Corporate Governance-An International Review最新文献

{"title":"Do CEOs' Industry Tournament Incentives Affect Stock Liquidity?","authors":"Hasibul Chowdhury,&nbsp;Mostafa Monzur Hasan,&nbsp;Hoang Luong,&nbsp;Suichen Xu","doi":"10.1111/corg.12623","DOIUrl":"https://doi.org/10.1111/corg.12623","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We examine the relationship between CEOs' industry tournament incentives (CITI) and stock liquidity in the United States. We also examine if the effect of CITI on stock liquidity varies depending on the information-asymmetry and corporate governance mechanisms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that firms with stronger CITI are associated with greater stock liquidity. Exploiting the enforceability of executive noncompetition agreements across the states in the United States as a quasi-natural experiment, we find that firms headquartered in states that introduce these agreements on average experience lower stock liquidity, suggesting a causal relation. We also find that the effect of CITI on stock liquidity is stronger among firms with severe information-asymmetry problems, but weaker among firms with strong governance mechanisms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We extend research that examines the impacts of CEO industry tournament incentives on corporate outcomes and strategies. Our paper shows that CEO industry tournament incentives matter for stock liquidity. Our paper contributes to a large literature on the roles of CEO styles and behaviors in shaping corporate policies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our findings have several practical implications for investors, policymakers, and financial analysts. For example, our findings can help investors better understand how CEOs' compensation-based incentives impact stock liquidity. Similarly, policymakers can use our findings to design policies that encourage CEOs to act in the best interest of their shareholders and promote market efficiency.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"717-759"},"PeriodicalIF":4.6,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"External Corporate Governance and Corporate Misconduct: A Meta-Analysis","authors":"Max C. Braun,&nbsp;Simone M. Mueller","doi":"10.1111/corg.12627","DOIUrl":"https://doi.org/10.1111/corg.12627","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>External governance parties deter corporate misconduct through their monitoring. External monitoring increases the probability of corporate misconduct being detected and sanctioned. Current research on the relationship between external governance and corporate misconduct remains fragmented across these detection and sanction mechanisms of deterrence. This separation of mechanisms leaves us with an incomplete concept of external monitoring and obscures our understanding of what facilitates monitoring by investors, auditors, analysts, and the media.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We integrate the detection and sanction mechanisms of deterrence into a process model of external monitoring. Our meta-analysis of 188 studies from 14 countries covering the period from 1970 to 2019 identifies proximity, credibility, and attention as common underlying factors that facilitate monitoring by external governance parties. Proximity is of particular relevance in deterring corporate misconduct. Ethical relativism weakens external governance parties' role in deterring corporate misconduct.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Parties outside firm boundaries affect public perception of firms, thereby possessing a unique influence on corporate governance. We integrate this form of influence into the concept of external monitoring. Our meta-analytic synthesis suggests a fundamental role for external governance in preventing corporate misconduct and informs on the relevance of societal values for corporate governance and corporate misconduct.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"832-849"},"PeriodicalIF":4.6,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12627","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Rx for Legal Troubles: CEO Medical Degree and Corporate Litigation","authors":"Omer Unsal","doi":"10.1111/corg.12626","DOIUrl":"https://doi.org/10.1111/corg.12626","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study examines the relationship between CEOs' medical degrees (MDs) and corporate litigations targeting US pharmaceutical firms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>CEOs with a medical background are significantly more susceptible to securities class actions, while facing fewer patent lawsuits. The results indicate that the lack of management skills among MD CEOs comes at the cost of firm value. After lawsuit announcements, companies led by MD CEOs experience a significantly negative effect on their stock prices. Markets show no tolerance for failures by MD CEOs, as evidenced by the impact of clinical trial disappointments.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>The findings contribute to our understanding of the impact of CEOs' medical backgrounds on corporate litigation outcomes. The results suggest that when examining how a CEO's qualifications affect legal issues and the value of a company, we should consider the unique context of having an MD.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Practically, the study implies that firms should carefully consider the balance of managerial and medical expertise in CEO appointments, recognizing the potential legal and financial consequences. Policymakers might see it as beneficial to encourage a mix of different skills among top executives. This could make pharmaceutical companies more resilient in the face of legal issues, which, in turn, helps maintain confidence among investors.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"796-831"},"PeriodicalIF":4.6,"publicationDate":"2024-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Challenging Institutional Path Dependence Through Field Configuring Events: Exploring the Collective Institutional Entrepreneurship of the Sustainable Stock Exchanges Initiative","authors":"Steve Loren","doi":"10.1111/corg.12622","DOIUrl":"https://doi.org/10.1111/corg.12622","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>How can a global social movement, mobilized through a multi-stakeholder initiative, promote the uptake of novel governance practices in distinct national institutional environments?</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using data from all 114 of the world's stock exchanges, covering over 99% of global stock market capitalization as of 2018, I find that exchanges in common-law countries were more likely to become early partners of the Sustainable Stock Exchanges Initiative (SSEI) after its launch in 2012. However, exchanges based in civil-law countries experienced a higher likelihood (i.e., risk) of adoption, as measured by the hazard ratio, particularly during a series of sustained field-configuring events (FCEs) promoted by the SSEI. Over time, this increased hazard ratio indicated a rising likelihood of adoption for civil-law-based exchanges, eventually surpassing that of their common-law counterparts.