The Role of Mutual Funds in Corporate Social Responsibility

Li, Zhichuan Frank; Patel, Saurin; Ramani, Srikanth

doi:10.1007/s10551-020-04618-x

Cited by 47 publications

(21 citation statements)

References 84 publications

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“…Moreover, there may be some other potential channels through which mutual funds have influence on CEO compensation. For instance, Li et al (2019) document that mutual funds are likely to require a stronger relationship between CEO pay and firm CSR outcomes, and firm CSR outcomes are determined by mutual fund’s corporate social responsibility (CSR) score. Their study indicates that mutual funds’ self‐attributes affect their incentives for monitoring and improving corporate governance, which is a key channel for mutual funds to affect the CEO pay‐performance relationship.…”

Section: Resultsmentioning

confidence: 99%

Institutional investors, controlling shareholders and CEO pay‐performance relationship: evidence from China

Zhang

Pan

2019

Accounting & Finance

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Using a large sample of China’s listed firms between 2005 and 2015, we find that domestic mutual funds have a positive effect on the CEO pay‐performance relationship, and this effect becomes stronger when their ownership is higher and closer to the controlling shareholder’s ownership. This effect is stronger in non‐state‐owned enterprises (non‐SOEs), firms facing weaker industry competition incentives, and firms located in more developed regions. However, Qualified Foreign Institutional Investors (QFIIs) do not have such an influence. Overall, our study contends that the effectiveness of institutional investors’ monitoring role is subject to their identity, controlling shareholders and institutional environments.

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Section: Resultsmentioning

confidence: 99%

Institutional investors, controlling shareholders and CEO pay‐performance relationship: evidence from China

Zhang

Pan

2019

Accounting & Finance

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“…One stream of literature highlights the impact of mutual funds on public firm CSR behavior (see, e.g. Li et al, 2020). Here, the reverse relationship is explored to show how external pressures for conformity and differentiation impact internal justifications of CSR practice.…”

Section: Discussionmentioning

confidence: 99%

“…Mutual fund companies that incorporate socially responsible investing (SRI) represent a unique form of corporation that explicitly pursues social as well as economic goalsa maximum responsibility view of CSR (Campbell, 2007). This segment of the industry has had rapid growth with over $12 trillion in investment dollars being managed by mutual funds that incorporate ESG criteria (Li et al, 2020). Literature has extensively investigated the performance of socially responsible investment (SRI) and mutual funds (see, e.g.…”

Section: Exploring Pressures For Csr In Mutual Fundsmentioning

confidence: 99%

“…Recent research on CSR and mutual funds has focused on mutual fund firms and their impact on socially responsible behavior of publicly traded firms (Li et al, 2020;Qi et al, 2020). Li et al (2020), for example, conducted research on whether mutual funds influence the CSR activities of firms they invest in. They found that actively managed CSR-friendly funds have a positive influence on their holding firms' CSR.…”

Section: Introductionmentioning

confidence: 99%

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Under pressure: exploring pressures for corporate social responsibility in mutual funds

Rankin

2020

QROM

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PurposeThis empirical study seeks to understand how mutual fund firms interpret conflicting pressures to conform or differentiate in the context of corporate social responsibility (CSR). Research suggests that organizations engage in practices that conform to industry standards in order to be seen as legitimate members of their industry. Other studies suggest that organizations differentiate themselves in order to compete and outperform their rivals. Pressures for organizational conformity and differentiation are explored in two types of organizations in the mutual fund industry: socially responsible investment (SRI) and non-SRI firms.Design/methodology/approachThe research is based on qualitative in-depth interviews with twenty-six mutual funds.FindingsThe analysis revealed that pressures for conformity and differentiation were salient among mutual fund executives but emphasized differently for the two types of mutual funds.Originality/valueThe study concluded by suggesting SRI firms use both strategies of conformity and differentiation to amplify the message that they adhere to the values of CSR.

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“…The firm's reputation, or its marketing strategy, visibility and the structure of ownership, might play an important role. It drives results, as shown in Li's work [50]. We would like to underline that in this study these factors are not directly examined due to the lack of reliable information (i.e., these indicators are not detailed in the used secondary macro datasets).…”

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confidence: 86%

Employee Volunteerism—Conceptual Study and the Current Situation

Derecskei

Nagy

2020

Sustainability

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The purpose of the study is to analyze employee volunteerism. This issue had not been studied on a broader international level earlier. This research firstly discovers altruism and volunteerism values in the economy. Then, based on the third-party model, observes each part, where participants are the (1) volunteer (employee) (2) company (and its CSR activity) and (3) an external organization, which manages this type of formal volunteerism. Each participant was analyzed through comprehensive analysis using descriptive and inference statistics and classification methods on complex, extensive secondary databases. Altogether, more than 10,000 respondents’ answers are examined from two worldwide surveys, and further ten international statistical indicators and indices are explored. These methods result in volunteer characteristics on a personal level, afterwards in country classification, which provides a cultural comparison of the employee volunteerism. Our findings prove that demographical differences do not, but company-level actions influence the intensity of formal volunteerism. Moreover, three main clusters (formed from 43 countries) show different values. This diversity might partly be caused by measurement fragmentations and lack of internationally accepted definitions and theories. This paper aims to provide a broader overview of the topic, which might be a useful starting point for the forthcoming aggregated conceptualization. Employee volunteers’ behavior arises from the personal value of volunteerism. However, the attendance and intensity of voluntary activity are primarily influenced by the environment (e.g., life period, living and working situation). Employee volunteerism programs are an important and essential part of CSR at the company level, and strongly frames this activity, where employee volunteerism could associate each participant’s interests and improve their values. However, the practices may differ in each country and in each sector. The current pandemic rewrote the traditional volunteerism model and our projection. The last chapter provides a preliminary study about how employee volunteerism could work in this extraordinary, COVID-19 situation.

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The Role of Mutual Funds in Corporate Social Responsibility

Cited by 47 publications

References 84 publications

Institutional investors, controlling shareholders and CEO pay‐performance relationship: evidence from China

Institutional investors, controlling shareholders and CEO pay‐performance relationship: evidence from China

Under pressure: exploring pressures for corporate social responsibility in mutual funds

Employee Volunteerism—Conceptual Study and the Current Situation

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