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An Empirical Examination of Institutional Investor Preferences for Corporate Social Performance

Journal of business ethics, 2004-06, Vol.52 (1), p.27-43 [Peer Reviewed Journal]

Copyright 2004 Kluwer Academic Publishers ;Copyright Kluwer Academic Publishers Jun 2004 ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1023/b:busi.0000033105.77051.9d ;CODEN: JBUEDJ

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Title:
An Empirical Examination of Institutional Investor Preferences for Corporate Social Performance
Author: Cox, Paul ; Brammer, Stephen ; Millington, Andrew
Subjects: Business ethics ; Business structures ; Business studies ; Corporate governance ; Corporate responsibility ; Corporations ; Efficient markets ; Ethics ; Financial investments ; Financial regulation ; Great Britain ; Hypotheses ; Institutional investments ; Institutions ; Investigations ; Investment companies ; Investment funds ; Investment trusts ; Investors ; Pension funds ; Preferences ; Product quality ; Social investing ; Social responsibility ; Social responsibility of business ; Stockholders ; Studies ; United Kingdom
Is Part Of: Journal of business ethics, 2004-06, Vol.52 (1), p.27-43
Description: This study investigates the pattern of institutional shareholding in the U.K. and its relationship with socially responsible behavior by companies within a sample of over 500 UK companies. We estimate a set of ownership models that distinguish between long- and short-term investors and their largest components and which incorporate both aggregated and disaggregated measures of corporate social performance (CSP). The results suggest that long-term institutional investment is positively related to CSP providing further support for earlier studies by Johnson and Greening (1999, Academy of Management Journal 42, 564-576) and Graves and Waddock (1994, Academy of Management Journal 37, 1034-1046). Disaggregation of CSP into its constituent components suggests that the pattern of institutional investment is also related to the form which CSP takes. Investigation of the impact of investment screens on the selection of stocks suggests that long-term institutional investors select primarily through exclusion, rejecting those firms which have the worst CSP.
Publisher: Dordrecht: Kluwer Academic Publishers
Language: English
Identifier: ISSN: 0167-4544
EISSN: 1573-0697
DOI: 10.1023/b:busi.0000033105.77051.9d
CODEN: JBUEDJ
Source: ProQuest One Psychology
Alma/SFX Local Collection
ProQuest Central

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An Empirical Examination of Institutional Investor Preferences for Corporate Social Performance

Copyright 2004 Kluwer Academic Publishers ;Copyright Kluwer Academic Publishers Jun 2004 ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1023/b:busi.0000033105.77051.9d ;CODEN: JBUEDJ

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