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We outline motives, history, and current best practice of SRI. We also provide a buy investments literature review analysis of a wide set of studies that cover two key topics in this field: the first research objective is to determine the relative performance of SRI vehicles in comparison to their conventional benchmarks.

Our meta-analysis shows that most research studies find that socially responsible Buy investments literature review investments perform equal to conventional investments, but these findings are challenged by contradictory results from other studies.

We cover the period between click This paper provides future researchers with a well-documented and structured overview of the existing literature on SRI, thereby identifying gaps that might be closed by future research.

An increasing interest in socially responsible investing SRI and ethical decisions in finance, especially in the context of the most recent financial crisis, can be seen in both public discussions and the academic literature.

This is reflected in the large amounts invested according to SRI principles. The latter includes funds performing simple screening methods, while core investments cover funds using more complex screening methods. In their European study, they include 19 countries: Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, The Netherlands, Norway, Poland, Spain, Sweden, Switzerland, and the UK.

In addition, Renneboog et al. This serves as proof of the interest investors have in combining financial and ethical motives. We provide a well-structured overview of an extensive set of buy investments literature review on SRI and their results. Our main focus is on the question whether or not this is a financially rewarding investment approach.

This serves as an ideal starting point for future research in this area. The rest of this paper is organized as follows. We also identify the motives of different investor groups to include SR action in their investment decisions. This section ends with an explanation of different methods and, how these motives can be put into practice.

Second, does SR behavior pay out for the companies themselves? We also provide an overview of the different methods and parameters, as well as the regional focus and the covered time frame of our empirical research study set. We conclude by buy investments literature review our results and providing an overview of potentially interesting future research topics.

Investor needs in the investment process: Cengiz et al. Nevertheless, scholars have sought to find an appropriate terminology. Typical terms used are SRI, ethical click to see more, or value-based investing Sandberg et al. Ethical investing is the oldest phrase, which is slowly being replaced by SRI Sparkes Although the terms are inconsistent in the academic literature, Sandberg et al.

It describes companies that integrate social and ecological topics into their corporate governance Pinner By implementing CSR, the companies establish a basis for SR investors, to consider their company as a potential investment.

These preferences can be guided by simple financial motives, whether SRI can provide a better performance than conventional investments would do, a discussion covered in great length in the next section of this paper. Pasewark and Riley link the preference of some private investors for SRI to the buy investments literature review that private investors seek investments consistent with their personal values, which can be driven by religious or political beliefs.

The Bischofskonferenz provides an overview of ethical investments and encourages their members to follow just click for source SRI approach, although they emphasize that not all investments might be suitable for each household. They also stipulate that the Christian church itself must adhere to SRI standards when investing its money.

In their buy investments literature review, Lu and Chan examine the impact of religious attendance and portfolio selection. They find that religious attendance is positively related to stock returns and can result in declining demand for risky asset investments. An explanation for this might be that religious investors have less money to allocate; because they have less working hours due to attendance of religious events custom cv websites university that they donate some of their money.

In their empirical study, McCann et al. Sparkes concludes that although both groups of investors are driven by different motives, conventional investors and SR investors share certain concerns. The question is: has investment behavior changed, or are we seeing a new generation of investors?

This is also supported by Sparkeswho finds that SR investors are well educated and have above average incomes, and concludes that they probably work in a caring profession. The previous findings that SR investors are younger and better educated can also not be confirmed by McLachlan and Gardner who survey Australian investors. Besides private investors, institutional buy investments literature review also seem to be moving to SRI.

Institutional investors such as financial institutions must consider the effect an introduction of SRI would have on their company value, because their main goal is usually shareholder value maximization. But investors—private and institutional—are only one group that might be interested in SR action.

The second group consists of the target companies themselves and their motives to steer their companies this web page accordance with SR principles. This would be an incentive to act more SR. They argue, however, that although this might be an option for polluting companies, which might buy investments literature review able to improve their production processes, companies that produce alcohol, tobacco, or are engaged in gambling are charged higher cost of capital due to their underlying read more, which leaves little room for improvement.

They prove this by setting up a simple equilibrium model which shows that a company which uses a polluting technology is confronted with rising cost of capital if a significant number of SR investors divest from this firm. The remaining investors then demand higher returns for holding larger shares in the polluting company than initially intended. One explanation they offer for this is the ability the target has to learn from the SRI experience.

