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Do Stable Institutional Investors Influence Employee Safety?

Author

Listed:
  • Md Ruhul Amin

    (Department of Economics, Finance and Healthcare Administration, Langdale College of Business Administration, Valdosta State University, Valdosta, Georgia-31698, USA)

  • Hamid Sakaki

    (Department of Finance, Central Connecticut State University, 1615 Stanley St, New Britain, CT, USA)

Abstract

Using establishment-level data compiling incidents of work-related injuries from the Occupational Safety and Health Administration (OSHA), we find that workplace injury and illness rates decrease with institutional ownership stability. Our further analyses show that firms with more stable institutional ownership are likely to initiate socially responsible investing proposals and have lower employee workloads/pressure. These results suggest two potential mechanisms through which stable institutional investors influence workplace safety. Overall, stable institutional investors seem to benefit from improvements in employee safety, as work-related injuries have a negative impact on firm value.

Suggested Citation

  • Md Ruhul Amin & Hamid Sakaki, 2022. "Do Stable Institutional Investors Influence Employee Safety?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 12(02), pages 1-34, June.
    • Handle: RePEc:wsi:qjfxxx:v:12:y:2022:i:02:n:s2010139222500045
    DOI: 10.1142/S2010139222500045
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    More about this item

    Keywords

    Institutional ownership stability; work-related injury; SRI proposal; work pressure;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
    • J53 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Labor-Management Relations; Industrial Jurisprudence

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