Socially responsible investment and firm value: The role of institutions

被引：11
|
作者：
Zhang, Jing [1 ]
Zi, Shuang [1 ]
机构：
[1] Shandong Univ Finance & Econ, Sch Finance, Jinan, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2021年 / 41卷
基金：
中国国家自然科学基金;
关键词：
SRI; formal and informal institutions; firm value; negative screening; quantile regression; ACQUISITION; PERFORMANCE;
D O I：
10.1016/j.frl.2020.101806
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We explore the impact of Socially Responsible Investment (SRI) on firm value by examining the role of institutions, an important factor neglected in many studies. Using data for 13,718 listed companies in 17 countries from 2005 to 2018, and employing a quantile regression model, we show both formal and informal institutions to have a significant impact on firm value. Through negative screening associated with SRI, institutions may reduce firm value for excluded enterprises.
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收藏
页数：15
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