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119049
11 Pokrovskiy boulevard, room S629
Phone:
+7 (495) 772-95-90*27447, *27947, *27190
+7 (495) 916-88-08 (Master’s Programme Corporate Finance)
- Email: df@hse.ru
Head of Corporate Finance Research Center, Dr., tenured professor
The HSE School of Finance is the leading Russian competence center in the field of corporate finance, business valuation, banking, stock market, risk management and insurance, accounting and audit.
HSE is the first Russian university in the global ranking "QS - World University Rankings by subject", 2022 in the subject area of Accounting and Finance. Moreover, the university is the 1-st in the rating "THE World University Rankings by subject" in the subject area of Business & Management Studies, 2022
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Research seminar “Empirical Researches of Corporate Finance”
A research seminar "Empirical research of corporate finance" will take place.
Within the framework of the seminar, it is proposed to discuss the report:
TOPIC: "Do Institutional Investors Look at ESG and Corporate Governance When Investing in Banks?"
SPEAKERS: Stepanova A.N., Associate Professor at the School of Finance, and Ivantsova O.M., Lecturer at the School of Finance
ABSTRACT: Given the recent rise of ESG investing, we explore which ESG characteristics are the most important to institutional investors in the banking sector. Using a dataset of 780 public banks from 31 European countries, Canada, and the USA during the period of 2004-2019, we study what is the relationship between institutional ownership, shareholder returns, and ESG. Our findings show that institutional investors prefer to invest in banks with already ‘good’ corporate governance, but mainly in common law countries. We could not prove a link between realized shareholder returns and institutional ownership, which contradicts the idea of returns being the primary objective of investing. The evidence on preferences of investors regarding other ESG metrics and their influence on returns is inconclusive and institutional investors seem to dislike banks with better ESG ratings and the existence of CSR committee. Consistent with the previous evidence, we find that independent institutional ownership has a positive impact on boardroom independence.
Link to the zoom conference: https://zoom.us/j/96758982319
Olga Ivantsova
Lecturer
Anastasia N. Stepanova
Associate Professor