Daniel Schmidt

Broschiertes Buch

Three Essays on Institutional Investing and Corporate Responsibility

Beschreibung

This dissertation examines three research questions on institutional investing and corporate responsibility. First, I1 focus on institutional investors with a high commitment to responsible investing and examine their influence on environmental and social firm performance. I find that these investors alone drive the positive link between institutional ownership and corporate sustainability. The same investors also play a critical role in the success of collaborative engagements and in preventing adverse corporate incidents. The results advocate a differentiated view on institutional investment and corporate sustainability. Second, I examine if ownership by passive investors influences firms toward more long-term-oriented action, using an international sample of more than 28,000 companies. Firms with high passive ownership invest more in R&D, file more patents, strengthen their organizational capital, and use more long-term-oriented language in their annual disclosure. My findingssuggest that passive ownership has the potential to curb shorttermism at the level of the firm. Third, I study the effect of equity index membership on environmental firm performance based on a unique international dataset of 132 index launches. I find that firms added to new stock indexes significantly alter environmental sustainability. The same companies also amend their CSR-related disclosure while increasing accounting profitability. The results suggest that stock indexes constitute a salient mechanism influencing the norms of corporate behavior.

Produktdetails

• Verlag: epubli
• Seitenzahl: 220
• Englisch
• Abmessung: 210mm x 148mm x 12mm
• Gewicht: 291g
• ISBN-13: 9783757514044
• Artikelnr.: 67407143