Institutional investors, corporate social responsibility, and stock price performance

Elizabeth Marie Motta, Konari Uchida

研究成果: Contribution to journalArticle査読

14 被引用数 (Scopus)

抄録

In 2006, the United Nations Global Compact launched Principles for Responsible Investment (PRI), and the Japanese Ministry of Environment advocated financial mechanisms for environmental protection. We find that institutional ownership in 2005 is positively related to the probability of subsequent improvements in environment ratings for Japanese firms. The result is especially evident for domestic institutional shareholders who signed up for the PRI. These results suggest that soft laws aimed at institutional investors can enhance responsible business practices and that national government initiatives play an effective role. Finally, improved ratings in the environment category do not harm shareholder wealth.

本文言語英語
ページ(範囲)91-102
ページ数12
ジャーナルJournal of the Japanese and International Economies
47
DOI
出版ステータス出版済み - 3 2018

All Science Journal Classification (ASJC) codes

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

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