Institutional Ownership and Corporate Sustainability Performance—A Meta‐Analysis
通过元分析116项实证研究，发现机构所有权与企业可持续发展绩效之间存在双向正向关系，且国家制度因素和时间因素会调节这一关系。
ABSTRACT This study investigates the relationship between institutional ownership (IO) and corporate sustainability performance (SP), addressing inconsistent findings in prior research and clarifying the boundary conditions of this relationship by testing a defined set of potential moderators. Drawing on a comprehensive meta‐analysis of 116 empirical studies, we find evidence of a bidirectional positive association: higher IO is linked to superior subsequent SP, and prior superior SP attracts greater IO. Furthermore, country‐level institutional factors significantly moderate the IO–SP relationship, and temporal factors exert additional moderating effects. These results support arguments from agency theory and stakeholder salience theory.