Does Social Performance Influence Breadth of Ownership?
Does Social Performance Influence Breadth of Ownership?
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DOI：
10.1111/jbfa.12341
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发表时间：
2018-06
期刊：
影响因子：
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通讯作者：
Jeong‐Bon Kim;Bing Li;Zhenbin Liu
中科院分区：
文献类型：
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作者：
Jeong‐Bon Kim;Bing Li;Zhenbin Liu
本研究探讨了迄今尚未探讨的问题，是否以及如何一个公司的社会绩效影响该公司的股份所有权的广度。我们预测并发现，企业社会责任（CSR）评级较高的公司吸引更多的机构投资者（特别是长期，低股权和绿色机构投资者）和更多的个人投资者。这一发现与投资者对企业社会责任评级较高的公司更感兴趣，因此更愿意持有这些公司的股票的观点是一致的。我们还发现，企业社会责任评级较高的公司与较高的股票流动性，较低的股权资本成本，更多的股票和债务发行，以及更多的投资，而罪恶的股票与较低的投资者基础，这进一步证实了我们的预测。我们的研究结果是强大的潜在的endoadministration，使用替代模型规格，和替代代理企业社会责任的表现。
This study examines the hitherto unexplored question of whether and how a firm's social performance influences the breadth of that firm's share ownership. We predict and find that firms with higher corporate social responsibility (CSR) ratings attract more institutional investors (especially long‐term, low‐stake and green institutional investors) and more individual investors. This finding is consistent with the notion that investors are more interested in firms with higher CSR ratings and thus prefer to hold stocks of such firms. We also find that firms with higher CSR ratings are associated with higher stock liquidity, lower cost of equity capital, more equity and debt issuance, and greater investment, and that sin stocks are associated with a lower investor base, which further corroborates our prediction. Our results are robust to potential endogeneity, the use of alternative model specifications, and an alternative proxy for CSR performance.