This study uses proprietary data on environmental and social issue engagement in Japan to examine institutional investors’ selection criteria and the effects of engagement on the environmental and social performance of companies. The results indicate that institutional investors engage with companies that align with their monitoring motivations, exhibit relatively good capital efficiency, and demonstrate good governance practices. Additionally, environmental engagements lead to the adoption of long-term CO2 emission targets and a reduction in companies' CO2 emissions. Social and governance engagement increased the representation of women on corporate boards. These results indicate the presence of differences in the effects of engagements across different themes.
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