Investors Profile and Effectiveness of Environmental Activism in Firms: Impact of Shareholders Environmental Proposals

Objectives

The project focuses on clarifying the factors that influence the effectiveness of environmental investor activism and how these dynamics contribute to tangible improvements in companies’ environmental performance. Its general objectives are: (1) to identify and explain how the submission of environmental proposals by shareholders impacts environmental progress in companies and their industry; (2) to analyze the relationship between corporate ownership structure and the effectiveness of investor activism; and (3) to explore how the internationalization of companies, their activists, and their ownership structure affects the effectiveness of environmental activism.

The project is aligned with the strategic priorities defined by the European Union and the objectives of the Spanish Strategy for Science, Technology, and Innovation. These priorities converge with the Sustainable Development Goals (SDGs) established by the United Nations in the 2030 Agenda.

Scientific/technical impact

This project will contribute to the literature on corporate environmental management by exploring the effectiveness of investor activism and the factors that explain the observed outcomes in improving corporate environmental behavior. It will expand on previous research focusing on the relationship between financial and environmental results, further examining the influence of investors on environmental performance. Additionally, it will delve into how environmental shareholder activism can lead to real changes, contributing to corporate governance by analyzing the interactions between critical shareholders and executives, and addressing the response of executives to environmental threats using the “Awareness-Motivation-Capability” (AMC) framework.

Social impact

The project has a significant social impact by promoting sustainable practices in companies, aligning with SDG 12 on responsible production and consumption. It aims to improve environmental management in companies through shareholder activism, encouraging more responsible and sustainable decision-making. Additionally, it will strengthen competitiveness and transparency in corporate governance, fostering a shared culture of environmental responsibility. It will also contribute to professional qualifications in sustainable investment, supporting the development of employment and opportunities in this key sector.

Principal investigators

Juan Alberto Aragón Correa
Nuria E. Hurtado Torres

Research team

Eulogio Cordón Pozo
Blanca Luisa Delgado Márquez
María del Pilar Fernández Sánchez
Rocío Llamas Sánchez
Inmaculada Martín Tapia
María Dolores Vidal Salazar

Work team

Mike Barnett
Manuel Bueno García
Alfred Marcus
Elena Mellado García
María Ruiz Castillo
Khadija Sesay

Article/ books/ book chapters

Aguilera, R. V., & Ruiz Castillo, M. (2025). Toward an updated corporate governance framework: Fundamentals, disruptions, and future research. BRQ Business Research Quarterly, 0(0).
https://doi.org/10.1177/23409444251320399
https://digibug.ugr.es/handle/10481/102898
Mellado-Garcia, E., Ortiz-de-Mandojana, N., & Aragon-Correa, J. A. (2024). Avoiding relapses after crises: Exploring the influence of firm investors’ characteristics on organizational resilience. BRQ Business Research Quarterly, 0(0).
https://digibug.ugr.es/handle/10481/91853
Ruiz‐Castillo, M., Aragón‐Correa, J. A., & Hurtado‐Torres, N. E. (2024). Independent directors and environmental innovations: How the visibility of public and private shareholders’ environmental activism moderates the influence of board independence. Business Strategy and the Environment, 33(2), 424-440.
https://digibug.ugr.es/handle/10481/83057
Ordonez-Borrallo, R., Ortiz-de-Mandojana, N., & Delgado-Ceballos, J. (2024). Green bonds and environmental performance: The effect of management attention. Corporate Social Responsibility and Environmental Management, 1–16.
https://doi.org/10.1002/csr.2858
https://digibug.ugr.es/handle/10481/93248
De la Torre-Ruiz, J.M., Cordón-Pozo, E., Vidal Salazar, M.D. and Ortiz-Perez, A. (2024), “Pay information and employees’ perception of organizational support: the mediating role of pay satisfaction”, Employee Relations, Vol. 46 No. 9, pp. 161-177.
https://doi.org/10.1108/ER-07-2023-0356
https://digibug.ugr.es/handle/10481/94292
De la Torre-Ruiz, J. M., & Ferrón-Vílchez, V. (2024). Determinants of managerial perceptions of the impact of telework: The effect of information communication technology support, trust, and frequency of communication. Technological Forecasting and Social Change, 203, 123365.
https://doi.org/10.1016/j.techfore.2024.123365
Bueno-García, M., & Ahmadova, G. (2024). The influence of state ownership on environmental proactivity: An institutional perspective of international firms. Corporate Social Responsibility and Environmental Management, 31(3), 1531–1549.
https://doi.org/10.1002/csr.2651

