Earticle

초록

영어

This paper examines the effect of institutional investor’s investment horizons on corporate social responsibility (CSR). Using data on U.S. firms’ CSR ratings from Kinder, Lydenberg and Domini (KLD) over the 1995-2012 period, we find that the presence of long-term institutional investors mitigates managerial short-termism. It appears that long-term oriented institutions have more incentives to monitor, and that this will push managers toward engaging in more CSR activities. Specifically, our results show that investment horizon of institutions is positively related to CSR, and also that long-term (short-term) institutional ownership is positively (negatively) related to CSR. Overall, our findings suggest that firms with good CSR activities are preferred by investors with long-term horizons.

목차

Abstract
 1. Introduction
 2. Literature Review and Hypothesis Development
  2.1. Previous research related to the time horizons of institutional investors
  2.2. Previous research related to CSR activities
 3. Data Description and Research Design
  3.1. Sample construction
  3.2. A firm’s CSR
  3.3. Institutional investment horizons
  3.4. Other explanatory variables
  3.5. Descriptive statistics
 4. Empirical Findings
  4.1. Univariate tests
  4.2. Multivariate analysis
  4.3. Endogeniety issue
  4.4. Mechanism
 5. Conclusion
 References

키워드

저자

• Hyun-Dong Kim [ Korea Advanced Institute of Science and Technology (KAIST) ]
• Kwangwoo Park [ Korea Advanced Institute of Science and Technology (KAIST) ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330