Shifts in Innovation Focus in Response to Online and Offline Shareholder Activism: Unpacking Patterns in Family and Non-Family Firms
Abstract
This study investigates how online and offline shareholder activism influences a firm's innovation focus—on exploration or exploitation—in family and non-family firms. We theorize, from a mixed gamble perspective, that such activisms pose distinctive threats to a firm's economic and non-economic interests. We analyze 7,887 firm-year observations from Chinese listed firms (2012–2022) and find that non-family firms are more likely than family firms to shift toward exploitation in response to offline activism, and family firms are more inclined to focus on exploration when facing online activism. Additionally, second-generation family firms are found to be more responsive than first-generation firms to both forms of shareholder activism.
Recommended Citation
Wu, B., Zhang, Y., & Fang, C. (2025). Shifts in Innovation Focus in Response to Online and Offline Shareholder Activism: Unpacking Patterns in Family and Non-Family Firms. Entrepreneurship Theory and Practice SAGE Publications.
The definitive version is available at https://doi.org/10.1177/10422587251401182
Department(s)
Business and Information Technology
Keywords and Phrases
family business heterogeneity; innovation focus; online and offline shareholder activism
International Standard Serial Number (ISSN)
1540-6520; 1042-2587
Document Type
Article - Journal
Document Version
Citation
File Type
text
Language(s)
English
Rights
© 2026 SAGE Publications, All rights reserved.
Publication Date
01 Jan 2025
