Active Ownership

Clicks: 4
ID: 300131
2015
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Abstract
We analyze an extensive proprietary database of corporate social responsibility engagements with U.S. public companies from 1999–2009. Engagements address environmental, social, and governance concerns. Successful (unsuccessful) engagements are followed by positive (zero) abnormal returns. Companies with inferior governance and socially conscious institutional investors are more likely to be engaged. Success in engagements is more probable if the engaged firm has reputational concerns and higher capacity to implement changes. Collaboration among activists is instrumental in increasing the success rate of environmental/social engagements. After successful engagements, particularly on environmental/social issues, companies experience improved accounting performance and governance and increased institutional ownership.
Reference Key
openalex_W4248292788 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Elroy Dimson, Oğuzhan Karakaş, Xi Li
Journal review of financial studies
Year 2015
DOI
10.1093/rfs/hhv044
URL
https://academic.oup.com/rfs/article-pdf/28/12/3225/24449884/hhv044.pdf
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