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...

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Bibliographic Details
Authors: Li, Zhichuan (Author) ; Patel, Saurin (Author) ; Ramani, Srikanth (Author)
Format: Electronic Article
Language:English
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Published: Springer Science + Business Media B. V 2021
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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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 
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