“Our conclusion is similar regarding the effect of willing-to-sacrifice shareholders on the workings of the managerial incentive structure’s sticks and carrots. We show that only in narrow circumstances will their presence lead to the firm making decisions differently from where all shareholders prefer share value maximization.”

[COMMENTARY] Though this paper is academic, it seems to say that socially minded investors have little effect on a firm’s behaviour.
Socially Minded Investors and Corporate Behavior, by Merritt B. Fox (Columbia Law School) and Menesh Patel (UC Davis School of Law), May 2, 2026, Harvard Law School Forum on Corporate Governance, USA.