The Pace of Change: Socially Responsible Investing in Private Markets
研究发现社会责任投资者可能通过减缓企业改革步伐产生负面影响，因为其偏好收购高污染企业进行改革，反而降低了现有所有者主动减少外部性的动力，导致改革延迟。
Abstract We show that socially responsible investors can have a negative impact by slowing the pace of firm reform. Investors with broad prosocial preferences value acquiring dirty firms with high negative production externalities because they can reform these firms. The anticipation of trading gains for dirty firms decreases the incentive of current firm owners to reduce externalities proactively, potentially causing delay in reform. The presence of financial investors—alongside socially responsible investors—can exacerbate delay. Investment mandates through which socially responsible investors commit to paying a premium for green firms can incentivize reform in a timely manner.