Information acquisition or just going through the motions? Institutional investors' site visits and green innovation

IF 8.3 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2024-05-23 DOI:10.1002/csr.2859

Peihao Shi, Hao Wang

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引用次数: 0

Abstract

The importance of green innovation in global sustainable development is increasingly recognized. Literature has documented that enhancing external oversight can improve green innovation performance. However, few studies systematically investigate the relationship between external supervisory behavior and green innovation. This study employs a game-theoretic model to examine the relationship between institutional investors' site visits (SVs) and green innovation. Using a unique dataset covering SVs from 2012 to 2021, empirical findings reveal that institutional investors' SVs are dramatically favorable to green innovation performance, particularly among stress-resistant institutional investors. More broadly, SVs by institutional investors with higher shareholdings and stronger reputations exhibit a substantial response to green innovation. Similarly, institutional investors' SVs significantly boost the green innovation of firms with inadequate environmental disclosure. Additional analysis documents that the quality improvement of green innovation significantly increases after institutional investors conduct more than three SVs in a calendar year. This study proposes that policymakers should improve the institutional environment for site visits, and enterprises can strategically involve institutional investors to enhance external monitoring mechanisms. The theoretical and practical implications of this contribute to boosting green innovation capabilities.

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获取信息还是走过场？机构投资者的实地考察与绿色创新

绿色创新在全球可持续发展中的重要性日益得到认可。有文献表明，加强外部监督可以提高绿色创新绩效。然而，很少有研究系统地探讨外部监督行为与绿色创新之间的关系。本研究采用博弈论模型来考察机构投资者实地考察（SV）与绿色创新之间的关系。通过使用 2012 年至 2021 年期间 SV 的独特数据集，实证研究结果表明，机构投资者的 SV 显著有利于绿色创新绩效，尤其是在抗压性机构投资者中。更广泛地说，持股比例较高、声誉较好的机构投资者的 SV 对绿色创新表现出显著的响应。同样，对于环境信息披露不充分的企业，机构投资者的 SV 也会显著促进其绿色创新。其他分析表明，当机构投资者在一个日历年内进行三次以上的 SV 后，绿色创新的质量改善会明显增加。本研究提出，政策制定者应改善实地考察的制度环境，企业可战略性地让机构投资者参与进来，以加强外部监督机制。其理论和实践意义有助于提升绿色创新能力。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.