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Institutional shareholders and corporate social responsibility

机译:机构股东和企业社会责任

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This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate social responsibility (CSR). We first find that an exogenous increase in institutional holding caused by Russell Index reconstitutions improves portfolio firms' CSR performance. We then find that firms have lower CSR ratings when shareholders are distracted due to exogenous shocks. Moreover, the effect of institutional ownership is stronger in CSR categories that are financially material. Furthermore, we show that institutional shareholders influence CSR through CSR-related proposals. Overall, our results suggest that institutional shareholders can generate real social impact. (C) 2019 Published by Elsevier B.V.
机译:本研究利用两个不同的准天然实验来检查机构股东对企业社会责任(CSR)的影响。我们首先发现罗素指数重建造成的制度持有的外源性增加可提高投资组合公司的CSR性能。然后,当股东因外源冲击而分心时,我们发现公司具有较低的CSR评级。此外,机构所有权的效果在经济上的企业社会责任类别中更强大。此外,我们表明,机构股东通过CSR相关的提案影响CSR。总体而言,我们的结果表明机构股东可以产生真正的社会影响。 (c)2019年由elestvier b.v发布。

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