We examine employee responses to CEO activism, the increasingly common practice of CEOs taking public stances on socio-political issues. CEO activism may bolster employees' identification with their organizations and strengthen shared beliefs among employees. Alternatively, CEO activism may alienate employees if CEO stances contrast with employees' ideologies. We find that employee satisfaction is higher when CEOs engage in activism that is aligned with employees’ ideologies. Furthermore, firms with CEO activism experience a net inflow of productive, ideologically-aligned inventors, which contributes to increased firm-level innovation. The improvements in employee satisfaction and innovation constitute an important channel that connects aligned CEO activism to increased firm value.

中文翻译：

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员工对首席执行官激进主义的反应

我们研究了员工对首席执行官激进主义的反应，这是首席执行官在社会政治问题上公开表明立场的日益普遍的做法。 CEO 的激进主义可以增强员工对组织的认同，并加强员工之间的共同信念。另外，如果首席执行官的立场与员工的意识形态形成鲜明对比，首席执行官的激进主义可能会疏远员工。我们发现，当首席执行官采取与员工意识形态一致的行动主义时，员工满意度会更高。此外，首席执行官积极主义的公司会经历生产力高、意识形态一致的发明家的净流入，这有助于增加公司层面的创新。员工满意度和创新的提高构成了一个重要的渠道，将一致的首席执行官行动主义与增加的公司价值联系起来。