This is supported by the Friedman argument that companies should care only about profits and let the government deal with externalities. However, more recent economic theory proves that social welfare might not be maximized if some externalities e. They conclude that, in practice, the maximization of shareholder value often conflicts with the consideration of SR behavior, and that stakeholder-value maximization should be strived for Renneboog et al.

These would be measures that avoid costly government-imposed fines, or reduce risk exposure Mackey et al. It can be shown that introducing CSR reduces the costs of conflicts between corporations and society. In terms of product sales, CSR is in line with profit maximization, because only ethical consumers will buy ethical brands, so no adverse welfare effect should be expected Rennebooget al.

This argument is reviewed by Allen et al. Finally, Rivoli provides an interesting logic for the link between SRI and company valuation: She argues that companies might want to be screened in the positive group, rather than being screened out due to unethical behavior.

Rivoli cites various financial papers and concludes that, from different perspectives, financial markets are not perfect, but rather imperfect. Due to these imperfections, various empirical studies have shown buy investments literature review a larger investor base relates positively to the company share price. Therefore, being screened as positive buy investments literature review thereby also attracting SR investors is the preferable path to follow.

Another reason for introducing CSR into a company might be buy investments literature review from social and environmental lobbyists Baron ; Friedman and Miles Moskowitz provides some examples of company behavior that was perceived as unethical by the general public that forced the companies into action. Pressure might also result from the here of stricter regulations and guidelines by governments.

Friedman and Miles provide background information on why the interest in SRI has been increasing in the UK, indicated by the launch of the FTSE4Good index in Julytriggered by the publication of new pension regulations in the UK in July which state that all private sector pension funds must incorporate SRI and voting rights into their overall investment policy.

It is important to point out that the pension funds are not forced to invest according to SRI principles, but instead must state the extent to which they consider such principles Sparkes Contrary to the results of Friedman and MilesCox et al. Finally, some managers might overimplement CSR strategies for their private benefit, so as to improve their reputations and to be seen as more moral managers Barnea and Rubin They find proof for this theory by investigating the SR-related spending of companies during the Internet bubble of —, showing that at a time where more funds were available to the companies, the companies did improve their CSR efforts.

The reasons for SRI by private and institutional investors as well as the above-mentioned companies are diverse and complex. Although it is not yet agreed in the academic buy investments literature review that one of these reasons is the main driver of the extensive interest in SRI, or whether it is a combination of the above-mentioned reasons that leads to more SRI, the increasing amounts kann best cover letter ghostwriting websites london eine money invested according to SRI principles is proof of this increased interest.

Generally speaking, ethical investors have the same asset class universe than conventional investors: they can invest in equity, fixed income products, and alternative investments. In this regard, Dunfee cites the simple example that the Islamic Amana Fund and the Ave Maria Catholics Value Fund naturally appeal to different ethical investors.

As different investors look for different ethical funds, distinct methods to determine what is ethical become necessary. They discuss positive and negative screening, shareholder activism and community development investing, and provide a list of strategies discussed in the academic literature. The distinction between screening, shareholder advocacy, and community investing is also made by Schueth Sparkes mentions avoidance, targeting positive activities, shareholder activism, best-in-class, industries of the future, and SRI risk optimization.

In the remainder of this section we follow the classification by Domini :5who posits three different ways of social investing: guideline portfolio investment, shareholder activism, and community development investing.

There are various possibilities of how guidelines can be set in buy investments literature review portfolio. We will discuss the two most widely accepted ones: the screening buy investments literature review and the best-in-class approach.

In the academic literature, a distinction is made buy investments literature review positive and negative screening. The traditional negative social investment screens include military contracting, alcohol and tobacco, gambling, and nuclear power Kinder and Domini Some studies also mention political donations and oppressive government regimes Luther et al.

For an explanation on the different screening possibilities buy investments literature review by the Social Investment Forum, see also Barnett and Salomon According to negative screening or buy investments literature review, companies with specific characteristics are excluded from consideration Camey ; Cowton ; Bischofskonferenz ; Renneboog et al.

This approach is criticized among others by Schwartzwho questions whether all negative ethical screens—for example, gambling screens—are really ethical screens. Regarding, for example, the gambling industry, the majority of the US society nowadays accepts gambling as leisure-time activity.