Congresses/Workshops

Nombre del congreso/seminario/conferencia/jornada técnica: XXXIII Congreso Internacional (ACEDE)
Tipo de comunicación: Comunicación oral. Unintended consequences of shareholder activism: an examination through the lens of socio-cognitive stakeholder theory
Autores/as: Ruiz Castillo, M., Aguilera, R., Aragón-Correa, J. A., & Hurtado Torres, N. E.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: Academy of Management
Tipo de comunicación: Comunicación oral. Unintended Consequences Of Shareholder Activism: A Socio-Cognitive Stakeholder Theory View
Autores/as: Ruiz Castillo, M., Aguilera, R., Aragón-Correa, J. A., & Hurtado Torres, N. E.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: Sustainability Research and Innovation Congress
Tipo de comunicación: Woorkshop. Navigating Real-World Environmental Impact Assessment.
Autores/as: Ruiz Castillo, M., Mellado García, E., & Ellimäki, P.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: GRONEN Conference 2024
Tipo de comunicación: Comunicación oral. Navigating Unanticipated Outcomes: Understanding Firms’ Responses to ESG Shareholder Activism through a Socio-Cognitive Stakeholder Lens.
Autores/as: Ruiz Castillo, M.; Aguilera, R.; Aragón-Correa, J. A.; Hurtado-Torres, N.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: GRONEN Conference 2024
Tipo de comunicación: Comunicación oral. Structural Design Among Hierarchical Systems: A Path Towards Higher-Level.
Autores/as: Mellado-Garcia, E.; Ortiz-de-Mandojana, N.; Bansal, P.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: JMS Conference
Tipo de comunicación: Comunicación oral. Structural design among hierarchical systems: A path towards higher-level resiliency.
Autores/as: Mellado García, E.; Ortiz-de-Mandojana, N.; Bansal, P.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: ICEME
Tipo de comunicación: Comunicación oral. The Effects of IT-Enabled Capabilities on a Firm’s Environmental Impacts: A Firm’s Absorptive Capacity of Big Data for Environmental Governance
Autores/as: Aragón-Correa, J. A., & Bermudez-Edo, M.
Año: 2024

Nombre del evento: GRONEN Conference 2024
Tipo de comunicación: Organización (Co-Chair). Sustainable Business Horizons: Educating and Inspiring Managers for Positive Impact.
Autores/as: Delgado-Ceballos, J.
Año: 2024

Nombre del evento: GRONEN Conference 2024
Tipo de comunicación: Organización. Sustainable Business Horizons: Educating and Inspiring Managers for Positive Impact.
Autores/as: Co-Chair: Ordoñez-Borrallo, R.; Ortiz de Mandojana, N.; Delgado-Ceballos, J.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: Journal Studies Special Issue
Tipo de comunicación: Workshop
Autores/as: Alberto Aragón Correa.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: ITISE Conference
Tipo de comunicación: Comunicación Oral (online). The Impact of Greenhouse Gas Emissions on Global Economic Activity and Health . Online Conference.
Autores/as: Martin Segura, J.A & Pérez López, C.
Año: 2024

Nombre del congreso/seminario/conferencia/jornada técnica: XXXIII Congreso Internacional (ACEDE)
Tipo de comunicación: Comunicación Oral. La influencia del entorno institucional en el comportamiento medioambiental de las instalaciones industriales de los países europeos.
Autores/as: Rueda Manzanares, A., Martín Segura, J.A., y Pérez López, C.
Año: 2024

Videos/ infographics and other publications

Martin Tapia, I., Rueda Manzanares, A., Ortiz Martínez de Mandojana, N., Mellado García, E., Ruiz Castillo, M., Aragón Correa, J. A., Hurtado Torres, N. E., Aguilera Caracuel, J., Delgado Ceballos, J., & Bueno García, M. (2024). Data processing at the European level in the TERAIN database: A smart dashboard prototype for corporate environmental performance assessment. Granada, Spain.
https://digibug.ugr.es/handle/10481/92963

Proyecto PID2022-138331NB-I00 financiado por

Foto de Benjamin Child en Unsplash