The exercise of stewardship responsibilities by institutional investors has become an important emerging and widely-debated topic, especially due to its potential to reform corporate governance culture. Its ultimate objective appears to be change in how investment is thought of and carried out,...

This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate social responsibility (CSR). We first find that an exogenous increase in institutional holding caused by Russell Index reconstitutions improves portfolio firms' CSR...

In this study, we investigate whether and to what extent institutional shareholders' political values influence their investees' environmental disclosure and performance. Using employees' political donation data, we construct institutional investors' political ideology score, which higher...