Socially responsible investments: Institutional aspects, performance, and investor behavior

被引:824
作者
Renneboog, Luc [2 ,3 ]
Ter Horst, Jenke [2 ,3 ]
Zhang, Chendi [1 ]
机构
[1] Univ Warwick, Warwick Business Sch, Coventry CV4 7AL, W Midlands, England
[2] Tilburg Univ, Dept Finance, NL-5000 LE Tilburg, Netherlands
[3] Tilburg Univ, CentER, NL-5000 LE Tilburg, Netherlands
关键词
socially responsible investments; ethical investing; corporate social responsibility; mutual funds; performance evaluation; money-flows; investment screens;
D O I
10.1016/j.jbankfin.2007.12.039
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper provides a critical review of the literature On Socially responsible investments (SRI). Particular to SRI is that both financial goals and social objectives are pursued. Over the past decade. SRI has experienced an explosive growth around the world reflecting the increasing awareness of investors to social. environmental, ethical and corporate governance issues. We argue that there are significant opportunities for future research on the increasingly important area of SRI. A number of questions are reviewed in this paper on the causes and the shareholder-value impact of corporate social responsibility (CSR). the risk exposure and performance of SRI funds and firms. as well as fund Subscription and redemption behavior of SRI investors. We conclude that the existing studies hint but do not unequivocally demonstrate that SRI investors are willing to accept suboptimal financial performance to Pursue social or ethical objectives. Furthermore. the emergence of SRI raises interesting questions for research on corporate finance, asset pricing, and financial intermediation. (C) 2008 Elsevier B.V. All rights reserved.
引用
收藏
页码:1723 / 1742
页数:20
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