Common Institutional Ownership and Corporate Carbon Emissions
研究发现，当企业与同行业公司被同一机构投资者持有时，其碳排放更低，且这种效应仅在共同关联的同行数量达到一定阈值时才显著，提示了机构投资者在促进跨企业气候合作中的作用。
Abstract There has been a growing interest in comparative work exploring when and why firms embark on green paths. It has been concluded that in national contexts where inter‐firm ties are stronger, progress has been stronger. In turn, this raises questions about the impact of inter‐firm ties within, rather than between, national contexts, and in settings where progress towards renewables has been uneven and contested. Accordingly, we explore how common institutional ownership may foster collaboration among firms within the same industry against climate change. Using a sample of US‐listed firms from 2006 to 2019, we obtain robust evidence that firms with industrial peers that are owned by the same institutional investors have lower carbon emissions. In addition, we find that a threshold exists for which the impact on carbon emissions holds only when firms are commonly connected with a substantial number of peers. The existence of this threshold suggests potential free‐riding issues and highlights the beneficial role of investors in promoting cross‐industry collaboration. Overall, our results highlight the role played by institutional investors in tackling climate issues, with important implications for both climate‐ and antitrust‐related regulations.