社会责任投资会改变企业行为吗?

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2023-02-06 DOI:10.1093/rof/rfad002

Davidson Heath, Daniele Macciocchi, Roni Michaely, Matthew C Ringgenberg

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引用次数: 3

摘要

摘要本文利用微观数据对社会责任投资(SRI)基金的行为进行了研究。SRI基金选择污染更低、董事会更多元化、员工满意度更高、工作场所更安全的公司。然而，无论是在横截面上还是在对SRI资本进行外生冲击时，我们都发现SRI基金并没有显著改变企业行为。此外，我们发现很少有证据表明他们试图通过股东提案影响公司行为。我们的研究结果表明，SRI基金不是在洗绿，而是在洗影响;他们投资于环境和社会行为更好的公司组合，但没有履行其影响的承诺。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Does Socially Responsible Investing Change Firm Behavior?

Abstract Using micro-level data, we examine the behavior of socially responsible investment (SRI) funds. SRI funds select firms with lower pollution, more board diversity, higher employee satisfaction, and better workplace safety. Yet, both in the cross-section and using an exogenous shock to SRI capital, we find that SRI funds do not significantly change firm behavior. Moreover, we find little evidence that they try to impact firm behavior using shareholder proposals. Our results suggest that SRI funds are not greenwashing, but they are impact washing; they invest in a portfolio of firms with better environmental and social conduct but do not follow through on their promise of impact.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.