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Journal of Management
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Institutional Ownership and Corporate Social Performance: The Moderating Effects of Investment Horizon, Activism, and Coordination

Donald O. Neubaum

College of Business, Oregon State University, 330 Bexell Hall, Corvallis, OR 97331, don.neubaum{at}bus.oregonstate.edu

Shaker A. Zahra

Carlson School of Management, University of Minnesota, Minneapolis MN 55455

Scandals at Enron and WorldCom have thrust debates concerning corporate governance and corporate social performance (CSP) to the forefront of the minds of shareholders, managers, and public policy makers. Relying on the theory of stakeholder salience, the authors suggest that institutional owners’ investment horizons, as well as the frequency and coordination of institutional owners’ activism, moderate the institutional ownership -CSP relationship. Data collected in 1995 and 2000 from the Fortune 500 firms show that long-term institutional ownership is positively associated with CSP and that the frequency and coordination of activism interact with long-term institutional holdings to positively affect CSP 3 years later.

Key Words: governance • institutional ownership • activism • corporate social performance • stakeholder management • and sustainability

Journal of Management, Vol. 32, No. 1, 108-131 (2006)
DOI: 10.1177/0149206305277797
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S. D. Chowdhury and E. Z. Wang
Institutional Activism Types and CEO Compensation: A Time-Series Analysis of Large Canadian Corporations {dagger}
Journal of Management, February 1, 2009; 35(1): 5 - 36.
[Abstract] [PDF]