Nigerian professional investors' sense-making of the impact of shareholder activism on corporate accountability

Folajimi Ashiru, Emmanuel Adegbite, Franklin Nakpodia

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1 Citation (Scopus)
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This study investigates the perceptions of professional investors (PIs) on the impact of three groups of shareholder activists (i.e., reputable, sophisticated, or institutional) on corporate accountability in a weak institutional context and how this shapes the PIs’ investment recommendations. Relying on a sense-making theoretical perspective of the power and competence of shareholder activists obtained through semi-structured interviews with 27 Nigerian PIs, we reveal that the impact of shareholder activism occurs in three activism-accountability dimensions: dominant, insignificant, and emerging. Subsequently, we unpack factors that explain the power and influence of the dominant activism of reputable activists, the insignificant activism of sophisticated activists and the emerging activism of institutional activists. By advocating a contextual understanding of shareholder activism, this article sheds much-needed insights into the concept of ‘activism-accountability’ in a weak institutional environment.
Original languageEnglish
Article number107114
Number of pages18
JournalJournal of Accounting and Public Policy
Issue number4
Early online date5 Jul 2023
Publication statusPublished - 4 Aug 2023

Bibliographical note

/Crown Copyright © 2023 Published by Elsevier Inc. This is an open access article under the CC BY license


  • Shareholder activism
  • Sense-making
  • Weak institutions
  • Professional investors
  • Nigeria


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