作者：董慧
关键字：InstitutionalOwnership;Indexing;ShareholderAttention;CorporateSocialResponsibility
摘要/Abstract
This paper investigates the impact of institutional shareholders on portfolio firms’ corporate social responsibility (CSR) investments using two distinct quasi-natural experiments: 1) exogenous changes in institutional holdings in Russell Index reconstitutions; 2) exogenous shocks to shareholder attention. We find consistent evidence that both higher institutional ownership and more concentrated shareholder attention induce corporate managers to invest more in CSR activities. The effects are more pronounced in consumer oriented industries, in financially constrained firms, and in firms with inferior corporate governance. Further,we show that institutional shareholders influence CSR investments through shareholder activism, as evidenced by the increased amount and likelihood of CSR-related shareholder proposals.
全文阅读：https://www.sinoss.net/qikan/2017/1107/14484.html