#4481. A new take on voice: the influence of BlackRock’s ‘Dear CEO’ letters

August 2026publication date
Proposal available till 15-05-2025
4 total number of authors per manuscript0 $

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Journal’s subject area:
Accounting;
Business, Management and Accounting (all);
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Abstract:
We examine whether broad-based public engagement by institutional investors influences the behavior of portfolio firms. We investigate this question in the context of BlackRock’s annual Dear CEO letter, which in recent years has called for portfolio firms to acknowledge and quantify the impact of environmental and regulatory factors on their firms. Moreover, BlackRock appears to value these additional disclosures, as it more often votes with management on shareholder proposals during subsequent annual shareholder meetings. Finally, motivated by BlackRock’s attempts to mobilize firms toward its specific policy recommendations, we also provide some evidence that firms’ lobbying efforts during the post-letter period become more aligned with the issues highlighted in the letter, especially when firms’ share BlackRock’s policy preferences. Taken together, our evidence suggests that portfolio firms are responsive to BlackRock’s public engagement efforts.
Keywords:
Disclosure; Institutional ownership; Lobbying; Shareholder engagement; Shareholder voice

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