{"title":"The impact of institutional investors’ ESG concerns on corporate ESG disclosure: Evidence from site visits","authors":"Jun Huang , Feifei Han , Yun Li","doi":"10.1016/j.frl.2025.106957","DOIUrl":null,"url":null,"abstract":"<div><div>This paper uses textual analysis to investigate whether and how institutional investors’ ESG concerns influence firms’ ESG disclosure by identifying ESG-related questions during site visits. The findings show that institutional investors’ ESG concerns raised during site visits inspire firms to improve ESG disclosure. We further find that this positive relationship is enhanced by the shareholding of long-term institutional investors, the board secretary's ability, and analyst attention. These findings suggest that institutional investors communicate directly with management to convey their ESG information demands and motivate firms to enhance their ESG disclosures.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"76 ","pages":"Article 106957"},"PeriodicalIF":7.4000,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325002211","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This paper uses textual analysis to investigate whether and how institutional investors’ ESG concerns influence firms’ ESG disclosure by identifying ESG-related questions during site visits. The findings show that institutional investors’ ESG concerns raised during site visits inspire firms to improve ESG disclosure. We further find that this positive relationship is enhanced by the shareholding of long-term institutional investors, the board secretary's ability, and analyst attention. These findings suggest that institutional investors communicate directly with management to convey their ESG information demands and motivate firms to enhance their ESG disclosures.
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