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Do sustainable institutional investors influence senior executive compensation structures according to their preferences? Empirical evidence from Europe

Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet

Standard

Do sustainable institutional investors influence senior executive compensation structures according to their preferences? Empirical evidence from Europe. / Focke, Maximilian.
in: Corporate Social Responsibility and Environmental Management, Jahrgang 29, Nr. 5, 01.09.2022, S. 1109-1121.

Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet

Harvard

Focke, M 2022, 'Do sustainable institutional investors influence senior executive compensation structures according to their preferences? Empirical evidence from Europe', Corporate Social Responsibility and Environmental Management, Jg. 29, Nr. 5, S. 1109-1121. https://doi.org/10.1002/csr.2257

APA

Focke, M. (2022). Do sustainable institutional investors influence senior executive compensation structures according to their preferences? Empirical evidence from Europe. Corporate Social Responsibility and Environmental Management, 29(5), 1109-1121. https://doi.org/10.1002/csr.2257

Vancouver

Focke M. Do sustainable institutional investors influence senior executive compensation structures according to their preferences? Empirical evidence from Europe. Corporate Social Responsibility and Environmental Management. 2022 Sep 1;29(5):1109-1121. Epub 2022. doi: 10.1002/csr.2257

Bibtex

@article{5333d3943a6541d199ab3637f675a77a,
title = "Do sustainable institutional investors influence senior executive compensation structures according to their preferences? Empirical evidence from Europe",
abstract = "This paper examines whether sustainable institutional investors promote corporate social responsibility (CSR)-contingent components (e.g., environmental or social aspects) in senior executive compensation in order to align top management interests in the promotion of sustainability with their own. Empirical analyses of a sample of 5979 firm-year observations from European firms over the 2010–2017 period showed that the presence of sustainable institutional investors positively predicts the likelihood of firms offering CSR-contingent compensation contracts. This paper significantly contributes to prior empirical research, which predominantly focuses on the effectiveness of CSR-contingent components within compensation structures. Sustainable institutional investors as a potential driver of CSR-contingent components have not yet been examined. We specifically investigate institutional investors that have either a substantial or a time-dependent belief in CSR. Our results indicate that sustainable institutional investors represent a central external corporate governance mechanism and tend to align top management preferences with their own via compensation structures.",
keywords = "corporate governance, corporate social responsibility, institutional investors, ownership structure, sustainable finance, sustainable management compensation, Management studies",
author = "Maximilian Focke",
note = "{\textcopyright} 2022 The Author. Corporate Social Responsibility and Environmental Management published by ERP Environment and John Wiley & Sons Ltd.",
year = "2022",
month = sep,
day = "1",
doi = "10.1002/csr.2257",
language = "English",
volume = "29",
pages = "1109--1121",
journal = "Corporate Social Responsibility and Environmental Management",
issn = "1535-3958",
publisher = "John Wiley & Sons Ltd.",
number = "5",

}

RIS

TY - JOUR

T1 - Do sustainable institutional investors influence senior executive compensation structures according to their preferences? Empirical evidence from Europe

AU - Focke, Maximilian

N1 - © 2022 The Author. Corporate Social Responsibility and Environmental Management published by ERP Environment and John Wiley & Sons Ltd.

PY - 2022/9/1

Y1 - 2022/9/1

N2 - This paper examines whether sustainable institutional investors promote corporate social responsibility (CSR)-contingent components (e.g., environmental or social aspects) in senior executive compensation in order to align top management interests in the promotion of sustainability with their own. Empirical analyses of a sample of 5979 firm-year observations from European firms over the 2010–2017 period showed that the presence of sustainable institutional investors positively predicts the likelihood of firms offering CSR-contingent compensation contracts. This paper significantly contributes to prior empirical research, which predominantly focuses on the effectiveness of CSR-contingent components within compensation structures. Sustainable institutional investors as a potential driver of CSR-contingent components have not yet been examined. We specifically investigate institutional investors that have either a substantial or a time-dependent belief in CSR. Our results indicate that sustainable institutional investors represent a central external corporate governance mechanism and tend to align top management preferences with their own via compensation structures.

AB - This paper examines whether sustainable institutional investors promote corporate social responsibility (CSR)-contingent components (e.g., environmental or social aspects) in senior executive compensation in order to align top management interests in the promotion of sustainability with their own. Empirical analyses of a sample of 5979 firm-year observations from European firms over the 2010–2017 period showed that the presence of sustainable institutional investors positively predicts the likelihood of firms offering CSR-contingent compensation contracts. This paper significantly contributes to prior empirical research, which predominantly focuses on the effectiveness of CSR-contingent components within compensation structures. Sustainable institutional investors as a potential driver of CSR-contingent components have not yet been examined. We specifically investigate institutional investors that have either a substantial or a time-dependent belief in CSR. Our results indicate that sustainable institutional investors represent a central external corporate governance mechanism and tend to align top management preferences with their own via compensation structures.

KW - corporate governance

KW - corporate social responsibility

KW - institutional investors

KW - ownership structure

KW - sustainable finance

KW - sustainable management compensation

KW - Management studies

UR - http://www.scopus.com/inward/record.url?scp=85125039738&partnerID=8YFLogxK

UR - https://www.mendeley.com/catalogue/1a1e766b-662b-3e90-bddf-85841ab85d31/

U2 - 10.1002/csr.2257

DO - 10.1002/csr.2257

M3 - Journal articles

AN - SCOPUS:85125039738

VL - 29

SP - 1109

EP - 1121

JO - Corporate Social Responsibility and Environmental Management

JF - Corporate Social Responsibility and Environmental Management

SN - 1535-3958

IS - 5

ER -

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