Institutional investors and corporate environmental costs: The roles of investment horizon and investor origin

被引：22

作者：

Drobetz, Wolfgang ^{[1
]}

El Ghoul, Sadok ^{[2
]}

Fu, Zhengwei ^{[3
]}

Guedhami, Omrane ^{[3
]}

机构：

[1] Univ Hamburg, Fac Business Adm, Moorweidenstr 18, D-20148 Hamburg, Germany

[2] Univ Alberta, Campus St Jean, Edmonton, AB, Canada

[3] Univ South Carolina, Moore Sch Business, Columbia, SC USA

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2024年 / 30卷 / 02期

关键词：

corporate environmental costs; cost of equity; foreign investors; institutional investors; investment horizon; sustainability; SOCIAL-RESPONSIBILITY; FIRM-VALUE; PERFORMANCE; OWNERSHIP; DETERMINANTS; MANAGEMENT; IMPACT; MARKET;

D O I：

10.1111/eufm.12444

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using an international data set that quantifies corporate environmental costs, we analyze the influence of institutional investor ownership, particularly investment horizon and investor origin, on the monetized environmental impact generated by their investee firms. Institutional investor ownership is negatively related to corporate environmental costs. This effect is driven by long-term foreign institutional investors, especially investors from advanced economies. Corporate environmental costs are negatively correlated with firm valuation and positively correlated with the cost of equity. Since corporate environmental costs are not reflected in environmental, social and governance ratings, our results shed new light on the role of institutional investors in shaping corporate environmental impact.

引用

页码：727 / 769

页数：43

共 102 条

[1] The "Wall Street Walk" and Shareholder Activism: Exit as a Form of Voice [J].