The effect of institutional ownership and ownership dispersion on eco-innovation

被引：108
作者：
Garcia-Sanchez, Isabel-Maria [1 ]
Aibar-Guzman, Cristina [2 ]
Aibar-Guzman, Beatriz [2 ]
机构：
[1] Univ Salamanca, IME Inst Multidisciplinar Empresa, Campus Miguel de Unamuno,Edificio FES, Salamanca 37007, Spain
[2] Univ Santiago Compostela, Fac Ciencias Econ & Empresariales, Av Burgo S-N, Santiago De Compostela 15782, Spain
来源：
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE | 2020年 / 158卷
关键词：
Eco-innovation; Institutional ownership; Ownership dispersion; Corporate social responsibility; CORPORATE SOCIAL-RESPONSIBILITY; ENVIRONMENTAL INNOVATION; STAKEHOLDER ENGAGEMENT; GREEN INNOVATION; PANEL-DATA; FINANCIAL PERFORMANCE; INVESTORS; FIRM; GOVERNANCE; DETERMINANTS;
D O I：
10.1016/j.techfore.2020.120173
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper aims to determine the role that the different institutional investors play in promoting eco-innovation, focusing on the analysis of the corrective or enhancing effect that can be derived from ownership dispersion related to the participation in a company's stock capital of institutional investors with different time horizons. The results obtained for a sample of 6,454 companies for the period 2002-2017 show the convergence of the short-term institutional investors' interests with the long-term institutional investors' demands, which has a positive effect on the implementation of proactive environmental strategies, such as eco-innovation. Additionally, this positive effect is enhanced by disperse ownership structures associated with the participation in a company's stock capital of both types of institutional investors, thereby increasing the firm's commitment to environmental sustainability. Although financial institutions and pension funds diverge from this long-term orientation, seeking an immediate economic return, ownership dispersion allows for correcting their individual negative effect on eco-innovation.
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页数：12
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