Do institutional investors drive corporate social responsibility? International evidence
2018; Elsevier BV; Volume: 131; Issue: 3 Linguagem: Inglês
10.1016/j.jfineco.2018.08.013
ISSN1879-2774
AutoresAlexander Dyck, Karl V. Lins, Lukas Roth, Hannes F. Wagner,
Tópico(s)Economic Growth and Development
ResumoThis 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 suggesting 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 with 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.
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