The Nonlinear Relation between Institutional Ownership and Environmental, Social and Governance Performance in Emerging Countries
This paper examines how the level of institutional ownership affects environmental, social, and governance (ESG) performance in emerging countries by jointly investigating a nonlinear relationship. By examining an international sample composed of 17,318 firm-year observations from the period 2012-18...
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| Veröffentlicht in: | Sustainability 2021-02, Vol.13 (3), p.1586, Article 1586 |
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| creator | Martinez-Ferrero, Jennifer Lozano, Maria-Belen |
| description | This paper examines how the level of institutional ownership affects environmental, social, and governance (ESG) performance in emerging countries by jointly investigating a nonlinear relationship. By examining an international sample composed of 17,318 firm-year observations from the period 2012-18 for 16 emerging countries, our findings reveal that the ESG performance of firms located in emerging countries depends on the level of influential institutional ownership, and displays a U-shaped relation, particularly for environmental disclosure. Institutional investors with low ownership are less likely to promote higher ESG performance in emerging countries, although this effect is attenuated when institutional ownership reaches a significant percentage, constituting a critical mass. |
| doi_str_mv | 10.3390/su13031586 |
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By examining an international sample composed of 17,318 firm-year observations from the period 2012-18 for 16 emerging countries, our findings reveal that the ESG performance of firms located in emerging countries depends on the level of influential institutional ownership, and displays a U-shaped relation, particularly for environmental disclosure. 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| subjects | Corporate governance Critical mass Developing countries Economic development Environmental Sciences Environmental Sciences & Ecology Environmental Studies Green & Sustainable Science & Technology Hypotheses Industrialized nations Institutional investments LDCs Life Sciences & Biomedicine Science & Technology Science & Technology - Other Topics Social responsibility Stockholders Sustainability |
| title | The Nonlinear Relation between Institutional Ownership and Environmental, Social and Governance Performance in Emerging Countries |
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