Institutional Holdings and Corporate Social Responsibility in the Hospitality Industry

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Advances in Hospitality and Leisure

ISSN: 1745-3542
Series editor(s): Professor Joseph Chen

Subject Area: Tourism and Hospitality

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Document Information:
Title:	Institutional Holdings and Corporate Social Responsibility in the Hospitality Industry
Author(s):	Seonghee Oak, Michael C. Dalbor
Volume:	7 Editor(s): Joseph S. Chen ISBN: 978-0-85724-769-8 eISBN: 978-0-85724-770-4
Citation:	Seonghee Oak, Michael C. Dalbor (2011), Institutional Holdings and Corporate Social Responsibility in the Hospitality Industry, in Joseph S. Chen (ed.) Advances in Hospitality and Leisure (Advances in Hospitality and Leisure, Volume 7), Emerald Group Publishing Limited, pp.209-225
DOI:	10.1108/S1745-3542(2011)0000007015 (Permanent URL)
Publisher:	Emerald Group Publishing Limited
Article type:	Chapter Item
Abstract:	Corporate social responsibility (CSR) creates long-term shareholder value through managing risks from economic, environmental, and social developments. Among institutional owners, pension funds have a long-term investment horizon and can influence a firm's strategy. They promote CSR activities in the long run. Mutual funds and investment banks tend to have more of a short-term investment horizon. They are not strong supporters of CSR activities. Our results support the previous time horizon hypotheses. Although pension funds prefer CSR firms in the hotel and casino industry, mutual funds and brokerage firms had no interest in CSR firms. Pension fund and mutual fund ownership is negatively related to CSR firms in the restaurant industry. Brokerage firms are indifferent to CSR firms.