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<p>This study examines the relationship between institutional cross-ownership and ESG decoupling. Based on a dataset of 3,955 firm-year observations for S&amp;P 500 firms for the period 2010–2022, we find a negatively significant association between institutional cross-ownership and ESG decoupling. Additional analyses on institutional cross-owner characteristics reveal that our findings are driven mainly by institutional cross-owners with long-term investment horizons. Besides, subsample analyses reveal that the negative impact manifests more in companies with lower board co-option, shorter CEO career horizon, and those that are non-controversial. Furthermore, we document that both the monitoring and financing advantages channels explain institutional cross-ownership’s negative influence on ESG decoupling. The baseline results are robust to a battery of robustness checks and endogeneity tests. Collectively, this study provides insightful theoretical and policy implications for the field of institutional ownership and ESG.</p>

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Institutional cross-ownership and ESG decoupling

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年6月1日

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  • Mohamed Khalifa,
  • Subhan Ullah,
  • Tarek Abdelfattah

摘要

This study examines the relationship between institutional cross-ownership and ESG decoupling. Based on a dataset of 3,955 firm-year observations for S&P 500 firms for the period 2010–2022, we find a negatively significant association between institutional cross-ownership and ESG decoupling. Additional analyses on institutional cross-owner characteristics reveal that our findings are driven mainly by institutional cross-owners with long-term investment horizons. Besides, subsample analyses reveal that the negative impact manifests more in companies with lower board co-option, shorter CEO career horizon, and those that are non-controversial. Furthermore, we document that both the monitoring and financing advantages channels explain institutional cross-ownership’s negative influence on ESG decoupling. The baseline results are robust to a battery of robustness checks and endogeneity tests. Collectively, this study provides insightful theoretical and policy implications for the field of institutional ownership and ESG.