G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14098
DP14098 Does Money Talk? Market Discipline through Selloffs and Boycotts
Mariassunta Giannetti; Rachel Li
发表日期2019-11-04
出版年2019
语种英语
摘要Using a novel dataset of negative news coverage of the environmental and social (E&S) practices of firms around the world, we show that customers and investors can provide market discipline and impose their ethical standards on firm policies. Investors sell firms with heightened E&S risk, especially if they are from E&S conscious countries or hold portfolios with high sustainability ratings. Similarly, heightened E&S risk is associated with a drop in firms’ sales in E&S conscious countries. This behavior of E&S conscious investors and customers leads to declines in stock prices, which push firms to improve their E&S policies in the years following negative realizations of E&S risk. Overall, our results indicate that customers and shareholders are able to impose their social preferences on firms, suggesting that market discipline works.
主题Financial Economics
关键词Corporate social responsibility Institutional investors Culture Environment Corporate governance
URLhttps://cepr.org/publications/dp14098
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/542985
推荐引用方式
GB/T 7714
Mariassunta Giannetti,Rachel Li. DP14098 Does Money Talk? Market Discipline through Selloffs and Boycotts. 2019.
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