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  • Issue #3
  • Institutional ownership, environmental, social, and governance performance and disclosure – a review on empirical quantitative research

Institutional ownership, environmental, social, and governance performance and disclosure – a review on empirical quantitative research

  • Received July 22, 2020;
    Accepted September 11, 2020;
    Published September 22, 2020
  • Author(s)
    Link to ORCID Index: https://orcid.org/0000-0001-5960-8449
    Patrick Velte
    ORCID Researcher ID
  • DOI
    http://dx.doi.org/10.21511/ppm.18(3).2020.24
  • Article Info
    Volume 18 2020, Issue #3, pp. 282-305
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Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License

Since the financial crisis of 2008–2009, nonfinancial-related shareholder activism increased, as public interest entities (PIEs) should strengthen their environmental, social, and governance (ESG) activities. This study aims to determine whether institutional ownership (IO) impacts ESG performance and disclosure and vice versa. Moreover, IO’s moderating and mediating influence on the relationship between ESG and firms’ financial consequences is included. This is the first literature review focusing on IO and ESG, describing IO as independent, dependent, moderator, and mediator variable. A structured literature review with 81 empirical-quantitative (archival) studies on that topic is presented based on an agency theoretical framework. Regarding the main results, long-term IO leads to increased ESG performance. Moreover, ESG performance promotes the ratio of institutional investors. Other relationships are rather heterogeneous and too low in an amount yet, stressing major research gaps.

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  • PAPER PROFILE
  • AUTHORS CONTRIBUTIONS
  • FIGURES
  • TABLES
  • REFERENCES
  • Keywords
    corporate governance, CSR performance, CSR reporting, institutional investors, literature review, principal agent theory, stakeholder management
  • JEL Classification (Paper profile tab)
    M40, M41
  • References
    116
  • Tables
    5
  • Figures
    1
    • Figure 1. Research framework for the literature review (the majority of included studies are marked)
    • Table 1. Count of cited published papers
    • Table 2. List of ESG and IO proxies
    • Table 3. Research on the impact of IO on ESG (panel A) and carbon (panel B)
    • Table 4. Research on the impact of ESG on IO
    • Table 5. Research on moderator/mediator analysis of IO on firms’ financial consequences of ESG
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