文章基本信息

标题：The Nonlinear Relation between Institutional Ownership and Environmental, Social and Governance Performance in Emerging Countries
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作者：Jennifer Martínez-Ferrero ; María-Belén Lozano
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2021
卷号：13
期号：3
页码：1586
DOI：10.3390/su13031586
语种：English
出版社：MDPI, Open Access Journal
摘要：This paper examines how the level of institutional ownership affects environmental, social, and governance (ESG) performance in emerging countries by jointly investigating a nonlinear relationship. By examining an international sample composed of 17,318 firm–year observations from the period 2012–18 for 16 emerging countries, our findings reveal that the ESG performance of firms located in emerging countries depends on the level of influential institutional ownership, and displays a U-shaped relation, particularly for environmental disclosure. Institutional investors with low ownership are less likely to promote higher ESG performance in emerging countries, although this effect is attenuated when institutional ownership reaches a significant percentage, constituting a critical mass.