Investment horizon and corporate social performance: the virtuous circle of long-term institutional ownership and responsible firm conduct
研究了企业社会绩效与机构持股的关系，发现长期机构投资与企业社会绩效正相关（主要通过避免投资有重大争议的企业），短期机构投资则负相关，且长期投资者持股增加会提升未来社会绩效，形成良性循环。
We investigate the relationship between corporate social performance and institutional ownership. We distinguish between long-term and short-term institutional investors using holdings-based measures which directly capture the investment horizon of each institution. Our analysis shows that long term institutional investment is positively related to corporate social performance (mainly by an avoidance of investing in firms with significant controversies) whereas short-term institutional investment is negatively related to corporate social performance. Further investigation reveals that increased holdings of a firm by long-term investors are positively associated with its future corporate social performance. Hence, we provide evidence of a ‘virtuous circle’ between long term investment and social responsibility.