Do institutional investors drive corporate social responsibility? International evidence

• 成果类型: Article
• 署名作者: Dyck, Alexander; Lins, Karl V.; Roth, Lukas; Wagner, Hannes F.
• 署名单位: University of Toronto; University of Alberta; Utah System of Higher Education; University of Utah; Bocconi University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2018.08.013
• 发表日期: 2019
• 页码: 693-714
• 关键词: corporate social responsibility; institutional investors; social norms; culture; environment

摘要

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. (C) 2018 The Authors. Published by Elsevier B.V.