Geographic proximity, long-term institutional ownership, and corporate social responsibility
Building on the premises that institutional ownerships vary in their impact on corporate social responsibility (CSR) decisions and that geographic proximity facilitates the valuation of benefits from CSR, we hypothesize that local long-term institutional ownership is a driver for corporate social pe...
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| Veröffentlicht in: | Review of quantitative finance and accounting 2021, Vol.56 (1), p.297-328 |
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| container_title | Review of quantitative finance and accounting |
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| creator | Chang, Kiyoung Kabongo, Jean Li, Ying |
| description | Building on the premises that institutional ownerships vary in their impact on corporate social responsibility (CSR) decisions and that geographic proximity facilitates the valuation of benefits from CSR, we hypothesize that local long-term institutional ownership is a driver for corporate social performance, in particular positive CSR (CSR strengths). Using a panel data of S&P 500 firms over a 15-year window, we show that long-term institutional ownership that varies in geographic proximity to the focal firm does have a heterogeneous impact on CSR. Whereas both local and non-local long-term institutional ownership has a similar negative effect on CSR concerns, only local long-term institutional ownership has a positive effect on CSR strengths. The positive relation between local long-term institutional ownership and CSR is stronger in firms that are more involved in dealing with soft information which is difficult to quantify from a distance, such as those with high levels of research and development and intangible assets. |
| doi_str_mv | 10.1007/s11156-020-00895-9 |
| format | Article |
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Using a panel data of S&P 500 firms over a 15-year window, we show that long-term institutional ownership that varies in geographic proximity to the focal firm does have a heterogeneous impact on CSR. Whereas both local and non-local long-term institutional ownership has a similar negative effect on CSR concerns, only local long-term institutional ownership has a positive effect on CSR strengths. 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| subjects | Accounting/Auditing Corporate Finance Corporate responsibility Econometrics Economics and Finance Finance Intangible assets Operations Research/Decision Theory Original Research Ownership Panel data Proximity R&D Research & development Social responsibility Valuation |
| title | Geographic proximity, long-term institutional ownership, and corporate social responsibility |
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