Cited by 1,242Corporate Social Responsibility ReportingCorporate Finance and GovernanceFinancial Markets and Investment Strategies

The DOI matches its Crossref record; 93 of the 93 references it cites were found in a registry or an index.

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Dimson, Elroy, Karakaş, Oğuzhan, Li, Xi·2015·Review of Financial Studies

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.

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Show all 90 references

Research works printed but not linked: 8

  1. Brav A. Jiang W. Kim H. . 2015. The real effects of hedge fund activism: Productivity, Asset Allocation, and Labor Outcomes. Review of Financial Studies 28:272–3€“69.
  2. Dimson, 2015, Responsible investing: Does it pay to be bad?, 17
  3. Global Sustainable Investment Alliance. 2015. Global sustainable investment review 2014. Global Sustainable Investment Alliance.
  4. Hawley, 2000, The rise of fiduciary capitalism
  5. Katz, D. A., and L. A. McIntosh. 2015. Corporate governance update: Engagement and activism in the 2015 proxy season. New York Law Journal, January 29.
  6. Monks, 1995, Corporate governance
  7. 10.2307/2329497 · DOI · Paper page
  8. Sullivan & Cromwell. 2014. 2014 proxy season review. New York: Sullivan & Cromwell (25 June).

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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
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
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

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