【摘 要】
：
We find consistent evidence that institutional shareholders influence firms to engage in better CSR performance using two separate quasi-natural experiments
【机 构】
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Nanyang Business School,Nanyang Technological University
【出 处】
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2016《中国金融评论》国际研讨会
论文部分内容阅读
We find consistent evidence that institutional shareholders influence firms to engage in better CSR performance using two separate quasi-natural experiments.First,we identify an exogenous discontinuity in institutional ownership around the Russell index threshold,and find a significantly positive effect of instrumented ownership on CSR using two-stage least-square specifications.Secondly,we use exogenous shocks to unrelated industries held by a given firm's institutional shareholders to measure the shift in shareholder attention,and thereby the monitoring intensity.We find that when shareholders loosen their monitoring due to less attention,firms tend to act in a less responsible way.In addition,we show that institutional shareholders exert their influence on firms' CSR performance by initiating more CSR shareholder proposals.
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