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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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Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
Agency Problems of Corporate Philanthropy
Masulis, R. W., & Reza, S. W. (2015) · Review of Financial Studies · doi:10.1093/rfs/hhu082 · Cited by 1,020
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Items 101–200 of 222
The Value of CSR in Acquisitions: Evidence from China
Li, K., He, C., Dbouk, W., & Zhao, K. (2021) · Sustainability · doi:10.3390/su13073721 · Cited by 11
“However, long-term investors are inclined to supervise the company so that managers can engage in more active corporate social responsibility activities [10].”
BackgroundUnderstanding the role of ownership concentration in bank environmental lending
Zhou, Y., Wang, K., & Wang, K. (2020) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2020.123372 · Cited by 14
The fine line between ESG commitment and bank performance
Philippas, D., Tziogkidis, P., & Sfakianakis, M. (2025) · Energy Economics · doi:10.1016/j.eneco.2025.108978 · Cited by 11
Long, H., Lai, G., Jiang, J., & Liu, R. (2025) · International Review of Financial Analysis · doi:10.1016/j.irfa.2025.103995 · Cited by 11
Carvalhal, A., & Nakahodo, S. N. (2023) · Latin American Business Review · doi:10.1080/10978526.2023.2266997 · Cited by 12
“Many studies find that CSR increases firm value and performance (e.g., Flammer, 2015, 2021; Gao et al., 2021; Kim et al., 2019; Nguyen et al., 2020).”
BackgroundInstitutional investment horizon and corporate technological diversification
Choi, M., & Na, J. (2023) · Management Decision · doi:10.1108/md-08-2021-1078 · Cited by 11
A Theory of Firm Opacity and Corporate Social Responsibility
You, L., & Chen, Z. (2022) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2022.106640 · Cited by 11
Can Passive Investors Improve Corporate Social Responsibility? Evidence from Chinese Listed Firms
Fu, L., Pan, L., & Zhao, J. (2022) · Emerging Markets Finance and Trade · doi:10.1080/1540496x.2022.2103404 · Cited by 19
Long-term institutional investors and climate change news Beta
Hossain, A. T., Masum, A. A., & Benkraiem, R. (2024) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2024.102693 · Cited by 20
Cumming, D., Lu, F., Xu, L., & Yu, C. (2024) · Journal of Business Ethics · doi:10.1007/s10551-024-05655-6 · Cited by 10
“…(Chen et al., 2007; Gaspar et al., 2005), whereas short-term institutions may induce firms to take practices that benefit the firm only in the short-term, such as discouragement of R&D projects (Graham et al., 2005), and even engage in activities that may harm firm reputation (Kim et al., 2019).”
Foreign ownership and corporate philanthropy
Wang, A., Xian, L., Zeng, Y., & Zhang, H. (2021) · Finance research letters · doi:10.1016/j.frl.2021.102461 · Cited by 12
Marketing Investments and Corporate Social Responsibility
Kim, Y., Kim, T., & Nam, H. (2021) · Sustainability · doi:10.3390/su13094849 · Cited by 12
“As control variables that are shown in the literature to have an influence on CSR [36,37], the authors use firm size (SIZE), return on total assets (ROA), R&D expenses (RND), sales growth (GROW), leverage (LEV), market to book ratio”
BackgroundResultSelf-citationCui, X., Goodell, J. W., Liao, J., Yao, S., & Liu, X. (2025) · Journal of Business Finance & Accounting · doi:10.1111/jbfa.12872 · Cited by 9
Kunkel, K., Wigge, K., & Lueg, R. (2024) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.2998 · Cited by 10
Strategic Forward-Looking Nonearnings Disclosure and Overinvestment
Chen, J. J., Song, P., & Loi, F.-L. (2024) · The British Accounting Review · doi:10.1016/j.bar.2024.101431 · Cited by 9
Institutional ownership and women in the top management team
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The effect of institutional cross-ownership on corporate risk-taking in a transitional economy
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Eliwa, Y., Haslam, J., Abraham, S., & Saleh, A. (2024) · International Journal of Accounting & Information Management · doi:10.1108/ijaim-01-2024-0029 · Cited by 8
Does mutual fund ownership increase corporate environmental spending?
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Local Tournament Incentives and Corporate Social Responsibility
Tan, Y.-Q. (2024) · Journal of Business Ethics · doi:10.1007/s10551-024-05623-0 · Cited by 8
“Other studies have employed concurrent models to test the concurrent influence of firm characteristics on CSR scores (e.g., Cho & Lee, 2019; Kim et al., 2019).”