A good example is Cowtonwho provides an overview of how different funds understand the screening approach for military contracts. Some ban all involvement in arm trade, but others only the manufacturing or the distribution of arms. One can also distinguish between funds that exclude only those companies with a substantial interest in military contracts, whereas others might also exclude a company with a small foreign subsidiary that produces strategic items such as radar equipment from their portfolios Cowton The positive buy investments literature review or positive screening means that Gene best report writer websites for college einem are only made in companies that meet specific criteria Camey ; Cowton The purpose of this is buy investments literature review encourage and assist SR behavior in companies Bischofskonferenz Richardson criticizes the ethical screening approach.

Therefore, he advocates increased governmental regulation in the SRI arena, highlighting that current voluntary normative regimes—such as the UN Principles of Responsible Investment—seem insufficient Richardson Besides the classical approaches of positive and negative screening, mixed strategies—such as the two-stage approach, which starts with negative screening followed by positive criteria, and the trade-off approach, which calculates an overall score or rating for companies—are discussed Cowton In addition buy investments literature review positive and negative screening, the best-in-class approach is often discussed in the literature and in practice.

No buy investments literature review is excluded at the outset Cengiz buy investments literature review al. The idea behind this approach is that the better companies act as a model for the less-than-good companies Bischofskonferenz A portfolio structured like this might be described as good, but not clean Cowton The term shareholder activism, also referred to as the activist approach, means that investors use their proxy votes to support the ethical development of companies Camey It supports the idea that shareholders can use buy investments literature review specific rights and privileges as a tool for social change Sandberg They point out buy investments literature review shareholders, as company owners, can effect great buy investments literature review through voting rights and personal meetings.

Rivoli shows in her study that the voting of SRI shareholder proxies have had an effect in the past. Although all examined shareholder resolutions have failed to gather a majority for their case, nearly one-third of them were withdrawn owing to successful agreements between shareholders and management.

Therefore, a positive impact of proxy voting can be assumed. For a practical example of proxy voting, see the Buy investments literature review Campaign at GM Cowton For challenges by means of the activist approach, see Cullis et al. Community development investing means that investors might give up some income to provide people learn more here capital who buy investments literature review otherwise have no access to it through conventional channels Schueth This can be done through charitable contributions, involvement in public—private partnerships, or volunteer programs Lydenberg and Kurtz Sparkes argues that community development investing should not be seen as a part of SRI, but rather as socially directed investments SDI.

They promote the idea of impact investing, whereby positive impact on social and environmental challenges is executed while optimizing financial returns. Impact investing is becoming more and more important buy investments literature review the investment practice, as shown by Saltuk One possible application of impact investing is micro-finance buy investments literature review. These funds help to direct investments into growing economies that do not buy investments literature review have go here access to capital markets.

Despite its practical relevance, community development and impact investing have not seen a wide coverage in academic literature and remain a field of further research. The third generation of SRI screens combines positive and negative screenings, while the fourth generation combines the third generation with the activist approach.

Hummels and Timmer identify an buy investments literature review to implementing all these approaches. They display in their paper the major trends in literature on SRI, by using a simple content analysis on relevant phrases. They find, that in nearly two-thirds of all published academic articles cover performance measurement, which they explain by the fact that this research area is very data driven, as well as by the availability of respective data sets.

Furthermore, they confirm new trends in SRI articles, besides performance measurement. The phrases stakeholder, corporate governance, sustainable, activism, and human rights have seen extensive growth in coverage over the researched time period.

We follow this perception with our literature review and dedicate a large part of the following section to an overview on performance measurement. When it comes to measuring performance of SR investments over conventional funds, there seems to be disagreement in academic literature whether SRI cheap reflective essay on profitable or not. An extensive set of meta-studies on the relationship between financial performance and SRI exists.

Mill names Wood and Jones who reviewed 60 empirical studies between and ; Pava and Krausz who looked at 21 studies between and ; Margolis and Walsh who researched on studies between and ; Buy investments literature review et al.

In addition to this, Hoepner and McMillan reviewed 51 studies between and From these meta-studies, Mill concludes a positive impact of SRI on financial performance.

However, this result might be described as illusory, because a compilation of findings cannot produce a definite conclusion given the limitations of the underlying studies Barnett and Salomon We therefore see a need to analyze the click here between social and financial performance, by looking at individual studies.

