Are Bank Shareholders Ecologically Responsible in Africa? An Analysis with Moderating and Mediating Effects
Within an African context where banks have environmental responsibility and dedicated investor control, this research investigates the influence of shareholders on the environmental responsibility of 42 multinational banks between 2005 and 2014. Using data from annual reports and analyzing them using White’s method, the main conclusion is that shareholders are ecologically responsible. Depending on their nature, foreign and state investors negatively influence environmental responsibility, meanwhile institutional, family and managerial shareholders positively influence it. Lastly, female managers moderate the behaviour of ecologically responsible shareholders, whereas Western managerial culture acts as a mediator.