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Les votes des investisseurs institutionnels sur les externalités produites par les entreprises : le cas de deux investisseurs emblématiques

Author

Listed:
  • Marie Brière
  • Sébastien Pouget
  • Loredana Ureche-Rangau

Abstract

Do institutional investors engage with companies on corporate externalities such as greenhouse gas emissions? We study voting at shareholders meetings by two emblematic global investors: BlackRock, a major asset manager, and the Norway Fund, a responsible sovereign wealth fund. Our data cover 2014 and include the two institutions' votes on 35,382 resolutions at 2,796 corporations across the world. Both of these so-called universal owners oppose management significantly more often on externality than on financial issues. The Norway Fund is more active on shareholders resolutions concerning externalities related to environmental and social issues rather than governance issues. The difference between the two investors' voting behaviour is larger when we focus on resolutions related to greenhouse gas emissions, a clearly identified externality. Classification JEL : F21, G11, G23, Q54, Q56.

Suggested Citation

  • Marie Brière & Sébastien Pouget & Loredana Ureche-Rangau, 2020. "Les votes des investisseurs institutionnels sur les externalités produites par les entreprises : le cas de deux investisseurs emblématiques," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 119-138.
    • Handle: RePEc:cai:refaef:ecofi_138_0119
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    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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