Corporate sociopolitical activism as a Signal: A Meta-Analysis and research agenda

• CSA’s impact on stakeholders is studied through the lens of signaling theory. • CSA initiatives result in small but positive feedback from relevant stakeholders. • Stock market and Attitude, Cognitive, and Emotional Reactions are the strongest positive CSA outcomes. • Consistent, resource-committed, and supportive CSA enhances positive feedback. • Brand-led CSA communications are more effective than CEO or company-led ones. Corporations are increasingly taking public stances on divisive sociopolitical issues. Yet research offers conflicting evidence on whether Corporate Sociopolitical Activism (CSA) leads to more favorable or unfavorable stakeholder response. Grounded in signaling theory, this meta -analysis integrates findings from 88 studies to clarify when and why CSA can be effective. We examine 501 effect sizes across the marketing, management, and public-relations disciplines to identify moderating conditions related to the signal, signaler, signal receiver, and signaling environment. Results show that CSA is most effective when it is more consistent, involves resource commitment, and supports (rather than opposes) a sociopolitical issue. It is also more effective when communicated by brands, targeted at investors, and situated in service industries, emerging economies, open and more free societies, and high-intensity advertising environments. CSA tends to generate positive financial, attitudinal, and behavioral responses, whereas its influence on social-media engagement and internal perceptions appears limited.