The reaction to CSR controversies by institutional investors

IF 3.8 4区 管理学 Q2 BUSINESS Brq-Business Research Quarterly Pub Date : 2022-07-16 DOI:10.1177/23409444221110588
Mercedes Alda
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引用次数: 1

Abstract

Despite the importance of Corporate Social Responsibility (CSR) firm controversies, little is known about their effect on institutional investors. We study the most important institutional investors worldwide: pension funds and mutual funds. The separation between fund management and ownership raises the need to examine how fund managers and fund participants react to investee-firms’ CSR controversies. Considering the conventional/Socially Responsible Investment (SRI-fund nature, we find that investee-firms’ controversies diversely affect fund performance, depending on the controversy type. Furthermore, participants and managers of SRI pension and SRI mutual funds display a passive behavior toward controversies. These attitudes are consistent with enduring behavior and continuity investment policies, such as amending/controlling CSR-firm controversies. In contrast, conventional pension-fund and conventional mutual-fund participants seem guided by traditional investment rules to deal with unsatisfactory situations and respond to controversies after managerial decisions regarding these events with negative reactions. Finally, firms developing CSR-engagement strategies may soften market and managerial reactions toward controversies. Nonetheless, symbolic CSR-engagement practices arouse participants’ responses. JEL CLASSIFICATION: G11, G23, M14
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机构投资者对企业社会责任争议的反应
尽管企业社会责任(CSR)对企业的重要性存在争议,但人们对其对机构投资者的影响知之甚少。我们研究全球最重要的机构投资者:养老基金和共同基金。基金管理和所有权之间的分离提出了研究基金经理和基金参与者如何应对被投资公司CSR争议的必要性。考虑到传统/社会责任投资(SRI-fund)基金的性质,我们发现被投资公司的争议对基金业绩的影响是不同的,这取决于争议的类型。此外,SRI养老金和SRI共同基金的参与者和管理者对争议表现出被动行为。这些态度与持久的行为和持续的投资政策是一致的,例如修正/控制csr公司的争议。相比之下,传统的养老基金和共同基金参与者似乎在传统投资规则的指导下,处理不满意的情况,并在有关这些事件的管理决策后对争议做出负面反应。最后,制定企业社会责任参与战略的公司可能会缓和市场和管理层对争议的反应。然而,象征性的企业社会责任参与实践引起了参与者的反应。凝胶分类:g11、g23、m14
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来源期刊
CiteScore
7.50
自引率
6.90%
发文量
14
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