Which institutional investors drive corporate sustainability? A systematic literature review
综述66项档案研究，区分不同机构投资者类型，发现长期、可持续和外国机构投资者能提升企业ESG表现，并调节可持续发展与财务绩效的正向关系。
Abstract In this article, we review recent archival research (66 studies) on the influence of institutional ownership (IO) heterogeneity on corporate sustainability. Relying on an agency‐theoretical framework, we differentiate between various types of IO and their nature. We found that most prior research concentrates on the impact of IO heterogeneity on corporate sustainability performance. Long‐term, sustainable, and foreign IO leads to better ESG/CSR outputs. Based on the business case argument for corporate sustainability, long‐term institutional investors moderate the positive link between corporate sustainability and future financial performance. We provide useful recommendations for future research by focusing on endogeneity concerns as methodological challenges and content‐related proposals for future research designs.