题目：CORPORATE SOCIAL IRRESPONSIBILITY AND INSTITUTIONAL INVESTORS: THE MODERATING ROLE OF CEO TEMPORAL FRAMING

主讲人：Binqi Tang (University of Amsterdam)

时间：2018年10月12日（周五） 13:00-15:30

地点：武东路100号上海财经大学中欧平台大楼106室

摘要：

Corporate social irresponsibility (CSI) is corporate actions that negatively affect stakeholders’ legitimate claims. It generates high risk of financial loss because of the stakeholder sanctions in response to irresponsible behaviors. As a consequence, CSI is salient to institutional investors who emphasize financial results. To prevent institutional investors from using exit to discipline the firm, chief executive officers (CEOs) may apply temporal framing to deflect investors’ attention away from the loss-generating profile of CSI. We examine how CEO’s temporal framing in corporate communication event influences institutional investors’ reactions to CSI. Based on the analysis of 11,493 firm-quarterly observations from 757 publicly-listed, non-financial U.S. companies over the period 2007-2014, we find that transient institutional investors will decrease their ownership in response to increasing CSI. CEO’s temporal framing towards the long-term mitigates the negative relationship between CSI and transient institutional ownership. This study explicates how institutional investors react to CSI and extends the behavioral understanding of investor perceptions and actions.