Institutional investors and corporate environmental and financial performance
提出一个概念框架，说明在三个条件成立时，机构投资者会强化企业财务绩效与环境绩效之间的正向关系，并通过专家咨询和有效监督渠道发挥作用。
Abstract We propose a conceptual framework to illustrate that when three conditions hold, institutional investors moderate a positive relation between corporate financial performance and corporate environmental performance. We explore heterogeneities across institution types to demonstrate the importance of each condition. The moderating effect works through the channels of expert consulting and effective monitoring. Our results have important policy and practical implications given the global trend of ownership concentration in institutional investors and the projection that by 2025, one out of three dollars under professional management will be invested in corporate social responsibility assets.