被动投资者会影响企业的社会责任吗？风险管理视角

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2024-08-22 DOI:10.1111/irfi.12466

Wenxuan Hou, Xiaoyu Zhang

{"title":"被动投资者会影响企业的社会责任吗？风险管理视角","authors":"Wenxuan Hou, Xiaoyu Zhang","doi":"10.1111/irfi.12466","DOIUrl":null,"url":null,"abstract":"This paper examines the impact of passive investors on Corporate Social Responsibility (CSR) through the lens of a risk‐management view of CSR, which emphasizes its insurance‐like effects in adverse corporate events. Since passive investors have diversified away most idiosyncratic risks, we predict that they demand less CSR as a strategic approach to manage risks. Using the annual Russell 1000/2000 index reconstitution as an instrument for passive investor ownership, we document evidence consistent with our prediction. The negative effect is more pronounced among better‐diversified passive investors and firms that are not in CSR‐sensitive industries. We further show that passive investors hold back CSR activities through the channel of “voice” by reducing the number of socially responsible investment (SRI) proposals.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"37 1","pages":""},"PeriodicalIF":1.8000,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Do passive investors influence corporate social responsibility? A risk‐management perspective\",\"authors\":\"Wenxuan Hou, Xiaoyu Zhang\",\"doi\":\"10.1111/irfi.12466\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper examines the impact of passive investors on Corporate Social Responsibility (CSR) through the lens of a risk‐management view of CSR, which emphasizes its insurance‐like effects in adverse corporate events. Since passive investors have diversified away most idiosyncratic risks, we predict that they demand less CSR as a strategic approach to manage risks. Using the annual Russell 1000/2000 index reconstitution as an instrument for passive investor ownership, we document evidence consistent with our prediction. The negative effect is more pronounced among better‐diversified passive investors and firms that are not in CSR‐sensitive industries. We further show that passive investors hold back CSR activities through the channel of “voice” by reducing the number of socially responsible investment (SRI) proposals.\",\"PeriodicalId\":46664,\"journal\":{\"name\":\"International Review of Finance\",\"volume\":\"37 1\",\"pages\":\"\"},\"PeriodicalIF\":1.8000,\"publicationDate\":\"2024-08-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1111/irfi.12466\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Finance","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/irfi.12466","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文从企业社会责任的风险管理视角出发，研究了被动投资者对企业社会责任的影响，该视角强调了企业社会责任在不利企业事件中的保险效应。由于被动投资者已经分散了大部分特异性风险，因此我们预测他们对企业社会责任的需求会减少，将其作为一种管理风险的战略方法。使用年度罗素 1000/2000 指数重组作为被动投资者所有权的工具，我们记录了与我们的预测相一致的证据。这种负面影响在多元化程度较高的被动投资者和不属于企业社会责任敏感行业的公司中更为明显。我们进一步表明，被动投资者通过 "话语权 "渠道减少了社会责任投资（SRI）提案的数量，从而抑制了企业社会责任活动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Do passive investors influence corporate social responsibility? A risk‐management perspective

This paper examines the impact of passive investors on Corporate Social Responsibility (CSR) through the lens of a risk‐management view of CSR, which emphasizes its insurance‐like effects in adverse corporate events. Since passive investors have diversified away most idiosyncratic risks, we predict that they demand less CSR as a strategic approach to manage risks. Using the annual Russell 1000/2000 index reconstitution as an instrument for passive investor ownership, we document evidence consistent with our prediction. The negative effect is more pronounced among better‐diversified passive investors and firms that are not in CSR‐sensitive industries. We further show that passive investors hold back CSR activities through the channel of “voice” by reducing the number of socially responsible investment (SRI) proposals.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.