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Conference Paper: Does Socially Responsible Investing Change Firm Behavior?
| Title | Does Socially Responsible Investing Change Firm Behavior? |
|---|---|
| Authors | |
| Keywords | Environmental, Social and Governance (ESG) Institutional Investing Socially Responsible Investing (SRI) Impact Investing Sustainability |
| Issue Date | 2022 |
| Publisher | American Finance Association. |
| Citation | American Finance Association (AFA) 2022 Annual Meeting (Online), Boston, January 6-9, 2022 How to Cite? |
| Abstract | Using novel micro-level data, we examine the impact of socially responsible investment (SRI) funds on corporate behavior. SRI funds select firms that pollute less, have greater board diversity, higher employee satisfaction, and higher workplace safety. Yet, both in the broad cross-section and using an exogenous shock to SRI capital, we find no evidence that SRI funds improve firm behavior. The results suggest SRI funds operate through a selection effect, not a treatment effect: SRI funds invest in a portfolio consistent with the fund's objective, but they do not significantly improve corporate conduct. |
| Description | Session: ESG Investing |
| Persistent Identifier | http://hdl.handle.net/10722/315056 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Heath, D | - |
| dc.contributor.author | Macciocchi, D | - |
| dc.contributor.author | Michaely, R | - |
| dc.contributor.author | Ringgenberg, M | - |
| dc.date.accessioned | 2022-08-05T09:39:24Z | - |
| dc.date.available | 2022-08-05T09:39:24Z | - |
| dc.date.issued | 2022 | - |
| dc.identifier.citation | American Finance Association (AFA) 2022 Annual Meeting (Online), Boston, January 6-9, 2022 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/315056 | - |
| dc.description | Session: ESG Investing | - |
| dc.description.abstract | Using novel micro-level data, we examine the impact of socially responsible investment (SRI) funds on corporate behavior. SRI funds select firms that pollute less, have greater board diversity, higher employee satisfaction, and higher workplace safety. Yet, both in the broad cross-section and using an exogenous shock to SRI capital, we find no evidence that SRI funds improve firm behavior. The results suggest SRI funds operate through a selection effect, not a treatment effect: 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 | American Finance Association. | - |
| dc.subject | Environmental, Social and Governance (ESG) | - |
| dc.subject | Institutional Investing | - |
| dc.subject | Socially Responsible Investing (SRI) | - |
| dc.subject | Impact Investing | - |
| dc.subject | Sustainability | - |
| dc.title | Does Socially Responsible Investing Change Firm Behavior? | - |
| dc.type | Conference_Paper | - |
| dc.identifier.email | Michaely, R: ronim@hku.hk | - |
| dc.identifier.hkuros | 334914 | - |
| dc.publisher.place | United States | - |