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

被引：135

作者：

Kim, Hyun-Dong ^{[1
]}

Kim, Taeyeon ^{[2
]}

Kim, Yura ^{[3
]}

Park, Kwangwoo ^{[2
]}

机构：

[1] Sogang Univ, Grad Sch Int Studies, Seoul, South Korea

[2] Korea Adv Inst Sci & Technol, Coll Business, Daejeon, South Korea

[3] Univ Seoul, Coll Business Adm, Seoul, South Korea

来源：

JOURNAL OF BANKING & FINANCE | 2019年 / 101卷

关键词：

Corporate social responsibility (CSR); Institutional investor; Investment horizon; Monitoring incentive; FINANCIAL PERFORMANCE; INVESTMENT HORIZONS; STOCK RETURNS; CROSS-SECTION; AGENCY COSTS; GOVERNANCE; OWNERSHIP; MANAGEMENT; MATTERS; MARKET;

D O I：

10.1016/j.jbankfin.2018.11.015

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：256 / 269

页数：14

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