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01498nam a2200229Ia 4500 |
| 001 |
10.1016-j.jfineco.2018.08.013 |
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220511s2019 CNT 000 0 und d |
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|a 0304405X (ISSN)
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| 245 |
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|a Do institutional investors drive corporate social responsibility? International evidence
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| 260 |
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|b Elsevier B.V.
|c 2019
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| 856 |
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|z View Fulltext in Publisher
|u https://doi.org/10.1016/j.jfineco.2018.08.013
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|a This 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. © 2018 The Authors
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|a Corporate social responsibility
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|a Culture
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|a Environment
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|a Institutional investors
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|a Social norms
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|a Dyck, A.
|e author
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|a Lins, K.V.
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|a Roth, L.
|e author
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|a Wagner, H.F.
|e author
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| 773 |
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|t Journal of Financial Economics
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