Institutional investors and corporate environmental costs: The roles of investment horizon and investor origin
利用量化企业环境成本的国际数据，研究发现机构投资者持股与企业环境成本负相关，这一效应主要由长期外国机构投资者驱动，且企业环境成本与估值负相关、与权益成本正相关。
Abstract Using an international data set that quantifies corporate environmental costs, we analyze the influence of institutional investor ownership, particularly investment horizon and investor origin, on the monetized environmental impact generated by their investee firms. Institutional investor ownership is negatively related to corporate environmental costs. This effect is driven by long‐term foreign institutional investors, especially investors from advanced economies. Corporate environmental costs are negatively correlated with firm valuation and positively correlated with the cost of equity. Since corporate environmental costs are not reflected in environmental, social and governance ratings, our results shed new light on the role of institutional investors in shaping corporate environmental impact.