Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/290192 
Erscheinungsjahr: 
2023
Quellenangabe: 
[Journal:] European Financial Management [ISSN:] 1468-036X [Volume:] 30 [Issue:] 2 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2023 [Pages:] 727-769
Verlag: 
Wiley, Hoboken, NJ
Zusammenfassung: 
Using an international data set that quantifies corporate environmental costs, we analyze the influence of institutional investor ownership, particularly investment horizon and investor origin, on the monetized environmental impact generated by their investee firms. Institutional investor ownership is negatively related to corporate environmental costs. This effect is driven by long-term foreign institutional investors, especially investors from advanced economies. Corporate environmental costs are negatively correlated with firm valuation and positively correlated with the cost of equity. Since corporate environmental costs are not reflected in environmental, social and governance ratings, our results shed new light on the role of institutional investors in shaping corporate environmental impact
Schlagwörter: 
corporate environmental costs
cost of equity
foreign investors
institutional investors
investment horizon
sustainability
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