The Nonlinear Relation between Institutional Ownership and Environmental, Social and Governance Performance in Emerging Countries
The Nonlinear Relation between Institutional Ownership and Environmental, Social and Governance Performance in Emerging Countries
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新兴国家机构所有权与环境、社会和治理绩效之间的非线性关系
DOI：
10.3390/su13031586
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发表时间：
2021
期刊：
影响因子：
3.9
通讯作者：
M. Lozano
中科院分区：
文献类型：
--
作者：
Jennifer Martínez‐Ferrero;M. Lozano
本文通过共同研究一种非线性关系，考察了机构所有权水平如何影响新兴国家的环境、社会和治理（ESG）绩效。通过对16个新兴国家2012- 2018年17，318家公司年度观察数据的国际样本进行分析，我们的研究结果显示，新兴国家公司的ESG绩效取决于有影响力的机构所有权水平，并显示出U型关系，特别是环境披露。在新兴国家，低所有权的机构投资者不太可能促进更高的ESG绩效，尽管当机构所有权达到相当大的比例，构成临界质量时，这种影响会减弱。
This paper examines how the level of institutional ownership affects environmental, social, and governance (ESG) performance in emerging countries by jointly investigating a nonlinear relationship. By examining an international sample composed of 17,318 firm–year observations from the period 2012–18 for 16 emerging countries, our findings reveal that the ESG performance of firms located in emerging countries depends on the level of influential institutional ownership, and displays a U-shaped relation, particularly for environmental disclosure. Institutional investors with low ownership are less likely to promote higher ESG performance in emerging countries, although this effect is attenuated when institutional ownership reaches a significant percentage, constituting a critical mass.
影响因子：
6.1
作者：
Lau, ChungMing;Lu, Yuan;Liang, Qiang
通讯作者：
Liang, Qiang