Corporate Social Responsibility and Financial Reporting Quality
Chulkov, D., & Wang, X.-Q. (2021) · Social Science Research Network · doi:10.2139/ssrn.3970172 · Cited by 8
“Journal of Business Ethics, 170, 39– 52. Kim, H., Kim, T., Kim, Y., Park, K. (2019). Do long-term institutional investors promote corporate social responsibility activities? Journal of Banking & Finance, 101, 256-269.”
BackgroundInfluentialLi, M., Tang, J., & Wu, D. (2025) · Energy Economics · doi:10.1016/j.eneco.2025.108670 · Cited by 8
The market power of ESG index providers: The effects of rebalancing ESG-themed indices
Barontini, R., & Gioja, L. (2025) · Research in International Business and Finance · doi:10.1016/j.ribaf.2025.102902 · Cited by 6
Hu, Q., & Wang, Q. (2024) · Asian-Pacific Economic Literature · doi:10.1111/apel.12437 · Cited by 7
How government-run funds guide corporate ESG: evidence from social security fund holdings in China
Li, J., Wang, H., Wen, H., & Xie, B. (2024) · Applied Economics · doi:10.1080/00036846.2024.2383332 · Cited by 7
“In the sustainable investing trend, institutional investors serve as critical drivers of firms’ ESG policies (Chen, Dong, and Lin 2020; Dyck et al. 2019; Kim et al. 2019).”
InfluentialCheng, M., Liu, J., & Chen, Z.-Z. (2022) · Emerging markets finance & trade · doi:10.1080/1540496x.2022.2147784 · Cited by 7
“…focused on whether important shareholders of firms are willing to promote CSR. Institutional investors, particularly those with long-term investment horizons, are found to lead to significant increases in CSR (Chen, Dong, and Lin 2020; Erhemjamts and Huang 2019; Gloßner 2019; Kim et al. 2019a).”
BackgroundDisloyal managers and proxy voting
Wang, X. (2021) · Finance research letters · doi:10.1016/j.frl.2021.102636 · Cited by 7
Ballouk, H., Serret, V., & Khenissi, M. (2024) · Research in International Business and Finance · doi:10.1016/j.ribaf.2024.102558 · Cited by 8
Board interlocks, career prospects and corporate social responsibility
Vo, L. V., Le, H., & Kim, Y. (2023) · Accounting & Finance · doi:10.1111/acfi.13106 · Cited by 6
Self-citationDo negative investor attitudes drive corporate social responsibility? Evidence from China
Tong, L., Wen, W., Xie, L., & Wu, B. (2021) · Business Ethics, the Environment & Responsibility · doi:10.1111/beer.12405 · Cited by 6
Wang, X., Zhu, L., & Zheng, H.-T. (2025) · Energy Policy · doi:10.1016/j.enpol.2025.114606 · Cited by 7
Li, Y., Liu, T., & Wang, Z. (2025) · Research In International Business and Finance · doi:10.1016/j.ribaf.2025.102983 · Cited by 5
The Influence of Ownership and Control on Corporate Social Responsibility in East Asia
Chen, S.-Y., Adegbite, E., Muthuri, J., & Nguyen, T. (2025) · Corporate governance: An International Review · doi:10.1111/corg.12639 · Cited by 5
Financial crime and corporate social responsibility: Evidence from China
Bai, C., Wang, H., Xue, Q., & Zhao, Y.-P. (2024) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2024.103258 · Cited by 5
Corporate social responsibility and insider horizon
Shackleton, M. B., Yao, Y., & Zuo, Z. (2024) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2024.102696 · Cited by 7
Gharbi, M., & Jarboui, A. (2024) · International Journal of Law and Management · doi:10.1108/ijlma-04-2024-0130 · Cited by 4
Li, W., Liu, Y., & Wang, L. (2023) · Asia Pacific Journal of Management · doi:10.1007/s10490-023-09900-w · Cited by 5
“Studies also paid attention to institutional investors’ investment horizons and CSR (Erhemjamts & Huang, 2019; Gloßner, 2019; Kim et al., 2019).”
