Active Ownership

• 成果类型: Article
• 署名作者: Dimson, Elroy; Karakas, Oguzhan; Li, Xi
• 署名单位: University of Cambridge; University of London; London Business School; Boston College; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhv044
• 发表日期: 2015
• 页码: 3225
• 关键词: corporate social-responsibility; HEDGE FUND ACTIVISM; SHAREHOLDER ACTIVISM; stock returns; governance; IMPACT; investors; real; cost

摘要

We analyze an extensive proprietary database of corporate social responsibility engagements with U.S. public companies from 1999-2009. Engagements address environmental, social, and governance concerns. Successful (unsuccessful) engagements are followed by positive (zero) abnormal returns. Companies with inferior governance and socially conscious institutional investors are more likely to be engaged. Success in engagements is more probable if the engaged firm has reputational concerns and higher capacity to implement changes. Collaboration among activists is instrumental in increasing the success rate of environmental/social engagements. After successful engagements, particularly on environmental/social issues, companies experience improved accounting performance and governance and increased institutional ownership.