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Do long-term institutional investors promote corporate social responsibility activities?
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“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)
In the citing paper
“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)
In the citing paper
“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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“Kim et al. (2019) examine whether CSR scores increase when an institution changes its investment horizon to long-term and find that the CSR scores increase after the change.”
BackgroundForeign ownership and corporate excess perks
Chen, L., Han, M., Li, Y., Megginson, W., & Zhang, H. (2021) · Social Science Research Network · doi:10.2139/ssrn.3509945 · Cited by 20
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“Long-term and short-term institutional investors with different investment horizons and monitoring incentives have different governance roles [34].”
BackgroundLi, D., & Adriaens, P. (2023) · Journal of Management in Engineering · doi:10.1061/jmenea.meeng-5521 · Cited by 29
Institutional Investors, CSR Report Readability and the Moderating Role of ESG Performance
Lin, T., Jin, Y., Gao, F., Yang, R., & Lin, Q. (2023) · SAGE Open · doi:10.1177/21582440231208514 · Cited by 20
“Our results extend findings by Gloßner (2019), Kim et al. (2019), Garel and Petit-Romec (2021), Oikonomou et al. (2020) and Erhemjamts and Huang (2019) on the positive role played by the long-term institutional investors in promoting CSR.”
ResultChen, F., Zhang, C., Wang, W., & Wei, H. (2023) · Humanities and Social Sciences Communications · doi:10.1057/s41599-023-02254-0 · Cited by 18
Zheng, J., & Zhang, L. (2023) · Accounting and Finance · doi:10.1111/acfi.13137 · Cited by 18
Customer Concentration and Firm Risk: The Role of Outside Directors from a Major Customer
Kim, T., Kim, H.-D., & Park, K. (2023) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2023.106870 · Cited by 18
Self-citationInstitutional investors’ horizon and equity-financed payouts
He, W., & Mi, L. (2022) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2021.106324 · Cited by 18
Chen, X., Wan, P., & Sial, M. S. (2020) · The Extractive Industries and Society · doi:10.1016/j.exis.2020.12.006 · Cited by 20
CEO inside debt holdings and CSR activities
Kim, T., Kim, H., & Park, K. (2020) · International Review of Economics & Finance · doi:10.1016/j.iref.2020.08.009 · Cited by 18
Self-citationCorporate SDG performance and investor trading behavior
Yang, X.-L., Chen, Z.-H., Feng, Y., Gao, X., & Koedijk, K. (2024) · Finance Research Letters · doi:10.1016/j.frl.2024.105659 · Cited by 16
Do foreign institutions avoid investing in poorly CSR-performing firms?
Yahia, N. B., Chalwati, A., Hmaied, D. M., Khizer, A. M., & Trabelsi, S. (2023) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2023.107029 · Cited by 21
Restricted Shares and CSR: Evidence from Foreign Strategic Investors in China
Cui, D., Ding, M.-F., He, Z., & Shen, M.-G. (2022) · Social Science Research Network · doi:10.2139/ssrn.3958963 · Cited by 16
Liu, J., Song, R., & Fu, Y. (2025) · Sustainability · doi:10.3390/su172310743 · Cited by 15
Managerial myopia and greenwashing: A machine learning and text analysis approach
Gao, L.-F., & Yin, H. (2025) · International Review of Financial Analysis · doi:10.1016/j.irfa.2025.104452 · Cited by 15
Do ESG factors influence firm valuations? Evidence from the field
Bancel, F., Glavas, D., & Karolyi, G. A. (2025) · Financial Review · doi:10.1111/fire.12444 · Cited by 33
Zhu, Y., & Zhang, R. (2023) · Social Responsibility Journal · doi:10.1108/srj-03-2023-0180 · Cited by 17
Farooq, M. U., & Noor, A. M. (2023) · Journal of financial reporting & accounting · doi:10.1108/jfra-10-2022-0368 · Cited by 23
Does increasing the QFII quota promote Chinese institutional investors to drive ESG?
Han, H. (2022) · Asia-Pacific Journal of Accounting & Economics · doi:10.1080/16081625.2022.2156362 · Cited by 16
“The literature also confirms that the investment horizons of institutional investors are positive relative to ESG (Starks, Venkat, and Zhu 2017; Kim et al. 2019; Gloßner 2019; Xudong, Tang, and Yan 2019).”
BackgroundLyssimachou, D., & Bilinski, P. (2022) · Tourism Economics · doi:10.1177/13548166211069899 · Cited by 15
“…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).”
