CEO activism refers to corporate leaders taking a public stand on issues such as race relations, gender equality or climate change not directly related to their business. In this paper, we investigate under what conditions CEO activism can create firm value. We develop a model where consumers...

This paper examines how asymmetries between partners in the ability to appropriate the returns from collaboration affect governance choices and investment patterns. We consider multiple pairs of upstream and downstream firms, where firms must collaborate to improve product components. We show...