Skip to main content

Please enter a keyword and click the arrow to search the site

Active Ownership

Subject

Finance

Publishing details

IFA Working Paper

Authors / Editors

Dimson E;Karakas O;Li X

Biographies

Publication Year

2014

Abstract

We analyze an extensive proprietary database of corporate social responsibility engagements with US public companies over 1999-2009. Engagements address environmental, social, and governance concerns. Successful (unsuccessful) engagements are followed by positive (zero) abnormal returns. Companies with inferior governance and socially conscious institutional investors are more likely to be engaged. Success in engagements is more probable if the engaged firm has reputational concerns and higher capacity to implement changes. Collaboration among activists is instrumental in increasing the success rate of environmental/social engagements. After successful engagements, particularly on environmental/social issues, companies experience improved accounting performance and governance, and increased institutional ownership.

Keywords

Engagement; corporate social responsibility (CSR); environmental, social, and governance (ESG), socially responsible investing (SRI); universal ownership; shareholder activism

Series

IFA Working Paper

Available on ECCH

No


Select up to 4 programmes to compare

Select one more to compare
×
subscribe_image_desktop 5949B9BFE33243D782D1C7A17E3345D0

Sign up to receive our latest news and business thinking direct to your inbox

×

Sign up to receive our latest course information and business thinking

Leave your details above if you would like to receive emails containing the latest thought leadership, invitations to events and news about courses that could enhance your career. If you would prefer not to receive our emails, you can still access the case study by clicking the button below. You can opt-out of receiving our emails at any time by visiting: https://london.edu/my-profile-preferences or by unsubscribing through the link provided in our emails. View our Privacy Policy for more information on your rights.