Climate Change 'Resolution:' Dynamics of Shareholder Engagement between U.S. Firms and Investors.

Abstract

This dissertation focuses on U.S. institutional investor activism regarding climate change from 1990-2009. During that time period, over 300 climate change shareholder resolutions have been filed at U.S. firms. The dissertation includes three empirical studies that examine the relationship between investors and firms on climate change. The first study looks at how diverse investors reconcile different organizational identities to create a “sustainability logic of investing” and engage in collective action. The second study analyzes how firm and investor organizational identities affect the process of reaching consensus on climate change policy during a shareholder dialogue at Ford Motor Company. The third study tests what shareholder and firm variables influence whether climate resolutions are successfully withdrawn using a dataset of climate change resolutions filed from 2002-2009.