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Blockholding, ownership horizon, and firms' ESG performance




TekijätChowdhury, Abu; Vaihekoski, Mika; Yahya, Habeeb

KustantajaTaylor & Francis

Julkaisuvuosi2026

Lehti: European Journal of Finance

ISSN1351-847X

eISSN1466-4364

DOIhttps://doi.org/10.1080/1351847X.2026.2614421

Julkaisun avoimuus kirjaamishetkelläAvoimesti saatavilla

Julkaisukanavan avoimuus Osittain avoin julkaisukanava

Verkko-osoitehttps://doi.org/10.1080/1351847x.2026.2614421

Rinnakkaistallenteen osoitehttps://research.utu.fi/converis/portal/detail/Publication/508316613

Rinnakkaistallenteen lisenssiCC BY

Rinnakkaistallennetun julkaisun versioKustantajan versio


Tiivistelmä

This paper examines whether blockholders and their investment horizon influence firms' ESG performance in the Nordic countries. We use ownership data for the three largest owners of the publicly listed firms, and we find a positive, statistically significant association between the ownership of the top two blockholders and a firm's ESG scores. Closer analysis reveals that the impact is driven by long-term blockholders. The effect concentrates on the environmental and social pillars, rather than governance. Our study contributes to the literature by showing that long-term horizons of the largest blockholders, identified through observed holding periods, play a key role in shaping firms' ESG performance in the Nordic context. The results imply that boards, policymakers, and stewardship teams can leverage stable, long-horizon blockholders to advance environmental and social efforts, even when governance scores do not move in tandem.


Ladattava julkaisu

This is an electronic reprint of the original article.
This reprint may differ from the original in pagination and typographic detail. Please cite the original version.




Julkaisussa olevat rahoitustiedot
Habeeb Yahya appreciates financial support from the Foundation for Economic Education and Alfred Kordelin Foundation.


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