The Global Diffusion of Stewardship Codes

Katelouzou, Dionysia; Siems, Mathias M.

doi:10.1017/9781108914819.031

Cited by 4 publications

(2 citation statements)

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“…We measure a firm's stewardship-motivated investors by summing up the product of each institutional investor's ownership percentage and a dummy variable equal to one if the investor's headquarter-country has adopted a stewardship code by that year. We obtain stewardship codes from national regulators and code a country as having adopted a stewardship code from the year of its publication onwards (e.g., Katelouzou and Siems [2020], Ilhan et al [2021]). 29 We define a firm as having stewardship-motivated institutional investors if its stewardshipcode-weighted institutional ownership is in the top quartile of all firm-years in our sample.…”

Section: Motivated Investorsmentioning

confidence: 99%

Renewable Governance: Good for the Environment?

Dyck

Lins

Roth

et al. 2022

J of Accounting Research

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We conjecture that board renewal mechanisms—those substantive enough to renew the thinking of the board—are required before investors can address the mismatch between their preferences regarding environmental sustainability and what insiders at firms are actually doing. We identify the adoption of majority voting for directors and the introduction of a female director as two corporate governance mechanisms potentially strong enough to renew a board's thinking on sustainability. Using a sample of 3,293 firms from 41 countries, along with quasi‐exogenous shocks to board renewal mechanisms in Canada and France, we find that both board renewal mechanisms are associated with significantly higher future environmental performance. Further tests provide suggestive evidence that board renewal is more strongly associated with environmental performance in settings with better institutions and more motivated institutional investors. These results suggest the importance of board renewal for alignment of firm policies with investor preferences around the world.

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Section: Motivated Investorsmentioning

confidence: 99%

Renewable Governance: Good for the Environment?

Dyck

Lins

Roth

et al. 2022

J of Accounting Research

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“…While the majority of our reviewed studies focused on financial returns, thereby relying on agency theory, we found one study that can be categorized into the new literature stream on investor stewardship. This is somewhat surprising given investors' increasing engagement with stewardship in the last decade (Katelouzou & Siems, 2020; Velte, 2022). A final issue on owners concerns concentrated groups of owners with disproportionate voting power, such as block holders.…”

Section: Literature Reviewmentioning

confidence: 99%

The effect of corporate governance on corporate environmental sustainability: A multilevel review and research agenda

et al. 2022

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Climate change is a major challenge facing society. Given its intricate links with business, governance scholars have shown an increasing interest in understanding how corporate governance (CG) actors can improve corporate environmental sustainability (CES). In this article, we review the literature focusing on CG and CES. We assess the importance of the motivations, expertise, and power of CG actors at different levels (individual, team, firm, and supra‐firm) for CES. Using this as a guiding framework, we build a multilevel synthesis highlighting the theoretical mechanisms around motivations, expertise, and power suggested in the literature. Based on this synthesis, we present critical reflections on the extant knowledge. Finally, we develop a future research agenda that calls for research at single levels, but also for integrative research examining how CG actors at multiple levels collectively shape CES.

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Reconstructing the Framework of Institutional Investor Stewardship in Italy: Synergies Between Hard and Soft Law

Corgatelli

2024

Eur Bus Org Law Rev

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The Global Diffusion of Stewardship Codes

Cited by 4 publications

References 0 publications

Renewable Governance: Good for the Environment?

Renewable Governance: Good for the Environment?

The effect of corporate governance on corporate environmental sustainability: A multilevel review and research agenda

Reconstructing the Framework of Institutional Investor Stewardship in Italy: Synergies Between Hard and Soft Law

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