Engagement of directors representing institutional investors on environmental disclosure

Pucheta‐Martínez, María Consuelo; López‐Zamora, Blanca

doi:10.1002/csr.1525

Cited by 36 publications

(35 citation statements)

References 107 publications

(177 reference statements)

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“…Firms with superior environmental performance can reduce operating costs, have better use of resources and capabilities, and take advantage of market opportunities created by an increasing demand for environmental friendly goods and services, in addition to managing risk, including reputational risk, and in general, increasing the economic benefits derived from improved stakeholder relations (Cordeiro & Tewari, ). Corporate sustainability is also increasingly a consideration in the investment decisions of institutional investors (Alda, ) concerned about their reputation (Pucheta‐Martínez & López‐Zamora, ). Given the salience of corporate environmental strategies today, several scholars from different fields of study, have tried to identify and analyze the drivers that may encourage a company to develop and sustain its environmental performance.…”

Section: Theoretical Framework and Research Hypothesesmentioning

confidence: 99%

“…Corporate sustainability is also increasingly a consideration in the investment decisions of institutional investors (Alda, 2019) concerned about their reputation (Pucheta-Martínez & López-Zamora, 2018). Given the salience of corporate environmental strategies today, several scholars from different fields of study, have tried to identify and analyze the drivers that may encourage a company to develop and sustain its environmental performance.…”

Section: Theoretical Framework and Research Hypothesesmentioning

confidence: 99%

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Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures

2020

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While prior work has investigated the impact of (a) ownership structure and (b) board gender diversity separately on corporate environmental performance, researchers have not studied the potentially important relationship between ownership control and female board diversity in influencing corporate environmental performance jointly. We do so in the context of majority ownership in family‐controlled and dual‐class firms whose motives and influence are theoretically different from that of the firm's minority shareholders. Drawing on resource dependency, socioemotional wealth theory, and secondary agency theory, we hypothesize that majority family owners and dual‐class owners likely choose women directors to help advance their personal preferences for environmental corporate social responsibility. Our empirical tests utilizing 2,755 U.S. firm years over the 2010–2015 show that, as hypothesized, these two majority ownership types interact with board gender diversity to positively influence corporate environmental performance.

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Section: Theoretical Framework and Research Hypothesesmentioning

confidence: 99%

Section: Theoretical Framework and Research Hypothesesmentioning

confidence: 99%

Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures

2020

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“…The abilities and experience of board members also act as driving forces of CSR performance and are mainly reflected in the education level of board members, the specialization of CSR committees, and the proportion of directors with foreign experience (Fuente, Garcia‐Sanchez, & Lozano, ; Katmon et al, ; Lau, Lu, & Liang, ). Existing research has also found that directors representing institutional investors play a positive role in CSR decision‐making (Pucheta‐Martínez & López‐Zamora, ). Additionally, independent directors can help firms fulfil their social responsibilities and especially in companies with a high cost of equity capital and low proprietary costs (García‐Sánchez & Martínez‐Ferrero, ).…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Social trust and corporate social responsibility: Evidence from China

Chen

Wan

2019

Corp Soc Responsibility Env

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Based on neo‐institutional theory, this paper examines whether social trust can influence corporate social responsibility (CSR). Using a sample of 4,209 observations selected from 788 firms listed in China between 2008 and 2015 and adopting an ordinary least square regression, we provide strong empirical evidence showing that social trust is positively associated with CSR. The result supports the view that social trust, as a kind of socially normative force, helps corporate managers safeguard stakeholders' interests by engaging in socially responsible activities. Our result holds after applying a series of robustness tests. We further find the positive relationship between social trust and CSR is more pronounced for state‐owned companies. This paper is one of the first to focus on and examine the relationship between social trust and CSR, and the findings contribute to our understanding of the determinants of CSR and highlight the influential role of social trust in improving CSR.

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“…We introduce control variables including financial leverage (LEV), firm size (SIZE), institutional investors' shareholdings (INST), operational cash flow (OCF), and revenue growth rate (GROWTH) according to Arena, Bozzolan, and Michelon () and Ali, Frynas, and Mahmood (). We also controlled factors in corporate governance such as years from listing (AGE), ownership type (SOE), share proportion of the largest shareholder (TOP1), CEO duality (DUAL), board size (BOARD), and independent directors' ratio (IND) in line with Pucheta‐Martínez and López‐Zamora () and García‐Meca and Pucheta‐Martínez (). Lastly, we control for industry effects by construct dummies, which were identified by the two‐digit industry code, according to the Industry Classification Guidance of Listed Companies issued by the China Securities Regulatory Commission in 2012.…”

Section: Methodsmentioning

confidence: 99%

“…We eliminated ST and ST* firms, which is the "Special Treatment" tag from the stock exchanges. The "Special Treatment" tag means firms have severe financial restrictions because of financial losses for two consecutive years or failing to provide a certified audit report (Javin Press, 2008). We also excluded firms in the financial industry because financial institutions are generally highly leveraged companies and their financial statements are also different from ordinary companies, which may cause bias in the period of regression.…”

Section: Data and Samplementioning

confidence: 99%

Do mutual fund networks affect corporate social responsibility? Evidence from China

Wang

2019

Corp Soc Responsibility Env

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The mutual fund plays an important role in corporate governance and corporate social responsibility. From the perspective of the social network, using data from A‐listed companies in China from 2009 to 2016, this paper empirically tests the influence of mutual fund networks on corporate social responsibility behaviours. To solve the sample selection bias in this study, we utilize propensity score matching to find the different social responsibility behaviours between firms with or without highly concentrated mutual funds. Our results suggest that mutual fund investors positively impact a firm's corporate social responsibility performance, as predicted. The fund network centrality and pressure mechanism have a positive impact on corporate social responsibility performance because they provide more peer pressure and network information to firms in which they are heavily invested. This paper provides new evidence on how mutual fund investors affect corporate social responsibility performance, which is meaningful to examine in corporate green governance.

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Engagement of directors representing institutional investors on environmental disclosure

Cited by 36 publications

References 107 publications

Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures

Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures

Social trust and corporate social responsibility: Evidence from China

Do mutual fund networks affect corporate social responsibility? Evidence from China

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