Do Institutional Investors Drive Corporate Social Responsibility? International Evidence
Do Institutional Investors Drive Corporate Social Responsibility? International Evidence
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DOI：
10.2139/ssrn.2708589
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发表时间：
2017-12
期刊：
影响因子：
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通讯作者：
I. Dyck;Karl V. Lins;Lukáš Roth;Hannes F. Wagner
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文献类型：
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作者：
I. Dyck;Karl V. Lins;Lukáš Roth;Hannes F. Wagner
本文评估了股东是否推动全球企业的环境和社会（E&S）绩效。在41个国家中，机构所有权与E&S绩效呈正相关，额外的测试表明这种关系是因果关系。机构的动机是经济和社会回报。投资者增加公司的E&S业绩后，显示财务效益的E &S的改善冲击。在横截面，投资者增加公司的E&S业绩时，他们来自的国家，有一个强烈的社区信念的重要性，E&S问题，但不是其他。因此，这些机构投资者在世界各地移植了他们关于E&S问题的社会规范。
This paper assesses whether shareholders drive the environmental and social (E&S) performance of firms worldwide. Across 41 countries, institutional ownership is positively associated with E&S performance with additional tests suggests this relation is causal. Institutions are motivated by both financial and social returns. Investors increase firms’ E&S performance following shocks that reveal financial benefits to E&S improvements. In cross-section, investors increase firms’ E&S performance when they come from countries where there is a strong community belief in the importance of E&S issues, but not otherwise. As such, these institutional investors transplant their social norms regarding E&S issues around the world.