According to our survey about climate risk perceptions, institutional investors believe climate risks have financial implications for their portfolio firms and that these risks, particularly regulatory risks, already have begun to materialize. Many of the investors, especially the long-term, larger, and ESG-oriented ones, consider risk management and engagement, rather than divestment, to be the better approach for addressing climate risks. Although surveyed investors believe that some equity valuations do not fully reflect climate risks, their perceived overvaluations are not large.

Shareholder activism has become a dynamic institutional force, and its associated, rapidly increasing body of scholarly literature affects numerous disciplines within the organization science academy. In addition to equivocal results concerning the impact of shareholder activism on corporate outcomes, the separation of prior research into financial and social activism has left unanswered questions critical for both the scholarly discourse on shareholder activism and the normative debate on shareholder empowerment. The heterogeneity of factors in shareholder activism, such as the firm, activist, and environmental characteristics that promote or inhibit activism, along with the breadth of activism’s issues, methods, and processes, provide a plethora of theoretical and methodological opportunities and challenges for activism researchers. Our multidisciplinary review incorporates the financial and social activism streams and explores shareholder activism heterogeneity and controversy, seeking to provide an impetus for more cohesive conceptual and empirical work in the field.

二手物品常瑜瑕并存, 买卖方的建构水平是否影响其对瑜瑕属性的关注进而影响交易出价?本研究提出并证明了买卖方的聚焦分离效应。通过对二手交易的策略回溯(研究1)、想法编码(研究2)、属性再认(研究3)和属性聚焦(研究4), 发现低建构的买卖方更易达成二手交易, 其原因在于降低建构表征分离了买卖方的关注点, 使得卖方提高了对交易物品消极属性的关注、买方提高了对交易物品积极属性的关注, 从而缩小了双方的出价差值。此外, 建构水平诱发的出价变动效应在卖方身上比在买方身上更明显。这拓展了建构水平理论, 揭示了建构表征影响交易出价的认知机制, 也为二手交易中交易对象的筛选、议价策略的使用、二手平台的管理等提供了认知策略。

Second-hand goods are characterized by a complex interplay of advantages and disadvantages. This study explored how the construal level influences the focus that sellers and buyers devote to these attributes, ultimately impacting the pricing of transactions. <br>We proposed and proved a <em>focus-separation effect</em> between sellers and buyers: Through a series of empirical investigations encompassing strategy backtracking (Study 1), attribute coding (Study 2), attribute recognition (Study 3), and attribute focus (Study 4) within the realm of second-hand transactions, we revealed that sellers and buyers with lower construal levels were more likely to reach second-hand transactions. Lowering one’s construal level initiates a divergence in the attentional priorities-Sellers became more attuned to the negative attributes of the traded goods, whereas buyers shifted their attention toward positive attributes, leading to the smaller pricing difference. Furthermore, we observed that the impact of construal level on pricing is notably more pronounced among sellers than buyers. <br>In Study 1, we backtracked real estate agent’s negotiation strategies on the basis of construal level and actual second-hand house transactions. It was found that the lower construal level strategy the real estate agents adopted, the more extensive the seller’s pricing reduction range and the buyer’s pricing increase range. The pricing change effect induced by the construal level was slightly stronger among sellers than buyers. In Study 2, we encoded sellers’ and buyers’ thoughts about trading items based on the dimensions of construal level and attribute focus. We observed that sellers had higher construal levels than buyers and paid more attention to the positive attributes of goods. The relationship between construal level and attribute focus was moderated by the trading role (seller vs. buyer), supporting the focus-separation effect. In Study 3, we measured sellers’ and buyers’ construal levels by Behavior Identification Form and provided four positive and negative product attributes. After the transaction, we tested their recognition accuracy of the two types of attributes, which reflects their attribute’s focus. It was shown that higher construal level separated the attribute concerns of sellers and buyers, making sellers pay more attention to the positive attributes and making buyers pay more attention to the negative attributes of goods, thus increasing the pricing difference between the two sides. In Study 4, we manipulated the focus of sellers and buyers on positive and negative attributes of goods by comparing the attributes of traded goods with those of other goods. It revealed that the effect of construal level on seller-buyer pricing changed with the manipulation of attribute focus: making sellers with higher construal levels pay more attention to negative attributes and making buyers with higher construal levels pay more attention to positive attributes can also reduce seller-buyer pricing difference. <br>These findings extend the construal level theory, reveal the cognitive mechanism underlying the effect of construal level on trading pricing, and provide cognitive negotiation strategies for second-hand transactions.