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Conference Paper: Does Responsible Investing Change Firm Behavior?
| Title | Does Responsible Investing Change Firm Behavior? |
|---|---|
| Authors | |
| Issue Date | 2021 |
| Publisher | University of Massachusetts Boston. |
| Citation | The 2nd UMass-EM Normandie conference on Corporate Social Responsibility, Virtual, June 17-18, 2021 How to Cite? |
| Abstract | Socially responsible investment (SRI) funds are increasing in popularity. Yet, it is
unclear if these funds improve corporate behavior. Using novel micro-level data,
we find that SRI funds select firms with higher environmental and social standards:
the firms they hold exhibit lower pollution, greater board diversity, higher employee
satisfaction, and higher workplace safety. Yet, using an exogenous shock to SRI
capital, we find no evidence that SRI funds improve firm behavior. The results
suggest SRI funds invest in a portfolio consistent with the fund’s objective, but
they do not significantly improve corporate conduct. |
| Persistent Identifier | http://hdl.handle.net/10722/314832 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Michaely, R | - |
| dc.date.accessioned | 2022-08-05T09:35:24Z | - |
| dc.date.available | 2022-08-05T09:35:24Z | - |
| dc.date.issued | 2021 | - |
| dc.identifier.citation | The 2nd UMass-EM Normandie conference on Corporate Social Responsibility, Virtual, June 17-18, 2021 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/314832 | - |
| dc.description.abstract | Socially responsible investment (SRI) funds are increasing in popularity. Yet, it is unclear if these funds improve corporate behavior. Using novel micro-level data, we find that SRI funds select firms with higher environmental and social standards: the firms they hold exhibit lower pollution, greater board diversity, higher employee satisfaction, and higher workplace safety. Yet, using an exogenous shock to SRI capital, we find no evidence that SRI funds improve firm behavior. The results suggest SRI funds invest in a portfolio consistent with the fund’s objective, but they do not significantly improve corporate conduct. | - |
| dc.language | eng | - |
| dc.publisher | University of Massachusetts Boston. | - |
| dc.title | Does Responsible Investing Change Firm Behavior? | - |
| dc.type | Conference_Paper | - |
| dc.identifier.email | Michaely, R: ronim@hku.hk | - |
| dc.identifier.hkuros | 334922 | - |
| dc.publisher.place | United States | - |