Do long-term institutional investors promote corporate social responsibility activities?

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This paper examines how the investment horizons of a firm's institutional investors affect its corporate social responsibility (CSR) activities. Using data on U.S. firms' CSR ratings over the 1995-2012 period, we find that longer investment horizons are positively related to CSR. Further, active long-term institutions increase CSR whereas passive long-term institutions have no significant effect. Our results suggest that investors with long-term horizons have more incentives to monitor their firms which leads managers to engage in more vigorous CSR activities. (C) 2019 Elsevier B.V. All rights reserved.
Publisher
ELSEVIER SCIENCE BV
Issue Date
2019-04
Language
English
Article Type
Article
Citation

JOURNAL OF BANKING & FINANCE, v.101, pp.256 - 269

ISSN
0378-4266
DOI
10.1016/j.jbankfin.2018.11.015
URI
http://hdl.handle.net/10203/261486
Appears in Collection
MT-Journal Papers(저널논문)
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