Hong, Y., & Cao, C.-Y. (2023) · Journal of Risk and Financial Management · doi:10.3390/jrfm16020120 · Cited by 5
Institutional investor’ proportions and inactive trading
Wang, J.-R., Liu, S.-C., & Yang, H. (2022) · International Review of Financial Analysis · doi:10.1016/j.irfa.2022.102207 · Cited by 5
Institutional investment horizon, state ownership, and earnings management: evidence from China
Wang, Z., Liao, K.-Z., & An, W.-D. (2022) · Applied Economics Letters · doi:10.1080/13504851.2022.2064418 · Cited by 5
“Institutional investors with a longer investment horizon are motivated to monitor because they hold shares long enough to realize long-term benefits (Kim et al. 2019).”
BackgroundESG performance and corporate default risk: insights from investor perspectives
Yang, H., Li, X., & Li, M. (2025) · Risk Management · doi:10.1057/s41283-025-00182-8 · Cited by 3
“Kim et al. (2019) finds that proactive, long-term institutional investors foster improvements in corporate social responsibility performance.”
Impact of the Experience of the CEO and the Board on CSR Performance
Zhang, Y., & Fang, M. (2025) · Journal of Quality Assurance in Hospitality & Tourism · doi:10.1080/1528008x.2025.2462993 · Cited by 4
Institutional Investors with Disciplinary History and CSR Behavior of Investee Firms
Bonsall, S., Mammadov, B., & Zykaj, B. (2025) · Journal of Business Ethics · doi:10.1007/s10551-024-05905-7 · Cited by 4
“Prior research finds evidence that institutional investors can affect firms’ CSR activities and related disclosures (DesJar-dine & Durand, 2020; Dyck et al., 2019; Kim et al., 2019), albeit with mixed evidence.”
Liu, Y.-S., Chen, W., & Luo, Y.-L. (2024) · Accounting forum · doi:10.1080/01559982.2024.2420139 · Cited by 4
CSR spillover effects of corporate M&As by U.S. Acquirers
Kang, G. I.-J., & Ahn, H. S. (2024) · Industry and Innovation · doi:10.1080/13662716.2024.2340623 · Cited by 3
“Prior research (Kim et al. 2019; Di Giuli and Kostovetsky 2014) has indicated that the MB ratio serves as a proxy for financial distress, with less financially distressed firms often displaying elevated CSR ratings.”
Yue, T., Tong, J., Wen, X., & Chu, C. (2026) · Economic Modelling · doi:10.1016/j.econmod.2025.107462 · Cited by 3
When optimism hurts: Managerial expectations and investment inefficiency
Xing, L.-C., Qiu, G., Chen, X.-Z., & Zhang, Y.-Y. (2025) · Finance Research Letters · doi:10.1016/j.frl.2025.108426 · Cited by 3
Zheng, Y., Abdullah, M., & Rahin, N. M. (2025) · SAGE Open · doi:10.1177/21582440251394582 · Cited by 3
“The intrinsic nature of these institutions’ capital compels an investment focus on long-term developmental value, supersed-ing concerns over short-term fluctuations (H. Kim et al., 2018).”
Watchdogs of greenwashing: The role of long-term institutional cross-ownership
Yin, W., Wang, G., & Yu, Y. (2025) · Global Finance Journal · doi:10.1016/j.gfj.2025.101177 · Cited by 3
Aljabri, Q. (2024) · Journal of Global Responsibility · doi:10.1108/jgr-04-2024-0072 · Cited by 3
Park, Y. S., & Na, J. (2024) · Heliyon · doi:10.1016/j.heliyon.2024.e39365 · Cited by 3
“As we alluded to earlier, long-term institutional investors have a longer investment horizon, so they are motivated to induce decision-makers to involve more long-term projects [27,42,43].”
BackgroundHe, J., & Yang, S. (2024) · PLoS ONE · doi:10.1371/journal.pone.0307638 · Cited by 3
“Previous studies on institutional investors have primarily focused on their impact on CSR [31– 34].”
