Does Socially Responsible Investing Change Firm Behavior?

dc.contributor.author	Macciocchi, Daniele
dc.contributor.author	Heath, Davidson
dc.contributor.author	Michaely, Roni
dc.contributor.author	Ringgenberg, Matt
dc.date.accessioned	2021-11-15T17:39:34Z
dc.date.available	2021-11-15T17:39:34Z
dc.date.issued	2021
dc.description.abstract	Socially responsible investment (SRI) funds are increasing in popularity. Yet, it is unclear if these funds improve corporate behavior. Using novel micro-level data, we find that SRI funds select firms with higher environmental and social standards: the firms they hold exhibit lower pollution, greater board diversity, higher employee satisfaction, and higher workplace safety. Yet, using an exogenous shock to SRI capital, we find no evidence that SRI funds improve firm behavior. The results suggest SRI funds invest in a portfolio consistent with the fund's objective, but they do not significantly improve corporate conduct.
dc.identifier.uri	http://hdl.handle.net/10125/77068
dc.subject	Corporate Social Responsibility
dc.subject	CSR
dc.subject	ESG
dc.subject	Institutional Investors
dc.subject	Socially Responsible Investing
dc.title	Does Socially Responsible Investing Change Firm Behavior?
dc.type.dcmi	Text

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