Secondary stakeholder actions and the selection of firm targets.

In this paper, we advance the stakeholder theory literature by developing and testing a set of hypotheses concerning which firms are likely to be targeted by secondary stakeholder groups. To test these hypotheses, we draw upon a unique dataset of stakeholder actions within the United States concerning environmental issues over the period 1988 to 2003. We find evidence for two clusters of stakeholder groups, each using different tactics and targeting different populations of firms. In general, we find firms that are more consumer-oriented, financially sound, and heavier polluters are more likely to be targets of environmentally-oriented stakeholder actions.