We took the meta-studies mentioned above as a first basis and enhanced them by studies published more recently. We further focus only on empirical studies based on market data for our analysis, and not studies based on accounting data or those that present a theoretical model approach. Overall, we examine 53 different empirical studies regarding SRI; of these, 35 use a performance analysis of ethical investment vehicles compared to conventional benchmarks and are therefore qualified to provide an answer to the question if SRI pays for investors.

From a technical perspective, most studies—49 out of 53—perform regression analysis; of these, 27 provide an explanatory contribution on different factors that influence returns, besides ethical commitment. Here, one- theee- or four-factor models are used, such as CAPM, Fama—French, and Carhart. The CAPM considers market beta as an explanatory factor for asset price movements and is used in eight of the analyzed studies. For a detailed derivation on the CAPM, see Copeland et al.

Fama and French extend the CAPM by two additional factors, considering beta, size, and book-to-market values, but their approach is only used in two studies, although the size effect is cited by many as an explanatory factor.

The Carhart model is based on Fama and Frenchbut with a fourth factor. This best critical thinking editing service captures buy investments literature review Jegadeesh and Titman momentum anomaly, i. Eight studies use the Carhart model, 15 studies define their own factor models, and 26 do not use a factor model at all to determine different influence factors in their retrieved returns.

Five buy investments literature review use a matched pair approach in addition to a simple regression analysis. Thereby, SRI and non-SRI funds of similar characteristics are compared, to reduce effects in size or investment style when comparing returns. Here, important studies are: Mallin et al. Five studies use other methods such as implementing trading strategies Gompers et al.

Buy investments literature review measures used in the 53 analyzed studies multiple usages possible The Jensen alpha Jensen is used in 31 of the analyzed studies. The Treynor ratio Treynor is used six times, and the Sharpe ratio Sharpeis used in 14 studies.

The excess standard deviation adjusted return eSDARas calculated by Statmanquantifies the extra return at a specific point in time that could buy investments literature review earned by a portfolio when using the same amount of risk as the specified benchmark Cengiz et al.

The measure is used in three studies. In their paper Fowler and Hope provide an overview of the major sustainability indices, which screening methods they use and which benchmark index underlies them. The best-known indices are introduced in detail by Sparkes He discusses the US-based Domini Social Index by KLD and the Dow Jones Sustainability Index, as well as the UK-based FTSE4Good index.

The Domini social index sometimes also referred to as buy investments literature review KLD index, because it was established by Kinder, Lydenberg, Domini and Company is one of the best-known indices regarding social topics. When launched, it applied primary screens on military contracting, alcohol and tobacco, gambling, nuclear power, and South Africa, as well as secondary screens on corporate responses to environment, product quality, and attitudes toward consumers, buy investments literature review citizenship, employee relations, women, and minorities.

Furthermore, 40 smaller companies with strong social positives are added to the index and, finally, large capitalization stocks in underrepresented industries that surpass all screens Kurtz et al. In the studies, we analyze a very broad range of different indices used as benchmarks. However, indices have more uses beyond benchmarking. As Sauer points out, the advantage of using indices is that transaction costs, management fees, and differences in investment policy can be eliminated so as to isolate any potential performance implications more clearly.

The reasoning behind the third hypothesis by Hamilton et al. Such negative news would lead to conventional portfolio underperformances, and, vice versa, to SRI portfolio outperformance. This argument is supported by Moskowitzwho finds that good environmental screening does decrease the likelihood of high costs owing to environmental disasters that would decrease conventional portfolio returns.

Buy investments literature review finds that a good social and buy investments literature review performance is a signal of good managerial quality, which might lead to an increase in SRI buy investments literature review returns.

Further, he provides a first portfolio of 14 SR companies, but does not draw a conclusion regarding their performance. Finally, Link mutual funds might yield higher returns because they are subject to more scrutiny—or at least should be—than conventional funds Schwartz Bragdon and Karash DiBartolomeo and Kurtz Epstein and Schnietz Grossman and Sharpe To buy investments literature review to date the relationship between social responsibility and check this out has not been conclusive.

They find that one must decide either to wholeheartedly follow an intensive SR investment screening process and gain extra returns as better managed and more stable firms are selected, or exclude very few firms to retain the ability to diversify.

In their approach they do not—as many studies have done before—compare SRI and conventional funds, but address differences within SRI funds and look at different screening methods. They conclude that the relationship between financial and social performance is neither purely positive nor purely negative, but curvilinear, i.

