• Seminari: «Do Firms Cater to Demand for Environmental and Social Responsibility?» (AJORNAT)

  • Start: Wednesday, 27 January 12:00
    End: Wednesday, 27 January 13:00
  • Universitat de les Illes Balears, Carretera de Valldemossa, Palma, Espanya
  • A les 12 hores.

    El títol complet és: A Multiattribute Benefits-Based Choice Model with Multiple Mediators: New Insights for Positioning.

    En línia.

    A càrrec de Naciye Sekerci (Finance).

    Environmental, Social and Governance (ESG) issues have gained increased attention during the past decade, yet the question of why firms make such investments remains an issue of ongoing investigation. We focus on the Environmental and Social dimensions of ESG and provide evidence that Swedish firms cater to shareholders on Environmental, but not Social dimensions. Specifically, we find evidence of catering on the Environmental dimension for family firms, firms where the firm represents the largest weight in the largest shareholder’s portfolio, firms where the largest owner is an insider, and when other blockholders invest in the firm. Furthermore, we find evidence of a negative association between investor demand for Social investing and Social score, which also varies with blockholder characteristics. Our findings suggest that managers cater according to firm-specific ownership characteristics.