Companies that spend on social causes risk hedge fund challenge: study

U.S. companies that spend more on social and environmental causes, such as sustainability or charitable donation programs, are more likely to attract hedge funds that challenge their strategy and board, according to a new academic study led by MarkDesJardine of Pennsylvania State University, along with Emilio Marti of Rotterdam School of Management and Rodolphe Durand of HEC-Paris, writes Reuters.