Financial Research Center (HCFR)Financial Research Center (HCFR)


The 9th Finance Workshop held

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Date:September 14th,Thurs. 17:15-18:45

Speaker:Ms Yoko Shirasu(Aoyama Gakuin University

Title:Does the difference in awareness between asset owners and asset managers impact firms’ ESG activities?



We the impact of differences in ESG awareness between asset managers and asset owners on the E&S activities of investee companies, using the exogenous change in investment policy by the GPIF, i.e. the signing of the UN PRI.. The results show that the firms in which the GPIF-mandated asset managers are major shareholders increase their E&S scores more after the GPIF has signed the PRI. The firms’ E&S score of GPIF-mandated asset managers who signed the PRI are improved after changing the policy, although the score of nonGPIF-mandated managers who signed the PRI is not improved. These results imply that the agreement between asset owners and asset managers plays a more critical role in promoting firms’ E&S activities, in an age when the definition of fiduciary responsibility is not unique.


Keywords:Asset Owner, Asset manager, Fiduciary responsibility, Exogenous shock, Corporate Social Responsibility, Difference-in-Difference Estimation.
JEL Codes: G11; G32; G39


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