Institutional investor stewardship and material sustainability information: Evidence from Taiwan

Sharon S. Yang, -Wei Huang and Wei-Hsien Li

Pacific-Basin Finance Journal, 2024, vol. 85, issue C

Abstract: Institutional investors generally promote better sustainability disclosure and performance quality, which emphasize environment, social, and governance (ESG) development. Utilizing the SASB standards that improve the financial materiality of sustainability information, we find that institutional investors in Taiwan foster both material and immaterial ESG disclosure and performance. Thus, institutional investors seem to target the common good and follow the stewardship code instead of focusing only on ESG performance that closely relates to firm value. Our findings are driven by domestic rather than foreign institutional investors, suggesting that domestic institutions enjoy some information advantage and therefore drive ESG improvements more efficiently.

Keywords: Institutional investors; Stewardship; CSR; ESG (search for similar items in EconPapers)
JEL-codes: G23 G30 G34 M14 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:85:y:2024:i:c:s0927538x24001331

DOI: 10.1016/j.pacfin.2024.102382

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