Socially responsible investment and firm value: The role of institutions

Jing Zhang and Shuang Zi

Finance Research Letters, 2021, vol. 41, issue C

Abstract: We explore the impact of Socially Responsible Investment (SRI) on firm value by examining the role of institutions, an important factor neglected in many studies. Using data for 13,718 listed companies in 17 countries from 2005 to 2018, and employing a quantile regression model, we show both formal and informal institutions to have a significant impact on firm value. Through negative screening associated with SRI, institutions may reduce firm value for excluded enterprises.

Keywords: SRI; formal and informal institutions; firm value; negative screening; quantile regression (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:41:y:2021:i:c:s1544612320316202

DOI: 10.1016/j.frl.2020.101806

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