Please use this identifier to cite or link to this item:
https://doi.org/10.1016/j.jcorpfin.2019.07.012
DC Field | Value | |
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dc.title | Institutional investors and corporate social responsibility | |
dc.contributor.author | Nofsinger, John R | |
dc.contributor.author | Sulaeman, Johan | |
dc.contributor.author | Varma, Abhishek | |
dc.date.accessioned | 2021-07-06T01:40:13Z | |
dc.date.available | 2021-07-06T01:40:13Z | |
dc.date.issued | 2019-10-01 | |
dc.identifier.citation | Nofsinger, John R, Sulaeman, Johan, Varma, Abhishek (2019-10-01). Institutional investors and corporate social responsibility. JOURNAL OF CORPORATE FINANCE 58 : 700-725. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jcorpfin.2019.07.012 | |
dc.identifier.issn | 09291199 | |
dc.identifier.issn | 18726313 | |
dc.identifier.uri | https://scholarbank.nus.edu.sg/handle/10635/193700 | |
dc.description.abstract | Institutional investors appear to have selective preferences regarding corporate social responsibility. They appear indifferent to the presence of positive environmental (E) and social (S) indicators, but underweight stocks with negative ES indicators. This asymmetric pattern is particularly strong for longer-horizon institutions. Our empirical analyses indicate that this pattern is likely driven by economic incentives as the presence of negative ES indicators reflect downside risks: higher stock return skewness and probability of eventual bankruptcy and/or delisting. Positive ES indicators seem irrelevant in this context. Time-varying economic incentives also drive the dynamic pattern of institutional ownership of stocks with static negative indicators due to their controversial products (e.g., tobacco and firearms). | |
dc.language.iso | en | |
dc.publisher | ELSEVIER | |
dc.source | Elements | |
dc.subject | Social Sciences | |
dc.subject | Business, Finance | |
dc.subject | Business & Economics | |
dc.subject | Corporate social responsibility | |
dc.subject | Institutional investors | |
dc.subject | Socially responsible investments | |
dc.subject | Environmental and social performance | |
dc.subject | Risk management | |
dc.subject | FIRM PERFORMANCE | |
dc.subject | INVESTMENT | |
dc.subject | GOVERNANCE | |
dc.subject | RETURNS | |
dc.subject | PREFERENCES | |
dc.subject | STOCKS | |
dc.subject | FUNDS | |
dc.subject | PRICE | |
dc.subject | RISK | |
dc.type | Article | |
dc.date.updated | 2021-07-05T07:33:34Z | |
dc.contributor.department | FINANCE | |
dc.description.doi | 10.1016/j.jcorpfin.2019.07.012 | |
dc.description.sourcetitle | JOURNAL OF CORPORATE FINANCE | |
dc.description.volume | 58 | |
dc.description.page | 700-725 | |
dc.published.state | Published | |
Appears in Collections: | Staff Publications Elements |
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JCF 2019 ACCEPTED.pdf | 379.3 kB | Adobe PDF | OPEN | Post-print | View/Download |
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