Article (Scientific journals)
The effect of institutional dual holdings on CSR performance
Lopatta, Kerstin; Bassen, Alexander; Kaspereit, Thomas et al.
In pressIn Journal of Sustainable Finance and Investment
Peer Reviewed verified by ORBi
 

Files


Full Text
DH CSR 11052020.pdf
Author preprint (135.57 kB)
Request a copy
Annexes
Tables DH CSR 11052020.pdf
(71.44 kB)
Request a copy

All documents in ORBilu are protected by a user license.

Send to



Details



Keywords :
Dual holdings; Corporate social responsibility; Debt-equity conflict
Abstract :
[en] ABSTRACT This study sheds light on agency conflicts between creditors and shareholders and their effect on a firm's corporate social responsibility (CSR) performance. We find that the presence of institutional investors which simultaneously hold debt and equity claims in the same firm, so-called dual holders, leads to an increase in CSR performance by the firm that is dual-held (the dual holding firm). Using institutional mergers between separate lenders and equity holders as a natural experiment involving the shareholder-creditor conflict, we find that firms which exhibit dual ownership for the first time increase their CSR activities to a greater extent than a matched control group. In line with the previous literature, we interpret our findings as evidence that dual holders internalise agency conflicts. Thus, we find that a reduction in agency conflicts between creditors and shareholders, partly achieved by dual holders, positively affects the CSR activities of dual holdings.
Disciplines :
Finance
Author, co-author :
Lopatta, Kerstin
Bassen, Alexander
Kaspereit, Thomas ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Economics and Management (DEM)
Tideman, Sebastian
Buchholz, Daniel
External co-authors :
yes
Language :
English
Title :
The effect of institutional dual holdings on CSR performance
Publication date :
In press
Journal title :
Journal of Sustainable Finance and Investment
ISSN :
2043-0809
Publisher :
Taylor & Francis, London, United Kingdom
Peer reviewed :
Peer Reviewed verified by ORBi
Focus Area :
Sustainable Development
Available on ORBilu :
since 06 December 2020

Statistics


Number of views
199 (10 by Unilu)
Number of downloads
0 (0 by Unilu)

Scopus citations®
 
5
Scopus citations®
without self-citations
5
OpenCitations
 
3
WoS citations
 
4

Bibliography


Similar publications



Contact ORBilu