Abstract
Guided by agenda–building theory, the relationships among corporate information subsidies and financial media coverage in the 25 largest activist shareholder campaigns in the U.S. stock market over a five-year period (2005–2009) were examined. The results indicate that the issue priorities displayed in both news releases and shareholder letters were generally linked with news content. The results of cross-lag analyses suggest that mutual two-way influence—rather than a unidirectional influence of information subsidies on the news—was the norm during these contests. Agenda building appears to be a contributing factor in successful campaign outcomes.
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