Institutional Shareholders and Corporate Social Responsibility:Evidence from Two Quasi-Natural Experiments
We find consistent evidence that institutional shareholders influence firms to engage in better CSR performance using two separate quasi-natural experiments.First,we identify an exogenous discontinuity in institutional ownership around the Russell index threshold,and find a significantly positive effect of instrumented ownership on CSR using two-stage least-square specifications.Secondly,we use exogenous shocks to unrelated industries held by a given firm”s institutional shareholders to measure the shift in shareholder attention,and thereby the monitoring intensity.We find that when shareholders loosen their monitoring due to less attention,firms tend to act in a less responsible way.In addition,we show that institutional shareholders exert their influence on firms” CSR performance by initiating more CSR shareholder proposals.
Institutional Shareholders Indexing Investor Attention Corporate Social Responsibility
Tao Chen Hui Dong Chen Lin
Nanyang Business School,Nanyang Technological University Shanghai University of Finance and Economics University of Hong Kong
国内会议
上海
英文
119-168
2016-07-16（万方平台首次上网日期，不代表论文的发表时间）