Corporations, which in the past have been hesitant to contribute to conversations regarding political and social issues, are increasingly speaking out on current issues such as race, sexual orientation, gender, immigration, and environmental issues. Despite this trend, limited academic research has focused on how corporate sociopolitical activism (CSA) efforts impact firm value. In addition, extant studies have not fully identified the extent to which the firm and their message influence the outcomes of this approach. The current study explores how sociopolitical stances communicated on Twitter affect firms’ stock prices. Results from an event study of 260 incidents of CSA show that CSA efforts decrease firm value by an average of 0.22%, indicating that wading into social or political issues is a risky strategy. However, further analysis highlights the importance of clearly articulating stances on social issues that align with the firm’s core values.

过去一直不愿参与有关政治和社会问题的对话的公司，现在越来越多地就种族、性取向、性别、移民和环境问题等当前问题发表意见。尽管有这种趋势，但有限的学术研究集中在企业社会政治行动主义 (CSA) 努力如何影响公司价值上。此外，现有的研究还没有完全确定公司及其信息对这种方法结果的影响程度。目前的研究探讨了在 Twitter 上传达的社会政治立场如何影响公司的股价。对 260 起 CSA 事件的事件研究结果表明，CSA 努力使公司价值平均下降 0.22%，这表明涉足社会或政治问题是一种冒险的策略。然而，