Institutional investors ownership concentration and its effect on disclosure and transparency of United Nations sustainable development goals
研究了欧洲上市公司中机构投资者所有权集中度对可持续发展目标披露与透明度的影响，发现金融机构集中度有正向作用，而外国机构、政府、交叉持股和养老基金集中度有负向作用。
Ownership concentration (OC) has garnered scholarly attention because it may affect firms' governance, transparency and disclosure of issues related to the sustainable development goals (SDGs). This paper thus investigated the effect of the OC of institutional investors on the disclosure and transparency of firms' SDGs practices. To do so, a balanced data panel is employed; the sample is composed of 353 European listed companies and 1412 observations for the period 2018–2021. The results obtained underline the significant effects that various categories of institutional investors have on the disclosure and transparency of companies' SDGs practices and endeavours. Specifically, there appears to be a positive relationship between financial institutions' OC and SDG disclosure and transparency, as well as a negative relationship between the OC of foreign institutional investors, governments, cross-holdings and pension funds and organizations' SDGs disclosure and transparency. This study contributes to the growing literature on SDGs and institutional investors. Regarding managerial implications, this research highlights the role of institutional investors when seeking to promote environmental, social and ethical practices. The need for norms and legislation to foster adherence to companies' disclosure practices concerning SDGs is also highlighted.