| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14098 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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