Kim et al (2014)

Kim, Incheol, Hong Wan, Bin Wang, Tina Yang. “Do Shareholders Have A Say On Corporate Social Responsibility Decisions? Evidence From Toxic Release Data.” Working paper (University of New Orleans), January 25, 2014.

From the authors’ abstract: “We find that local institutional ownership reduces the amount of toxic chemicals released by local facilities into the environment. The abatement effect diminishes monotonically as the distance between an institution and a facility grows and is concentrated in dedicated and independent institutions. Further, pollution abatement enhances firm value for firms with high local institutional ownership.”

Link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2283134