Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/287881 
Authors: 
Year of Publication: 
2022
Citation: 
[Journal:] Business Strategy and the Environment [ISSN:] 1099-0836 [Volume:] 32 [Issue:] 1 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2022 [Pages:] 42-71
Publisher: 
Wiley, Hoboken, NJ
Abstract: 
In this article, we review recent archival research (66 studies) on the influence of institutional ownership (IO) heterogeneity on corporate sustainability. Relying on an agency‐theoretical framework, we differentiate between various types of IO and their nature. We found that most prior research concentrates on the impact of IO heterogeneity on corporate sustainability performance. Long‐term, sustainable, and foreign IO leads to better ESG/CSR outputs. Based on the business case argument for corporate sustainability, long‐term institutional investors moderate the positive link between corporate sustainability and future financial performance. We provide useful recommendations for future research by focusing on endogeneity concerns as methodological challenges and content‐related proposals for future research designs.
Subjects: 
agency theory
corporate governance
corporate social responsibility
institutional investors
institutional ownership
monitoring
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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