Do all institutional investors care about corporate carbon emissions?
利用2007-2017年美国企业数据，研究发现机构投资者有助于减少企业碳排放，尤其独立、长期和监控型机构投资者作用更显著，机制包括降低能耗和股东积极主义，且减排能提升企业价值。
This paper investigates whether institutional investors promote the abatement of corporate carbon emissions. Using firm-level data on the U. S from 2007 to 2017, we find that institutional investors help reduce carbon emissions. The result is more pronounced in firms with more independent (investment companies, investment advisors, and pension funds), long-term, and monitoring institutional ownership. Our result holds when we employ a quasi-natural experiment and the difference-in-differences approach to address endogeneity. The channel analysis documents that institutional investors help reduce carbon emissions by reducing energy consumption. We also find that shareholder activism is a proximal monitoring mechanism through which institutional investors influence firms to achieve better carbon performance. Finally, our results show that the advantage for institutional investors from reducing carbon emissions is higher firm value.