City Research Online

Abstract

As hospitality and tourism (H&T) businesses mature, they often seek institutional equity financing to support their growth. Capital intensive H&T firms, such as cruise operators, casinos and large restaurant and hotel chains, continuously rely on institutional capital to fund their operations. This study examines which corporate social responsibility dimensions affect H&T firms’ ability to attract institutional equity capital providers. We document that firms with better social and governance performance have higher institutional ownership, particularly by investors focused on long-term growth and value creation, such as dedicated institutional investors, domestic investors and blockholders. Community and environmental performance do not increase institutional holdings.

Publication Type:	Article
Additional Information:	This article is distributed under the terms of the Creative Commons Attribution 4.0 License (https://creativecommons.org/licenses/by/4.0/) which permits any use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access page (https://us.sagepub.com/en-us/nam/open-access-at-sage).
Publisher Keywords:	CSR, ESG, Social, Environmental, Governance, Capital, Institutional ownership
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HG Finance
Departments:	Bayes Business School > Finance
SWORD Depositor:	Symplectic Administrator

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