The role of mutual funds in corporate social responsibility
This paper examines the role of mutual funds in corporate social responsibility (CSR). Using a fund-level, holdings-based CSR score, we find that CSR-friendly mutual funds improve firms’ CSR standings. This effect is more pronounced for firms with higher mutual fund ownership and stronger corporate...
Authors: | ; ; |
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Format: | Electronic Article |
Language: | English |
Check availability: | HBZ Gateway |
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Published: |
Springer
2021
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In: |
Journal of business ethics
Year: 2021, Volume: 174, Issue: 3, Pages: 715-737 |
Further subjects: | B
M14
B Corporate social responsibility B Corporate governance B D22 B Socially Responsible Investment B Executive Compensation B Aufsatz in Zeitschrift B G12 B G15 B mutual funds |
Online Access: |
Volltext (lizenzpflichtig) Volltext (lizenzpflichtig) |
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520 | |a This paper examines the role of mutual funds in corporate social responsibility (CSR). Using a fund-level, holdings-based CSR score, we find that CSR-friendly mutual funds improve firms’ CSR standings. This effect is more pronounced for firms with higher mutual fund ownership and stronger corporate governance. We further show that while CSR-friendly mutual funds have influence on almost all CSR categories, they focus on increasing CSR strengths rather than reducing CSR concerns. We also discover that CSR-friendly funds are more likely to vote in favor of CSR proposals, and that firms owned by CSR-friendly funds are more likely to link their CEO compensation to CSR outcomes. These results suggest that actively managed mutual funds, which were previously thought to be indifferent (or even detrimental) to social and ethical issues, play a significant role in corporate social outcomes of the firms they invest in. | ||
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STA | 0 | 0 | |a Corporate governance,Corporate control,Corporate social responsibility |
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STC | 0 | 0 | |a Gobierno corporativo,Responsabilidad social de la empresa |
STD | 0 | 0 | |a Corporate governance,Governo d'impresa,Governo d'impresa,Corporate social responsibility,Responsabilità sociale d'impresa,Responsabilità sociale d'impresa |
STE | 0 | 0 | |a 企业管理,商团治理,公司治理 |
STF | 0 | 0 | |a 企業社會責任,企業管理,商團治理,公司治理 |
STG | 0 | 0 | |a Governança corporativa,Responsabilidade social da empresa |
STH | 0 | 0 | |a Корпоративная социальная ответственность,Корпоративное управление |
STI | 0 | 0 | |a Εταιρική διακυβέρνηση,Corporate governance,Εταιρική κοινωνική ευθύνη,Corporate social responsibility |
SYE | 0 | 0 | |a Unternehmenskontrolle,Unternehmensüberwachung , Corporate social responsibility,Corporate citizenship,Corporate environment responsibility,Corporate environmental responsibility,Corporate responsibility,Corporate sustainability management,Corporate volunteering,CSR (Corporate social responsibility),Environmental social governance,ESG,Gesellschaftliche Unternehmensverantwortung,Gesellschaftliche Verantwortung von Unternehmen,Gesellschaftliches Engagement von Unternehmen,Nachhaltigkeitsmanagement,Soziale Verantwortung von Unternehmen,Soziales Engagement von Unternehmen,Unternehmensverantwortung,Unternehmerische Sozialverantwortung,CSR,Corporate Citizenship,Unternehmerische Gesellschaftsverantwortung,Unternehmerische Sozialverantwortung,Unternehmen |