Beyond their legal obligations, corporations globally are considering human rights issues in their management policies and practices for their responsible business conduct regarding social sustainability. This rationale applies to corporate responsibility, in which corporations are active...

We study the effect of environmental, social and governance (ESG) scores on the portfolio allocations of institutional investors. Using a unique data set, we find that institutional investor holdings (as measured by 13F filings) are strongly driven by the ESG quality of companies. While...