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- Publisher Website: 10.1016/j.jfineco.2019.06.007
- Scopus: eid_2-s2.0-85068439438
- WOS: WOS:000512471400011
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Article: Institutional Shareholders and Corporate Social Responsibility
Title | Institutional Shareholders and Corporate Social Responsibility |
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Authors | |
Keywords | Institutional ownership Indexing Shareholder attention Corporate social responsibility Random discontinuity |
Issue Date | 2020 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec |
Citation | Journal of Financial Economics, 2020, v. 135 n. 2, p. 483-504 How to Cite? |
Abstract | This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate social responsibility (CSR). We first find that an exogenous increase in institutional holding caused by Russell Index reconstitutions improves portfolio firms’ CSR performance. We then find that firms have lower CSR ratings when shareholders are distracted due to exogenous shocks. Moreover, the effect of institutional ownership is stronger in CSR categories that are financially material. Furthermore, we show that institutional shareholders influence CSR through CSR-related proposals. Overall, our results suggest that institutional shareholders can generate real social impact. |
Description | eid_2-s2.0-85068439438 |
Persistent Identifier | http://hdl.handle.net/10722/278921 |
ISSN | 2023 Impact Factor: 10.4 2023 SCImago Journal Rankings: 13.655 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Chen, T | - |
dc.contributor.author | Dong, H | - |
dc.contributor.author | Lin, C | - |
dc.date.accessioned | 2019-10-21T02:16:22Z | - |
dc.date.available | 2019-10-21T02:16:22Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Journal of Financial Economics, 2020, v. 135 n. 2, p. 483-504 | - |
dc.identifier.issn | 0304-405X | - |
dc.identifier.uri | http://hdl.handle.net/10722/278921 | - |
dc.description | eid_2-s2.0-85068439438 | - |
dc.description.abstract | This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate social responsibility (CSR). We first find that an exogenous increase in institutional holding caused by Russell Index reconstitutions improves portfolio firms’ CSR performance. We then find that firms have lower CSR ratings when shareholders are distracted due to exogenous shocks. Moreover, the effect of institutional ownership is stronger in CSR categories that are financially material. Furthermore, we show that institutional shareholders influence CSR through CSR-related proposals. Overall, our results suggest that institutional shareholders can generate real social impact. | - |
dc.language | eng | - |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec | - |
dc.relation.ispartof | Journal of Financial Economics | - |
dc.subject | Institutional ownership | - |
dc.subject | Indexing | - |
dc.subject | Shareholder attention | - |
dc.subject | Corporate social responsibility | - |
dc.subject | Random discontinuity | - |
dc.title | Institutional Shareholders and Corporate Social Responsibility | - |
dc.type | Article | - |
dc.identifier.email | Lin, C: chenlin1@hku.hk | - |
dc.identifier.authority | Lin, C=rp01808 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.jfineco.2019.06.007 | - |
dc.identifier.scopus | eid_2-s2.0-85068439438 | - |
dc.identifier.hkuros | 308090 | - |
dc.identifier.volume | 135 | - |
dc.identifier.issue | 2 | - |
dc.identifier.spage | 483 | - |
dc.identifier.epage | 504 | - |
dc.identifier.isi | WOS:000512471400011 | - |
dc.publisher.place | Netherlands | - |
dc.identifier.issnl | 0304-405X | - |