BackgroundLiu, Y., & Du, X.-H. (2024) · PLoS ONE · doi:10.1371/journal.pone.0302165 · Cited by 3
Chen, S., & Yang, G. (2023) · PLoS ONE · doi:10.1371/journal.pone.0293505 · Cited by 3
Firm innovation and ultimate control mechanism: Case of emerging market
Shaikh, R., Li, Z., Wang, X., & Nazir, M. R. (2021) · Managerial and Decision Economics · doi:10.1002/mde.3392 · Cited by 3
Sustainability Reporting Future Study Using Scenario Planning Approach
Kashanipour, M., Fathi, M., Faraji, O., & Rahmani, M. (2021) · Iranian journal of Value and Behavioral Accounting · doi:10.52547/aapc.5.10.69 · Cited by 3
CSR in Times of Crisis: Evidence from the COVID-19 PandemicPreprint
Bae, K.-H., Ghoul, S. E., Gong, J., & Guedhami, O. (2020) · Social Science Research Network · doi:10.2139/ssrn.3726390 · Cited by 3
In Labels We Trust? The Influence of Sustainability Labels on Mutual Fund Flows
Ramos, S. B., Cortez, M. C., Covachev, S., & Silva, F. (2025) · European Financial Management · doi:10.1111/eufm.70027 · Cited by 6
Inside the black box of ESG-related terms in corporate site visits and ESG ratings improvement*
Tang, S., Liu, C., Su, F., & Zhu, P. (2025) · Asia-Pacific Journal of Accounting & Economics · doi:10.1080/16081625.2025.2489459 · Cited by 2
“…focusing on ESG-related concerns that deteriorate the company’s long-term value, promoting corporate ESG compliance, mitigating firms’ ESG risks, and enhance corporate reputations, thereby leading to long-term corporate valuation creation (Barko, Cremers, and Renneboog 2022; Kim et al. 2019).”
Institutional Investor Shareholding and Corporate Social Responsibility
Dong, X.-N. (2025) · Advances in Economics, Management and Political Sciences · doi:10.54254/2754-1169/2025.21152 · Cited by 2
“They effectively influence management decisions as well as hold shares for a long time [5].”
Cumming, D. J., Lu, F., Xu, L., & Yu, C.-F. J. (2025) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2025.102736 · Cited by 5
Human capital disclosures and institutional ownership
Thompson, L. (2024) · Finance Research Letters · doi:10.1016/j.frl.2024.106384 · Cited by 2
Who are responsible venture capitalists? The effect of business experience
Zhang, L., Cui, X., & Jing, W. (2024) · International Review of Economics & Finance · doi:10.1016/j.iref.2024.103593 · Cited by 3
Shareholders coordination and stock price crash risk
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Is Corporate Social Responsibility Really Able to Create Long-Term Sustainability Value?
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Classified Boards and Corporate Environmental and Social Performance
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Institutional investors’ representative director and firm ESG performance
Yu, C.-A., Ali, M. M., Chen, C.-L., & Chang, Y. (2026) · Corporate Ownership and Control · doi:10.22495/cocv23i2art11 · Cited by 1
Zhang, Y.-W., Gao, D., Zhao, Y., & Wang, Q. (2026) · Sustainability · doi:10.3390/su18126030 · Cited by 1
Institutional cross-ownership and ESG decoupling
Khalifa, M., Ullah, S., & Abdelfattah, T. (2026) · Review of Quantitative Finance and Accounting · doi:10.1007/s11156-026-01531-8 · Cited by 1
Ning, J.-Q., Liu, H., Zhang, Y., & Jia, M. (2026) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2026.103274 · Cited by 1
Foreign divestment and corporate ESG performance: Evidence from China
Si, C.-X., & Xue, Y. (2026) · Journal of Asian Economics · doi:10.1016/j.asieco.2026.102143 · Cited by 1
Green Truth or Green Mirage? Carbon Information Disclosure and Asset Mispricing
Chen, W.-Y., Wang, Y., & Ren, H. (2026) · Business & Society · doi:10.1177/00076503251404375 · Cited by 1
“Second, transparent sustainability disclosure strengthens investor confidence by increasing market trust (Lins et al., 2017), attracting long-term investors (Kim et al., 2019), and enhancing institutional participation (Y. Liu et al., 2024).”
Institutional investment horizons in Türkiye: The role of economic factors
Avci, S. (2026) · Borsa Istanbul Review · doi:10.1016/j.bir.2026.100801 · Cited by 1
The catalysts of environmental policy: influence of investors on corporate green technology
Jin, S., Zhou, F., & Liu, H. (2025) · Management Decision · doi:10.1108/md-04-2024-0796 · Cited by 1
Succession without Sustainability? CEO turnover and ESG performance: Evidence from China
Fan, Y., Guo, M.-M., & Pan, Y. (2025) · International Review of Economics & Finance · doi:10.1016/j.iref.2025.104843 · Cited by 1
How does corporate social responsibility impact working capital amid financial constraints?
