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Does corporate social responsibility affect the institutional ownership of firms in the hospitality and tourism industry?

Danielle, L. and Bilinski, P. ORCID: 0000-0002-0499-6429 (2021). Does corporate social responsibility affect the institutional ownership of firms in the hospitality and tourism industry?. Tourism Economics,

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 has been accepted for publication in Tourism Economics, by SAGE. Reuse is restricted to non-commercial and no derivative uses.
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
Date available in CRO: 14 Dec 2021 12:33
Date deposited: 14 December 2021
Date of acceptance: 1 July 2021
URI: https://openaccess.city.ac.uk/id/eprint/27262
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