000131094 001__ 131094 000131094 005__ 20251002151808.0 000131094 0247_ $$2doi$$a10.1177/23409444221110588 000131094 0248_ $$2sideral$$a130342 000131094 037__ $$aART-2025-130342 000131094 041__ $$aeng 000131094 100__ $$0(orcid)0000-0002-2525-9049$$aAlda, Mercedes$$uUniversidad de Zaragoza 000131094 245__ $$aThe reaction to CSR controversies by institutional investors 000131094 260__ $$c2025 000131094 5060_ $$aAccess copy available to the general public$$fUnrestricted 000131094 5203_ $$aDespite the importance of Corporate Social Responsibility (CSR) firm controversies, little is known about their effect on institutional investors. We study the most important institutional investors worldwide: pension funds and mutual funds. The separation between fund management and ownership raises the need to examine how fund managers and fund participants react to investee-firms’ CSR controversies. Considering the conventional/Socially Responsible Investment (SRI-fund nature, we find that investee-firms’ controversies diversely affect fund performance, depending on the controversy type. Furthermore, participants and managers of SRI pension and SRI mutual funds display a passive behavior toward controversies. These attitudes are consistent with enduring behavior and continuity investment policies, such as amending/controlling CSR-firm controversies. In contrast, conventional pension-fund and conventional mutual-fund participants seem guided by traditional investment rules to deal with unsatisfactory situations and respond to controversies after managerial decisions regarding these events with negative reactions. Finally, firms developing CSR-engagement strategies may soften market and managerial reactions toward controversies. Nonetheless, symbolic CSR-engagement practices arouse participants’ responses. 000131094 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S38-20R$$9info:eu-repo/grantAgreement/ES/MCINN/RTI2018-093483-B-I00$$9info:eu-repo/grantAgreement/ES/UZ/JIUZ-2020-SOC-02 000131094 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc$$uhttps://creativecommons.org/licenses/by-nc/4.0/deed.es 000131094 590__ $$a2.9$$b2022 000131094 591__ $$aMANAGEMENT$$b170 / 227 = 0.749$$c2022$$dQ3$$eT3 000131094 591__ $$aBUSINESS$$b114 / 154 = 0.74$$c2022$$dQ3$$eT3 000131094 592__ $$a0.894$$b2022 000131094 593__ $$aBusiness and International Management$$c2022$$dQ1 000131094 593__ $$aBusiness, Management and Accounting (miscellaneous)$$c2022$$dQ1 000131094 593__ $$aEconomics and Econometrics$$c2022$$dQ2 000131094 593__ $$aStrategy and Management$$c2022$$dQ2 000131094 594__ $$a7.8$$b2022 000131094 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000131094 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000131094 773__ $$g28, 1 (2025), 15-36$$pBus. res. q.$$tBRQ Business Research Quarterly$$x2340-9436 000131094 8564_ $$s229382$$uhttps://zaguan.unizar.es/record/131094/files/texto_completo.pdf$$yVersión publicada 000131094 8564_ $$s2473042$$uhttps://zaguan.unizar.es/record/131094/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000131094 909CO $$ooai:zaguan.unizar.es:131094$$particulos$$pdriver 000131094 951__ $$a2025-10-02-15:14:08 000131094 980__ $$aARTICLE