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Conference Paper/Proceeding/Abstract 220 views

Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy

Zaixin Chen Orcid Logo, Frank Hong Liu Orcid Logo, Chaowei Wang Orcid Logo, Pengfei Gao Orcid Logo

2025 SWAG Conference, Swansea University, UK

Swansea University Author: Pengfei Gao Orcid Logo

Abstract

This study investigates how shareholder style diversity shapes firms’ ESG strategies, with a focus on the “doing more than saying” (DMS) phenomenon, which is the difference between ESG performance and disclosure. Using panel data on S&P 1500 firms from 2006 to 2022, we construct a novel index of...

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Published in: 2025 SWAG Conference, Swansea University, UK
Published:
URI: https://cronfa.swan.ac.uk/Record/cronfa70707
first_indexed 2025-10-16T14:43:36Z
last_indexed 2025-12-05T18:10:14Z
id cronfa70707
recordtype SURis
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spelling 2025-12-04T12:15:53.4579181 v2 70707 2025-10-16 Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy bd00b4a498e1c45d25e0fcdab1838b26 0009-0008-7818-1231 Pengfei Gao Pengfei Gao true false 2025-10-16 CBAE This study investigates how shareholder style diversity shapes firms’ ESG strategies, with a focus on the “doing more than saying” (DMS) phenomenon, which is the difference between ESG performance and disclosure. Using panel data on S&P 1500 firms from 2006 to 2022, we construct a novel index of shareholder style diversity based on institutional investors’ investment orientations. Our results show that greater shareholder diversity significantly increases firms’ ESG-DMS intensity by enhancing substantive performance while restraining disclosure. The effect is pronounced in ESG-sensitive environments, such as under stricter climate regulation and in politically pro-ESG states, and internally when CEOs are more risk-averse or when CSR-linked executive compensation is absent. Our study broadens ESG decoupling research by highlighting shareholder style diversity as a novel governance force shaping corporate sustainability communication. Conference Paper/Proceeding/Abstract 2025 SWAG Conference, Swansea University, UK 0 0 0 0001-01-01 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University Other 2025-12-04T12:15:53.4579181 2025-10-16T14:52:37.0413112 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Zaixin Chen 0009-0003-3456-3215 1 Frank Hong Liu 0000-0003-4997-7149 2 Chaowei Wang 0000-0001-6644-9271 3 Pengfei Gao 0009-0008-7818-1231 4
title Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy
spellingShingle Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy
Pengfei Gao
title_short Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy
title_full Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy
title_fullStr Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy
title_full_unstemmed Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy
title_sort Shareholder Style Diversity and ESG “Doing More Than Saying” Strategy
author_id_str_mv bd00b4a498e1c45d25e0fcdab1838b26
author_id_fullname_str_mv bd00b4a498e1c45d25e0fcdab1838b26_***_Pengfei Gao
author Pengfei Gao
author2 Zaixin Chen
Frank Hong Liu
Chaowei Wang
Pengfei Gao
format Conference Paper/Proceeding/Abstract
container_title 2025 SWAG Conference, Swansea University, UK
institution Swansea University
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
document_store_str 0
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description This study investigates how shareholder style diversity shapes firms’ ESG strategies, with a focus on the “doing more than saying” (DMS) phenomenon, which is the difference between ESG performance and disclosure. Using panel data on S&P 1500 firms from 2006 to 2022, we construct a novel index of shareholder style diversity based on institutional investors’ investment orientations. Our results show that greater shareholder diversity significantly increases firms’ ESG-DMS intensity by enhancing substantive performance while restraining disclosure. The effect is pronounced in ESG-sensitive environments, such as under stricter climate regulation and in politically pro-ESG states, and internally when CEOs are more risk-averse or when CSR-linked executive compensation is absent. Our study broadens ESG decoupling research by highlighting shareholder style diversity as a novel governance force shaping corporate sustainability communication.
published_date 0001-01-01T05:32:08Z
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score 11.09611

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