David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
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Journal of Business Ethics 52 (1):27-43 (2004)
This study investigates the pattern of institutional shareholding in the U.K. and its relationship with socially responsible behavior by companies within a sample of over 500 UK companies. We estimate a set of ownership models that distinguish between long- and short-term investors and their largest components and which incorporate both aggregated and disaggregated measures of corporate social performance (CSP). The results suggest that long-term institutional investment is positively related to CSP providing further support for earlier studies by Johnson and Greening (1999, Academy of Management Journal 42, 564–576) and Graves and Waddock (1994, Academy of Management Journal 37, 1034–1046). Disaggregation of CSP into its constituent components suggests that the pattern of institutional investment is also related to the form which CSP takes. Investigation of the impact of investment screens on the selection of stocks suggests that long-term institutional investors select primarily through exclusion, rejecting those firms which have the worst CSP.
|Keywords||Philosophy Ethics Economic Growth Management|
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Citations of this work BETA
S. Prakash Sethi (2005). Investing in Socially Responsible Companies is a Must for Public Pension Funds – Because There is No Better Alternative. Journal of Business Ethics 56 (2):99 - 129.
Bert Scholtens (2006). Finance as a Driver of Corporate Social Responsibility. Journal of Business Ethics 68 (1):19 - 33.
Christian Fieseler (2011). On the Corporate Social Responsibility Perceptions of Equity Analysts. Business Ethics 20 (2):131-147.
Carmen Juravle & Alan Lewis (2008). Identifying Impediments to Sri in Europe: A Review of the Practitioner and Academic Literature. [REVIEW] Business Ethics 17 (3):285–310.
Michele Fabrizi, Christine Mallin & Giovanna Michelon (2014). The Role of CEO’s Personal Incentives in Driving Corporate Social Responsibility. Journal of Business Ethics 124 (2):311-326.
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