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EMAC 2024 Annual


Corporate Raiders or Partners? Exploring the Role of Hedge Funds in Driving Firm Performance and Product Market Outcome
(A2024-117937)

Published: May 28, 2024

AUTHORS

Shekhar Misra, Grenoble Ecole de Management; Alok Saboo, Georgia State University

ABSTRACT

Shareholders are an important stakeholder of marketing and can actively influence marketing decision-making. In this paper, we examine the role of hedge funds in driving firm performance outcomes. Arguing for the consulting and monitoring role of hedge funds, we employ event study analysis to show the positive effect of hedge funds on firm value. Furthermore, firms with higher advertising assets gain more from hedge fund presence. We also find that hedge fund media reputation strengthens their effect. Interestingly, our results also show that hedge funds with shorter investment horizons and those who mount confrontational campaigns are better at influencing firm performance. The findings provide new insights into the effect of hedge funds and how firms and managers should manage and leverage hedge funds' intervention in corporate activities.