Do Stable Institutional Investors Influence Employee Safety?

Md Ruhul Amin and Hamid Sakaki
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Md Ruhul Amin: Department of Economics, Finance and Healthcare Administration, Langdale College of Business Administration, Valdosta State University, Valdosta, Georgia-31698, USA
Hamid Sakaki: Department of Finance, Central Connecticut State University, 1615 Stanley St, New Britain, CT, USA

Quarterly Journal of Finance (QJF), 2022, vol. 12, issue 02, 1-34

Abstract: Using establishment-level data compiling incidents of work-related injuries from the Occupational Safety and Health Administration (OSHA), we find that workplace injury and illness rates decrease with institutional ownership stability. Our further analyses show that firms with more stable institutional ownership are likely to initiate socially responsible investing proposals and have lower employee workloads/pressure. These results suggest two potential mechanisms through which stable institutional investors influence workplace safety. Overall, stable institutional investors seem to benefit from improvements in employee safety, as work-related injuries have a negative impact on firm value.

Keywords: Institutional ownership stability; work-related injury; SRI proposal; work pressure (search for similar items in EconPapers)
JEL-codes: G32 G34 J28 J53 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S2010139222500045

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