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>While institutional environments' path dependency can facilitate or hinder the adoption of governance practices, collective institutional entrepreneurship (CIE) can moderate this path dependency and reveal new information regarding the structural fit between promoted governance practices and their institutional environments.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The insights provided by this study can help practitioners understand why some practices face resistance in specific institutional environments, while others are more readily accepted. These insights also help practitioners communicate the elements of governance practices that implicitly align with the institutional environments in which they are seeking adoption.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"699-716"},"PeriodicalIF":4.6,"publicationDate":"2024-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How Does Shareholding by Passive Institutional Investors Impact the Corporate Governance of European Firms?","authors":"Irina Bevza,&nbsp;Martha O’Hagan Luff","doi":"10.1111/corg.12618","DOIUrl":"https://doi.org/10.1111/corg.12618","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The passive investment (PI) trend, characterized by the increasing inflow of investment funds into PI strategies, has resulted in an increase in the share of corporate ownership held via investments in PI strategies. This paper investigates this trend's consequential impact on European companies' corporate governance (CG).</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that higher ownership by passive institutional investors (PIIs) is associated with fewer female directors, reduced independence in audit and nomination committees, and higher executive pay, negatively impacting CG. Nevertheless, our findings show that PIIs can increase the probability that a company has a policy regarding the adequate experience of board members and equal treatment of shareholders.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We hypothesize that the level of ownership could be the missing link connecting mixed theories about the impact of ownership by PIIs on the CG of companies they invest in. A curvilinear relationship between the two could allow conflicting theories to coexist in one framework. We find weak evidence for a curvilinear relationship, but this relationship may become more prevalent if PII ownership of European companies increases because of regulatory changes.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Some critics have proposed limiting PII voting rights, but our findings suggest that the effect of PII ownership may become less negative beyond a certain level of ownership and that PIIs may play a positive role in enhancing board experience and shareholder equity policies. Restricting PIIs may not necessarily be beneficial for the CG of companies they invest in.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"604-628"},"PeriodicalIF":4.6,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12618","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do CEO Connections to the Chinese Politburo Pay Off and How?","authors":"Marta Alonso,&nbsp;Aditi Gupta,&nbsp;Beatriz Simon-Yarza","doi":"10.1111/corg.12621","DOIUrl":"https://doi.org/10.1111/corg.12621","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study investigates the effect of connections to the Politburo, the top 25 members of the Chinese Communist Party (CCP), on CEO compensation, pay-for-performance sensitivity, and turnover decisions using a comprehensive dataset of 3764 Chinese listed firms from 2007 to 2019.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Our findings reveal that CEOs of privately owned listed firms who have connections to the Politburo via shared educational backgrounds receive significantly higher compensation (up to 20% more). However, such connections do not significantly affect CEO compensation in state-owned enterprises (SOEs). CEOs who have connections to the Politburo also exhibit lower turnover rates, and their compensation is less sensitive to performance outcomes. Our measure of connections excludes reverse causality, as we leverage an exogenous shock—the promotion to the Politburo of an individual with whom the CEO is already connected—to investigate the gain associated with a political connection in the absence of CEO turnover in private firms. This event allows us to observe that CEO pay increases significantly in such cases. We also find that elite connections serve as a mechanism for resource allocation, as politically connected CEOs in private firms benefit from higher subsidies and lower tax rates, and politically connected CEOs in SOEs benefit by being appointed to larger SOEs. Additionally, we find that the positive relationship between CEO pay and elite connections is even stronger when the connection is stronger but is negative when the CEO is a CCP member.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study enriches the literature on political connections by introducing a novel proxy for elite connections based on past educational ties to members of the political elite. It disentangles the influence of personal educational connections to the political elite from that of a more generic political membership of the CCP, offering a clearer understanding of their distinct impacts.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our study underscores the necessity of differentiating between private and SOEs in China due to their distinct characteristics and goals. Furthermore, it highlights the critical role of elite political connections in emerging economies such as China in resource allocation, labor market dynamics, and corporate governance.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"680-698"},"PeriodicalIF":4.6,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12621","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Global Social Movements and the Governance of the Firm: Past, Present, and Future","authors":"Cynthia E. Clark,&nbsp;Punit Arora,&nbsp;Patricia Gabaldón,&nbsp;Tanusree Jain","doi":"10.1111/corg.12625","DOIUrl":"https://doi.org/10.1111/corg.12625","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The objective of this special issue (SI) is to galvanize research that examines the impact of different kinds of global social movements (GSMs) on the practice of international corporate governance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>The articles included in this SI provide unique insights into how various GSMs, including the feminist, #blacklivesmatter, and climate movements, influence and are influenced by corporate governance actors and practices across different institutional contexts.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Executives and boards face increasing pressures to make corporate decisions that consider the demands emerging from different GSMs. This SI uncovers how and why some social movements weigh heavier in corporate decision-making. This SI uncovers the implications of GSMs for corporate governance actors and processes in different institutional contexts.