BackgroundWang, Y., & Marquis, C. (2025) · Journal of Business Ethics · doi:10.1007/s10551-024-05859-w · Cited by 19
“Therefore, long-term institutional investors may approve of firms’ CSR behavior to create long-term value whereas short-term institutional investors may not, which shapes firm goals (Gaspar et al., 2005; Kim et al., 2019).”
Huynh, A., Knápková, A., Bui, T.-D., & Nguyen, T. (2024) · International Journal of Bank Marketing · doi:10.1108/ijbm-04-2023-0228 · Cited by 14
Khenissi, M., Jahmane, A., & Mahrane, H. (2022) · Finance Research Letters · doi:10.1016/j.frl.2022.102880 · Cited by 14
Corporate social responsibility and inside debt: The long game
Buchanan, B., Cao, C. X., & Wang, S. (2021) · International Review of Financial Analysis · doi:10.1016/j.irfa.2021.101903 · Cited by 14
Ownership structure and sustainability reporting: emerging economies evidence
Nuhu, Y., & Alam, A. (2024) · International Journal of Accounting and Information Management · doi:10.1108/ijaim-09-2023-0228 · Cited by 18
Tessema, A., Zahir-ul-Hassan, M. K., & Ahmed, A. (2024) · International Journal of Ethics and Systems · doi:10.1108/ijoes-02-2024-0056 · Cited by 13
Do Old Board Directors Promote Corporate Social Responsibility?
Lee, H., Liang, W.-L., Tran, Q., & Truong, Q. (2024) · Journal of Business Ethics · doi:10.1007/s10551-024-05681-4 · Cited by 20
“…2021; Nguyen & Nielsen, 2010; Salas, 2010; and Falato 15 CSR data in the MSCI ESG Ratings database are extensively used in the CSR literature (Artiga González et al. 2022; Cao et al., 2019; Deng et al., 2013; Di Giuli and Kostovetsky, 2014; Dutordoir et al., 2018; Kim et al., 2019; Sheikh 2018).”
Sanpo-yoshi, top management personal values, and ESG performance
Nguyen, T., Ozawa, T., & Fan, P. (2024) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2024.100903 · Cited by 13
Nizar, H., Hamza, T., & Lakhal, F. (2023) · International Journal of Finance & Economics · doi:10.1002/ijfe.2773 · Cited by 15
Institutional shareholding and corporate social responsibility reporting: evidence from Bangladesh
Rashid, A. (2020) · Journal of Asia Business Studies · doi:10.1108/jabs-09-2019-0285 · Cited by 18
Can Common Institutional Ownership Govern CSR Decoupling? Evidence from China
Ding, Q., Chen, J., & Chen, W. (2025) · Journal of Business Ethics · doi:10.1007/s10551-025-06026-5 · Cited by 15
“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.”
Investing in a Cleaner Future: The Role of Institutional Investors in Corporate Waste Management
Slama, A., Ghozzi, K., Lakhal, F., Guizani, A., & Hussainey, K. (2025) · Business Strategy and the Environment · doi:10.1002/bse.4222 · Cited by 13
Does green financing promote outward FDI in enterprises? Evidence from China
Liu, M., & Fang, X. (2024) · Journal of Environmental Management · doi:10.1016/j.jenvman.2024.122991 · Cited by 14
Sustainable Institutional Investors and Green Innovation: Evidence from Chinese Listed Firms
Cao, Y., Li, Y., Xia, Z., & Zhang, Y.-R. (2024) · Emerging Markets Finance and Trade · doi:10.1080/1540496x.2024.2401459 · Cited by 19
“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…”
Aguilera, R. V., Desender, K., & LópezPuertas-Lamy, M. (2024) · Corporate governance: An International Review · doi:10.1111/corg.12611 · Cited by 12
Carbon Disclosure and Common Ownership
Choi, B., Lee, D., & Luo, L. (2024) · Journal of Accounting Auditing & Finance · doi:10.1177/0148558x241264668 · Cited by 15
“…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).”
Association between Earnings Announcement Behaviors and ESG Performances
Kim, J., & Lee, Y. (2023) · Sustainability · doi:10.3390/su15097733 · Cited by 12
Metadata
- 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
- Venue
- Journal of Banking & Finance
- Publisher
- Elsevier BV
- Published
- 2019-04
- Volume
- 101
- Pages
- 256-269
- ISSN
- 0378-4266 (ISSN-L)
- 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
- 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 › Economics, Econometrics and Finance › Finance › 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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