López-de-Silanes, Florencio; McCahery, Joseph A.; … - 2022
We study the effect of environmental, social and governance (ESG) scores on the portfolio allocations of institutional … driven by the ESG quality of companies. While investors are driven to add high quality ESG companies to their portfolios …, there is a negative relationship to ESG when it comes to taking large ownership stakes. Blockholders appear much less …