Do CEO Activists Make a Difference? Evidence from a Field Experiment

Abstract

Several CEOs are receiving significant media attention for taking public positions on controversial social and environmental issues largely unrelated to their core business, ranging from gay marriage to climate change to gender equality. We provide the first evidence that such “CEO activism” can influence public opinion and consumer attitudes. Our field experiment examines the impact of Apple CEO Tim Cook’s public statements opposing a pending religious freedom law that critics warned would allow discrimination against same-sex couples. Our results confirm the influence of issue framing on public opinion and suggest that CEOs can sway public opinion, and potentially to the same extent as prominent politicians. Moreover, Cook’s CEO activism increased consumer intentions to purchase Apple products, especially among proponents of same-sex marriage.