Dyck et al (2019)

Dyck, Alexander, Karl Lins, Lukas Roth, and Hannes Wagner. "Do institutional investors drive corporate social responsibility? International evidence."  Journal of Financial Economics, March 2019.

 From the authors’ abstract: “This paper assesses whether shareholders drive the environmental and social (E&S) performance of firms worldwide. Across 41 countries, institutional ownership is positively associated with E&S performance with additional tests suggesting this relation is causal. Institutions are motivated by both financial and social returns.”

Link:  https://www.sciencedirect.com/science/article/pii/S0304405X18302381?via%3Dihub