Environmental, Social, and Governance Proposals and Shareholder Activism
研究1996至2015年间社会责任投资基金提交的环境、社会和治理提案对目标公司的影响，发现提案日等权组合获得0.22%的四因子超额收益，且成功提案的公司长期股票回报更高，社会绩效也改善。
In this article, the author studies shareholder activism through environmental, social and governance proposals filed by socially responsible investing funds between 1996 and 2015. Larger, more mature firms with lower capital expenditures and research and development expenses are more easily targeted by these proposals. An equal-weighted portfolio of target firms earns a four-factor alpha of 0.22% on the date of proposal filing. Target firms with subsequent successful proposals earn higher buy-and-hold abnormal returns over the event period and have better long-term stock returns than firms whose proposals subsequently fail. Moreover, social performance of the target firms also improves. <b>TOPICS:</b>ESG investing, portfolio theory, portfolio construction <b>Key Findings</b> • An equal-weighted portfolio of target firms earns a four-factor alpha of 0.22% on the date of proposal filing. • Target firms with subsequent successful proposals earn higher buy-and-hold abnormal returns over the event period and have better long-term stock returns than firms whose proposals subsequently fail. • Social performance of the target firms also improves.