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Active Ownership
Open accessAbstract
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.
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“These results are also similar to the typical anatomy of the engagement sequences analyzed in Dimson, Karakaş, and Li (2015), in which engagements most often start with discussions between management and shareholders and then potentially escalate depending on how the initial discussions are received.”
From The Importance of Climate Risks for Institutional Investors (2020) · cites this paper as Dimson, Karakaş, and Li (2015)
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“Dimson, Karakaş, and Li (2015) show that engagement on climate risks can enhance shareholder value”
From The Importance of Climate Risks for Institutional Investors (2020) · cites this paper as Dimson, Karakaş, and Li (2015)
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“Dimson et al. (2015) find that successful CSR campaigns by active owners are associated with positive stock returns and better accounting performance.”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Dimson et al. 2015
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Metadata
- Authors
- Dimson, E., Karakaş, O., & Li, X.
- Affiliations
- University of Cambridge (GB)
- Boston College (US)
- Temple University (US)
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2015-08-12
- Volume
- 28
- Issue
- 12
- Pages
- 3225-3268
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W4248292788
- Cited by
- 1,242
- References
- 90
- Citations by year
- 2026: 168 · 2025: 196 · 2024: 192 · 2023: 154 · 2022: 142 · 2021: 100 · 2020: 79 · 2019: 61 · 2018: 53 · 2017: 29 · 2016: 29 · 2015: 14
- FWCI
- 116.40
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- public-domain
- Locations
- Review of Financial Studies (publishedVersion, public-domain)
- SSRN Electronic Journal (acceptedVersion)
- London School of Economics and Political Science Research Online (London School of Economics and Political Science) (acceptedVersion)
- HighWire Press Open Archive (submittedVersion)
- Apollo (University of Cambridge) (submittedVersion)
- Funders
- Temple University
- Inquire Europe
- Fox School of Business, Temple University
- 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 › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- shareholder activism, corporate social responsibility, institutional investors, environmental, social and governance issues, abnormal returns, corporate governance, institutional ownership, corporate reputation, accounting performance, public companies
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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