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The effect of institutional ownership and ownership dispersion on eco-innovation

机译：机构所有权和所有权分散对生态创新的影响

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摘要

This paper aims to determine the role that the different institutional investors play in promoting eco-innovation, focusing on the analysis of the corrective or enhancing effect that can be derived from ownership dispersion related to the participation in a company's stock capital of institutional investors with different time horizons. The results obtained for a sample of 6,454 companies for the period 2002-2017 show the convergence of the short-term institutional investors' interests with the long-term institutional investors' demands, which has a positive effect on the implementation of proactive environmental strategies, such as eco-innovation. Additionally, this positive effect is enhanced by disperse ownership structures associated with the participation in a company's stock capital of both types of institutional investors, thereby increasing the firm's commitment to environmental sustainability. Although financial institutions and pension funds diverge from this long-term orientation, seeking an immediate economic return, ownership dispersion allows for correcting their individual negative effect on eco-innovation.
机译：本文旨在确定不同机构投资者在促进生态创新方面发挥作用的作用，重点是分析纠正或增强效果，这些效果可以从与参与公司的机构投资者的股本与不同的股票的所有权散发有关的所有权分散时间范围。 2002 - 2017年期间为6,454家公司的样本获得的结果显示了短期制度投资者对长期机构投资者的需求的趋同，这对主动环境战略的实施具有积极影响，如生态创新。此外，这种积极效应是通过与参与两种类型的机构投资者的股本相关的分散所有权结构，从而提高了公司对环境可持续性的承诺。虽然金融机构和养老基金从这种长期取向偏离，但正在寻求立即经济回报，所有权分散允许纠正他们对生态创新的个人负面影响。

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