Do long-term institutional investors promote corporate social responsibility activities?

Kim, Hyun-Dong; Kim, Taeyeon; Kim, Yura; Park, Kwangwoo

doi:10.1016/j.jbankfin.2018.11.015

Cited by 281Corporate Social Responsibility ReportingCorporate Finance and GovernancePolitical Influence and Corporate Strategies

Do long-term institutional investors promote corporate social responsibility activities?

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Kim, Hyun-Dong, Kim, Taeyeon, Kim, Yura, Park, Kwangwoo·2019·Journal of Banking & Finance

DOI 10.1016/j.jbankfin.2018.11.015

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Institutional investors that engage in ESG have distinct characteristics relative to their peers that do not incorporate sustainability considerations in their investment decisions.
“Institutional investors that engage in ESG appear to have distinct characteristics relative to their peers that do not incorporate sustainability considerations in their investment decisions.”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Kim et al. (2019)
CSR activities are mainly promoted by the presence of active rather than passive long-term institutions.
“Kim et al. (2019) find that CSR activities are mainly promoted by the presence of active rather than passive long-term institutions.”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Kim et al. (2019)
Investors with longer investment horizons improve firms' ESG performance.
“Glossner (2019) and Kim et al. (2019)find that investors with longer investment horizons improve firms' ESG performance.”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Kim et al. (2019)

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“…blockholders will consider a firm’s CSR performance as an indicator of potential risk, for example, the likelihood of a future regulatory action if a firm violates labour or environment regulation (Starks, 2009), and a signal of a firm’s commitment to long-term value creation (Kim et al., 2019).”
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“Long-term common owners pay more attention to the long-term development of firms and have a greater willingness to engage in coordinated governance (Kim et al., 2019), whereas short-term common owners may be more interested in short-term benefits.”
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“Moreover, unlike those studies that differentiate institutional investors based on investment period or nature (Fang, Tian, and Tice 2014; Kim et al. 2019; Rong, Wu, and Boeing 2017; Yan and Zhang 2009), we focus on institutional investors’ willingness to assume social responsibility, their concern…”
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“…2020 for reviews), whereas recent studies attempt to differentiate between types of institutional investor according to characteristics, such as investment horizon, location, and sustainability policies (Ilhan et al., 2023; H.-D. Kim et al., 2019; I. Kim et al., 2019; Kordsachia et al., 2021).”
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Authors: Kim, H.-D., Kim, T., Kim, Y., & Park, K.
Affiliations: University of Seoul (KR)
Korea Advanced Institute of Science and Technology (KR)
Corresponding author: Park, Kwangwoo
ORCID: Kim, Hyun-Dong
Kim, Taeyeon
Kim, Yura
Park, Kwangwoo
Venue: Journal of Banking & Finance
Publisher: Elsevier BV
Published: 2019-04
Volume: 101
Pages: 256-269
ISSN: 0378-4266 (ISSN-L)
DOI: 10.1016/j.jbankfin.2018.11.015
OpenAlex: W2903431834
Cited by: 281
References: 0
Citations by year: 2026: 38 · 2025: 51 · 2024: 64 · 2023: 48 · 2022: 40 · 2021: 25 · 2020: 13 · 2019: 2
FWCI: 16.71
Type: journal article
Language: en
Open access: green
papers.ssrn.com
Licence: www.elsevier.com/tdm/userlicense/1.0/ (tdm)
Locations: Journal of Banking & Finance (publishedVersion)
SSRN Electronic Journal (submittedVersion)
RePEc: Research Papers in Economics (submittedVersion)
Topics: Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
Social Sciences › Business, Management and Accounting › Strategy and Management › Political Influence and Corporate Strategies
Keywords: long-term institutional investors, corporate social responsibility, investment horizon, investor monitoring, CSR ratings

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