(ESG) issues, little academic research investigates this new form of investor activism. Applying universal ownership theory …

policies institutional investors often say they are long-term shareholders, socially responsible investors, or stakeholder …

increase performance on immaterial issues in companies with agency problems, low awareness of the materiality of sustainability …

into the business planning and long-term strategy, and their view of the costs and benefits of ESG-related programs. We ask …:• What are the real costs and benefits of ESG? • How do companies signal to constituents that they take ESG activities … seriously? • How accurate are the ratings of third-party providers that rate companies on ESG factors?• Do boards understand the …