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Investor horizons, long-term blockholders, and corporate social responsibility

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Gloßner, Simon:
Investor horizons, long-term blockholders, and corporate social responsibility.
In: Journal of banking & finance. 103 (Juni 2019). - S. 78-97.
ISSN 0378-4266

Volltext

Kurzfassung/Abstract

This paper investigates whether or not shareholders benefit from corporate social responsibility (CSR) by studying the effect of institutional investors on CSR. After all, arguing against CSR is hard when investors push for it. I find that longer investor horizons lead to significantly more CSR. This positive effect, however, is moderated by long-term investors who hold large ownership blocks. Long-term blockholders ensure, through monitoring, that managers do not blindly increase CSR, but rather that managers pursue a CSR strategy that reduces the risk of costly incidents. A battery of robustness tests indicates causality. Overall, these findings indicate that CSR is in the interests of long-term investors if CSR prevents incidents.

Weitere Angaben

Publikationsform:Artikel
Schlagwörter:Corporate social responsibility; Institutional investors; Institutional ownership; Investor horizon; Blockholders; Long-term corporate investment
Themenfelder:Nachhaltigkeit
Institutionen der Universität:Wirtschaftswissenschaftliche Fakultät > Betriebswirtschaftslehre > Lehrstuhl für Allgemeine Betriebswirtschaftslehre, Finanzierung und Banken
DOI / URN / ID:10.1016/j.jbankfin.2019.03.020
Open Access: Freie Zugänglichkeit des Volltexts?:Nein
Peer-Review-Journal:Ja
Titel an der KU entstanden:Ja
KU.edoc-ID:26558
Eingestellt am: 19. Mai 2021 12:09
Letzte Änderung: 19. Mai 2021 12:09
URL zu dieser Anzeige: https://edoc.ku.de/id/eprint/26558/
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