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Equipped with the power of the internet, recent social movements have become more global in character. The rising power, reach, and prominence of large corporations have made them a common target of GSMs that aim to influence not only societal values but also corporate values. The articles in this SI provide useful insights into how GSMs engage with corporations and corporate actors and assess their impact on the governance of the firm in different countries.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"782-795"},"PeriodicalIF":4.6,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Board Gender and Nationality Diversity on Corporate Human Rights Performance in Different Institutional Contexts","authors":"Angel Morán-Muñoz,&nbsp;Roberto Fernández-Gago,&nbsp;José-Luis Godos-Díez","doi":"10.1111/corg.12624","DOIUrl":"https://doi.org/10.1111/corg.12624","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The duty of businesses to observe human rights (HR) is garnering great interest among corporations, researchers, and policymakers. However, little is known yet about the organizational drivers that make firms pursue higher levels of corporate human rights performance (CHRP). In an attempt to fill this gap, we present the first global study on the influence that board gender and nationality diversity have on CHRP.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We evaluate panel data of 548 companies worldwide from 2012 to 2021 by using the two-step system generalized method of moments (GMM) and a moderation analysis. Our results show that board gender diversity has a positive effect on CHRP, but this impact is weaker in institutional settings where patriarchal stances prevail. We also find that board nationality diversity affects CHRP positively only in firms from countries with a network-oriented approach toward corporate governance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>These findings help to further differentiate CHRP drivers from generic sustainability antecedents and uncover the relevance of adopting an institutional lens when delving into the rationale of CHRP. In this regard, we make a call for future analyses in this field to acknowledge national gender equality levels and societies' corporate governance orientation as potential boundary conditions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our results may guide companies on how to reduce corporate risks associated with HR violations by incorporating women and foreigners on their boards. They may also encourage businesses and policymakers to boost gender equality both on corporate boards and within societal values as both these aspects may be key for safeguarding HR internationally.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"760-781"},"PeriodicalIF":4.6,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12624","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Antecedents of Lead Director Selection","authors":"Yajing Li","doi":"10.1111/corg.12616","DOIUrl":"https://doi.org/10.1111/corg.12616","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This paper investigates the antecedents of lead director selection in the US context. Specifically, how do rational and social factors influence the likelihood of being selected as the lead director?</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Results for independent directors in S&amp;P 1500 firms from 2000 to 2021 support the positive effect of both board capital (human capital and social capital) and social embeddedness with the CEO (university ties and demographic similarity) as factors in the selection of lead directors. Results also show that among late adopters, the effect of human capital (board experience) on selection is strengthened, and the effect of demographic similarity to the CEO on selection is weakened.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>First, building on the director selection model, this paper further differentiates the rational and socialized perspectives by integrating the diffusion model. Specifically, among late adopters, rational factors play a larger role, and socialized factors play a smaller role in the lead director selection. Second, for the literature on the boards of directors, this paper provides unique individual-level insights about directors' attributes and their interactions with firm-level timing of practice adoption.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The new governance practice of having a lead director, a leader of independent directors, has emerged and spread in the United States since 2000. As attention to the lead director governance practice increases, this paper focuses on the complexity of its adoption. Specifically, both rational (board capital) and socialized (social embeddedness with the CEO) factors can play a role in the lead director selection. Related stakeholder groups such as directors, investors, and policymakers should be aware of the potential symbolic adoption of this new governance practice.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 2","pages":"349-365"},"PeriodicalIF":4.6,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143602389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Institutional Investors and the Fight Against Climate Change","authors":"Thea Kolasa,&nbsp;Zacharias Sautner","doi":"10.1111/corg.12620","DOIUrl":"https://doi.org/10.1111/corg.12620","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This article examines the role of institutional investors in the fight against climate change. We explain the institutional context, provide evidence highlighting institutional investors' bright and dark sides in this fight, and develop multiple ideas for future research.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We show that climate change has a significant impact on institutional investors. Simultaneously, we demonstrate that institutional investors can have a significant positive impact on fighting climate change, particularly if they actively engage with portfolio firms to reduce carbon emissions. For risk management reasons, this is in their own interest, and it is also in the interests of society.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We highlight possible future research avenues on the link between institutional investors and climate change, emphasizing issues related to environmental, social, and governance (ESG) rating agencies, greenwashing, and the risk of a loss of trust in ESG products. Climate change constitutes one of the grand challenges of our time, and substantially more research on the role of finance is required.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Climate change imposes financial risks on institutional investors' portfolio firms, which must be actively addressed in the investment process. Nascent evidence indicates that markets have begun pricing these risks. Institutional investors can positively influence climate change by engaging portfolio firms on their emissions and simultaneously reducing climate transition risks.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"663-679"},"PeriodicalIF":4.6,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12620","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}