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ESG investing and pollution outsourcing
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DOI：10.1002/smj.70115.png)
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Abstract
En 中文
Can environmental, social, and governance (ESG) investors hold businesses accountable for their environmental impact? Extending institutional theory and analyzing a global sample of firms from 2006 to 2019, we argue that, in response to ESG investors' institutional pressures, firms may intensify pollution outsourcing to suppliers as a sophisticated form of corporate decoupling. We further theorize and find suggestive evidence that this effect is less salient and sometimes reversed when ESG investors can help firms access green technologies and when they have more direct purview of firms' suppliers. We employ investor-level acquisitions as quasi-exogenous shocks and additionally analyze a separate firm–supplier sample to support the hypotheses with largely consistent results.
Keywords:
environmental performance
ESG
principles for responsible investment
socially responsible investors
supply chain
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