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Active ownership

Dimson, Elroy, Karakaş, Oğuzhan and Li, Xi ORCID: 0000-0002-9870-9661 (2015) Active ownership. Review of Financial Studies, 28 (12). pp. 3225-3268. ISSN 0893-9454

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Identification Number: 10.1093/rfs/hhv044


We analyze an extensive proprietary database of corporate social responsibility engagements with U.S. public companies from 1999–2009. Engagements address environmental, social, and governance concerns. Successful (unsuccessful) engagements are followed by positive (zero) abnormal returns. Companies with inferior governance and socially conscious institutional investors are more likely to be engaged. Success in engagements is more probable if the engaged firm has reputational concerns and higher capacity to implement changes. Collaboration among activists is instrumental in increasing the success rate of environmental/social engagements. After successful engagements, particularly on environmental/social issues, companies experience improved accounting performance and governance and increased institutional ownership.

Item Type: Article
Official URL:
Additional Information: © 2015 The Authors
Divisions: Accounting
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Date Deposited: 05 Dec 2017 14:28
Last Modified: 22 May 2024 02:15

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