Sargon, B. (2025) · Applied Economics · doi:10.1080/00036846.2025.2586291 · Cited by 2
Wang, Z. (2025) · Emerging Markets Review · doi:10.1016/j.ememar.2025.101345 · Cited by 1
Explaining CSR Disclosure Levels of U.S. Firms
Demir, M. C., Martell, T. F., & Ozbilgin, M. (2025) · Journal of Business Finance & Accounting · doi:10.1111/jbfa.70018 · Cited by 1
Responsive CSR as damage control and the effect of institutional owner commitment
Dennis, S. A., Tsai, H.-H., & Via, M. T. (2025) · Global Finance Journal · doi:10.1016/j.gfj.2025.101162 · Cited by 1
Lyu, X., & Zhao, Y. (2025) · Finance Research Letters · doi:10.1016/j.frl.2025.108390 · Cited by 1
Nundhapana, N., Treepongkaruna, S., & Jiraporn, P. (2025) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.3267 · Cited by 1
Fitria, M., & Cahyani, A. (2025) · Indonesian Journal of Contemporary Multidisciplinary Research · doi:10.55927/modern.v4i1.13598 · Cited by 1
“To understand the relationship between cash holdings and these characteristics, existing literature highlights several explanatory theories: the trade-off theory, the pecking order theory, and the agency theory (Jani et al., 2011; Kim et al., 2019).”
Yang, W.-N., Zhang, M., Tao, C., & Yan, J. (2024) · PLoS ONE · doi:10.1371/journal.pone.0314805 · Cited by 1
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Hao, X.-L., Li, K., & Wen, S.-F. (2024) · Journal of Information Economics · doi:10.58567/jie02030001 · Cited by 1
“…factors such as economic capacity (Jensen, 2002), financial performance (Margolis & Walsh, 2003; Zu & Song, 2008), corporate culture, management characteristics (Mcguinness et al., 2016), institutional investor characteristics (Kim et al., 2019), and analyst tracking (Adhikari & Binay, 2016).”
Foreign ownership and M&A activity: Evidence from China
Liu, H., Ye, X.-L., & Zhang, Q. (2024) · The North American journal of economics and finance · doi:10.1016/j.najef.2024.102179 · Cited by 1
Gao, J. Y., Feng, Y., Xu, Z., & Luo, Q. (2023) · The International Entrepreneurship and Management Journal · doi:10.1007/s11365-022-00827-0 · Cited by 1
“While short-term institutional investors usually trade more frequently, pay more attention to short-term interests, tend to profit from frequent trading, and have weak motivation to participate in corporate governance (Kim et al., 2019).”
BackgroundOWNERSHIP AND SUSTAINABILITY: THE TYPE OF SHAREHOLDER MATTERS
Bancel, F., & Glavas, D. (2022) · Bankers, Markets & Investors · doi:10.54695/bmi.169.31 · Cited by 1
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Zhao, X., Fang, L., & Zhang, K. (2021) · Journal of Business Ethics · doi:10.1007/s10551-020-04705-z · Cited by 46
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Institutional Ownership and Corporate Exposure to Equal Employment Opportunity Lawsuits
Liu, C. (2026) · Corporate governance: An International Review · doi:10.1111/corg.70066
Li, W., Padmanabhan, P., & Huang, C. (2026) · Corporate Governance An International Review · doi:10.1111/corg.70064
Do political connections affect the institutional ownership of firms? Evidence from Malaysia
Tan, K. W., & Wong, M. F. (2026) · Asian Journal of Economics and Banking · doi:10.1108/ajeb-10-2025-0137
Beyond the firm boundary: Green institutional investors and suppliers’ climate risk disclosure
Wu, K., Zhou, J., & Wu, T.-T. (2026) · Finance research letters · doi:10.1016/j.frl.2026.110795
Automation and corporate social responsibility
Iskenderoglu, C., & Ince, B. (2026) · International Review of Financial Analysis · doi:10.1016/j.irfa.2026.105407
Do Transparent Firms Generate Greener Ideas? ESG and Green Patents in China
Andrikopoulos, A., Michaelides, P., & Xie, G.-X. (2026) · The Financial Review · doi:10.1111/fire.70074
Pricing ESG Risk—How National Sustainability Institutions and Firm CSR Shape Investor Responses
Ho, C. C. Y., Ma, L., & Chang, M. (2026) · Accounting & Finance · doi:10.1111/acfi.70278
CEOs’ Capital Gains Taxes and Corporate Environmental Performance
Xu, B., Li, Y., Song, W., & Banerji, S. (2026) · Financial Review · doi:10.1111/fire.70069
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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