scholarly journals State Pension Funds and Corporate Social Responsibility: Do Beneficiaries’ Political Values Influence Funds’ Investment Decisions?

2019 ◽  
Vol 165 (3) ◽  
pp. 489-516 ◽  
Author(s):  
Andreas G. F. Hoepner ◽  
Lisa Schopohl
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Investment Decisions ◽  
Pension Funds ◽  
Political Values ◽  
State Pension ◽  
Corporate Social ◽  
State Pension Funds

scholarly journals Pengaruh Dimensi Pengungkapan Corporate Social Responsibility Terhadap Future Institutional Ownership

2016 ◽  
Vol 17 (1) ◽  
pp. 91
Author(s):  
Rizky Eriandani
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Institutional Investors ◽  
Positive Impact ◽  
Investment Decisions ◽  
Measurement Instrument ◽  
Institutional Ownership ◽  
Manufacturing Companies ◽  
Csr Disclosure ◽  
Corporate Social

<em>Corporate social responsibility practice becomes important subject in company`s activity, because it will affect the company's reputation. Besides, institutional investors likely prefer to invest in companies that have a social responsibility as it is considered to increase the legitimacy and future performance. This study aims to investigate the effect of CSR disclosure on institutional ownership. We use percentages ownership to measure institutional ownership. CSR measurement instrument used in this study adopted a previous research. The instrument comes from research Hackston and Milne, which was adjusted with Bapepam regulation in Indonesia. We also divided CSR disclosures in four sub-dimensions. The samples used in this research were 115 listed agriculture, mining, and manufacturing companies in indonesian Stock Exchange which studied during the years of 2010. Using SPSS 20, The analysis methods of this research used multiple regression analysis. Studies shows that not all dimensions of CSR disclosure effect on institutional ownership. Only product dimensions of CSR disclosures has a significant positive impact on institutional ownership. However, this paper fail to find any significant impact of another CSR dimensions. Thus, our study suggests that the dimensions of the product can affect investment decisions. In contrast, institutional investors have not focused on environment, employee relation, and community activities in investment decisions.</em>

scholarly journals Who Values Corporate Social Responsibility in the Korean Stock Market?

2019 ◽  
Vol 11 (21) ◽  
pp. 5924 ◽  
Author(s):  
Sangki Lee ◽  
Insu Kim ◽  
Chung-hun Hong
Keyword(s):  
Corporate Social Responsibility ◽  
Stock Market ◽  
Social Responsibility ◽  
Private Sector ◽  
Abnormal Returns ◽  
Pension Funds ◽  
Public Pension ◽  
Korean Stock Market ◽  
The Government ◽  
Corporate Social

In this study, we explore the stock market’s response to new information that a firm has been included in the Dow Jones Sustainability Index (DJSI) in Korea. In addition, we investigate which investor group contributes to the changes, if any significant increase in returns is found, after a firm’s incorporation into the DJSI. This study aims to identify which investors value corporate social responsibility (CSR) in the Korean stock market and examine whether the government-led campaigns for CSR have affected private sector investors, as well as those from the public sector. We find statistically significant abnormal returns for firms after their first listing in the index, implying that investors in Korean markets consider a firm’s inclusion in the DJSI as good news for the firm value. Using a unique dataset from the Korea Exchange (KRX) on investors, we classify investors into four groups: individual investors, public pension funds, other institutional investors, and foreign investors. Unlike prior studies that focus only on the existence of abnormal returns, we investigate the trading behavior of each investor group for such announcements. We find that it is mainly the buying pressure of public pension funds that generates abnormal returns. By contrast, we cannot find statistically significant results for the other investor groups. This result implies that the government-led campaign for CSR has only had limited effects in the Korean stock market, and that awareness of CSR in the private sector should be improved.

scholarly journals Corporate Social Responsibility Strategies of Spanish Listed Firms and Controlling Shareholders’ Representatives

2017 ◽  
Vol 31 (4) ◽  
pp. 339-359 ◽  
Author(s):  
María Consuelo Pucheta-Martínez ◽  
Blanca López-Zamora
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Mutual Funds ◽  
Legal Protection ◽  
Pension Funds ◽  
Insurance Companies ◽  
Investment Funds ◽  
Controlling Shareholders ◽  
Csr Strategies ◽  
Corporate Social

This article aims at analyzing how controlling shareholders’ representatives on boards affect corporate social responsibility (CSR) strategies (disclosing CSR matters) in Spain, a context characterized by high ownership concentration, one-tier boards, little board independence, weak legal protection for investors, and the presence of large shareholders, especially institutional shareholders. Furthermore, among controlling shareholders’ representatives, we can distinguish between those appointed by insurance companies and banks and those appointed by mutual funds, investment funds, and pension funds. The effect of these categories of directors on CSR strategies is, therefore, also analyzed. Our findings suggest that controlling shareholders’ representatives have a positive effect on CSR strategies, as do directors appointed by investment funds, pension funds, and mutual funds, while directors appointed by banks and insurance companies have no impact on CSR strategies. This analysis offers new insights into the role played by certain types of directors on CSR strategies.

scholarly journals Corporate Social Responsibility, Investment Decisions, and Managerial Ownership on Value of The Company : Evidence from Indonesia

2021 ◽  
Vol 2 (4) ◽  
pp. 268-285
Author(s):  
Kenny Ardillah ◽  
Thenia Thenia
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Investment Decisions ◽  
Sampling Technique ◽  
Multiple Linear Regression Analysis ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Corporate Social

This study aims to prove the influence of corporate social responsibility, investment decisions and managerial ownership on value of the company. Theories used in this research are agency theory and signal theory. This research was done on all manufacturing companies listed on the Indonesia Stock Exchange for the period of 2016-2018. The sampling method used is purposive sampling technique and the data analysis method used is multiple linear regression analysis. The results of this study show that corporate social responsibility and managerial ownership have no influence on value of the company, while investment decisions have a positive influence on value of the company. Few suggestions for the further research are adjust research periods, use other criteria of sample, use other indicators such as funding decisions, company size, other corporate governance indicators, or use other methods to measure value of the company.

Value-Relevance of Corporate Social Responsibility: Evidence from Short Selling

2016 ◽  
Vol 28 (2) ◽  
pp. 29-52 ◽  
Author(s):  
Archana Jain ◽  
Pankaj K. Jain ◽  
Zabihollah Rezaee
Keyword(s):  
Corporate Social Responsibility ◽  
Standard Deviation ◽  
Social Responsibility ◽  
Value Relevance ◽  
Investment Decisions ◽  
Short Selling ◽  
Return On Assets ◽  
Return On Equity ◽  
Short Sellers ◽  
Corporate Social

ABSTRACT We examine whether short sellers, as informed investors, take into consideration corporate social responsibility (CSR) performance and disclosure in the areas of environmental, social, and governance (ESG) sustainability in making investment decisions. We find that firms' market value and future financial performance, measured by price per share, return on equity, and return on assets, are lower, whereas operating risk, measured by the standard deviation of return on equity and the standard deviation of return on assets, is higher for firms with low composite ESG scores. We detect a negative association between ESG scores and short selling, indicating that short sellers avoid firms with high ESG scores and tend to target firms with low ESG scores. We conclude that investors consider firms' ESG scores as value relevant in making investment decisions and thus management should integrate CSR into strategic decisions and corporate reporting. JEL Classifications: G32; M40.

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