Roy, Partha P.
[VerfasserIn]
;
Rao, Sandeep
[Sonstige Person, Familie und Körperschaft];
Marshall, Andrew P.
[Sonstige Person, Familie und Körperschaft];
Thapa, Chandra
[Sonstige Person, Familie und Körperschaft]
Corporate Social Responsibility and Foreign Institutional Investor Heterogeneity
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 30, 2020 erstellt
Beschreibung:
This article examines whether the heterogeneity of foreign institutional investors (FIIs) matters when investing in host firms that are considered to be socially responsible. Exploiting a mandated corporate social responsibility (CSR) regulation and using actual CSR expenditure data, the results of a quasi-natural experiment show that host firms that comply with the CSR mandate attract more FII investment. However, the heterogeneity of FIIs plays a significant role as we find that FIIs from civil law origin countries and, those considered to be independent and long-term investors invest more in mandated CSR firms. Finally, the empirical evidence also indicates that firms that comply with the CSR mandate experience higher long-term market-based valuations in the post-CSR reform period