Institutional shareholders and corporate social responsibility
Publication type: Journal Article
Publication date: 2020-02-01
scimago Q1
wos Q1
SJR: 17.669
CiteScore: 22.0
Impact factor: 12.0
ISSN: 0304405X, 18792774
Strategy and Management
Economics and Econometrics
Finance
Accounting
Abstract
This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate social responsibility (CSR). We first find that an exogenous increase in institutional holding caused by Russell Index reconstitutions improves portfolio firms’ CSR performance. We then find that firms have lower CSR ratings when shareholders are distracted due to exogenous shocks. Moreover, the effect of institutional ownership is stronger in CSR categories that are financially material. Furthermore, we show that institutional shareholders influence CSR through CSR-related proposals. Overall, our results suggest that institutional shareholders can generate real social impact.
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Metrics
652
Total citations:
652
Citations from 2024:
364
(55.83%)
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GOST
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Chen T., Dong H., Chen L. Institutional shareholders and corporate social responsibility // Journal of Financial Economics. 2020. Vol. 135. No. 2. pp. 483-504.
GOST all authors (up to 50)
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Chen T., Dong H., Chen L. Institutional shareholders and corporate social responsibility // Journal of Financial Economics. 2020. Vol. 135. No. 2. pp. 483-504.
Cite this
RIS
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TY - JOUR
DO - 10.1016/j.jfineco.2019.06.007
UR - https://doi.org/10.1016/j.jfineco.2019.06.007
TI - Institutional shareholders and corporate social responsibility
T2 - Journal of Financial Economics
AU - Chen, Tao
AU - Dong, Hui
AU - Chen, Lin
PY - 2020
DA - 2020/02/01
PB - Elsevier
SP - 483-504
IS - 2
VL - 135
SN - 0304-405X
SN - 1879-2774
ER -
Cite this
BibTex (up to 50 authors)
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@article{2020_Chen,
author = {Tao Chen and Hui Dong and Lin Chen},
title = {Institutional shareholders and corporate social responsibility},
journal = {Journal of Financial Economics},
year = {2020},
volume = {135},
publisher = {Elsevier},
month = {feb},
url = {https://doi.org/10.1016/j.jfineco.2019.06.007},
number = {2},
pages = {483--504},
doi = {10.1016/j.jfineco.2019.06.007}
}
Cite this
MLA
Copy
Chen, Tao, et al. “Institutional shareholders and corporate social responsibility.” Journal of Financial Economics, vol. 135, no. 2, Feb. 2020, pp. 483-504. https://doi.org/10.1016/j.jfineco.2019.06.007.