It's About Time! The Influence of Institutional Investment Horizon on Corporate Social Responsibility
Bibliographic record
Abstract
The US equity market has witnessed the rising power of institutional investors over the past three decades. Yet even as these institutional owners become more powerful, their effect on corporate social responsibility (CSR) still remains unclear. The present study attempts to fill this gap by examining these investors’ influence on CSR along the dimension of investor time horizon. We find robust evidence that ownership by institutional investors with long investment horizons is positively associated with higher CSR scores, while ownership by institutional investors with short investment horizons is either negatively or not significantly associated with CSR scores. The same results hold when we consider ownership by public pension funds, which present a unique case in which a theoretically long‐term horizon has recently been questioned, due to pressures toward short‐termism. Granger causality tests also show that the direction of the observed effects goes from institutional ownership to CSR and not the opposite. © 2017 Wiley Periodicals, Inc.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.005 | 0.030 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.002 |
| Scholarly communication | 0.004 | 0.004 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.001 | 0.002 |
| Insufficient payload (model declined to judge) | 0.009 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".