But those funds with a maximum screening of 12 still underperformed by roughly 2. Therefore, it buy investments literature review be concluded that social screening does not come at a cost. The same reasoning has been used before by David Diltzwho finds different performance results, depending on the type of screen he uses on a predefined portfolio. Another explanation for the different results produced by the various studies is that there are so many different definitions of SRI, which might affect the outcome of the buy investments literature review Sandberg et al.

In their study, Benson and Humphrey find that SRI fund flows are overall less sensitive to past returns than conventional fund flows and that SR investors are more likely to reinvest in funds they already own. The flow—performance relationship is asymmetric, i.

They have higher search costs to Zehen cheap phd persuasive essay assistance complete a fitting alternative fund. The assessment of the empirical studies buy investments literature review shows the heterogeneity of results when comparing the connection between social and financial performance.

First, they point out that social performance is difficult to assess, and sophisticated measures to do so are still not widely accepted. Further, they state that certain circumstances might influence the relationship between social and financial performance in a way that is not yet completely understood. Finally, the long- and short-term analysis of the relationship between social and financial performance might account for buy investments literature review different results.

In their article, they find support for a fourth argument. On the contrary, they state that the profit-driven investors who use positive screening approaches can explain the outperformance of these investments. Although both theories cannot hold true in the long run, the combination of both screening approaches in practice at the moment might be an explanation for those performance studies, finding similar performance for Buy investments literature review and conventional funds.

While confirming a positive relationship between financial and social performance, they also provide a possible explanation why many studies find different results when trying to establish a link between alpha and SRI.

Blacconiere and Northcut Defense contract organizations who signed ethical defense industry initiative Which environmental standards does company adhere to a local, b US, c global Screening of KLD database with regard to social issue participation and stakeholder management Screening: are environmental issues integrated into the strategic planning process?

Klaasen and McLaughlin Companies mentioned in media in relationship buy investments literature review toxic release inventories TBI Aggregated pounds of toxic chemicals and number of environmental lawsuits pending against the firm Waddock and Graves Wright and Ferris They buy investments literature review a supply and demand model, which does not provide consistent results on the relationship between CSR activities and company value.

This model shows that if the demand for SR investment opportunities generated by respective investors is greater than the supply, then such investments could generate economic value for the company. There are two different approaches to determine if SR firms have a higher value than conventional firms.

It can be buy investments literature review by read more studies, for example, buy investments literature review stock prices rise when a company receives an environmental award Klaasen and McLaughlin ; or vice versa, if information on toxic release, or an environmental crisis is published, the stock price drops significantly see Hamilton and Klaasen and McLaughlin This finding is contradicted—at least for the defense sector—by Boyle et al.

Many event studies do not study CSR as a whole, but focus on specific characteristics such as environment or stakeholders. Blacconiere and Northcut also find a positive relationship between the level of environmental information provided by a company and its financial performance. Looking at customers as company stakeholders, Ogden and Watson prove that there is a positive relationship between customer satisfaction and financial performance, by analyzing the ten largest privatized water companies in the UK.

This negative relationship should be challenged, as Teoh et al. Finally, Humphrey et al. They do neither find a positive or negative relationship, confirming that at least in the UK buy investments literature review, the implementation of CSR strategies should have no financial consequences for a company. Goss and Roberts follow a different approach by determining the effect CSR consistent behavior has on the interest rates companies pay for their bank debt.

They find that companies with essay services popular for admission writer phd low perceived CSR behavior pay up to 18 basis points more for their loans than companies that are perceived to have a positive Buy investments literature review behavior.

Most empirical studies discussed above focus on the US and the UK, as both countries have the longest SRI traditions as well as significant assets under investment. Recently, some studies have been published that compare different SRI aspects in different countries.

Maignan and Ralston compare the web sites of French, Dutch, UK, and US firms, and find that the Anglo countries tend to focus more on SRI topics then their French and Dutch counterparts.

One reason they provide for this might be the traditional responsible role of government in Europe regarding social issues, whereas in the Anglo countries, companies have had more autonomy regarding social issues. While US ethical mutual funds are mainly invested in large caps compared to their conventional peers, UK and German ethical mutual funds are buy investments literature review exposed to small caps compared to conventional mutual funds.

Chapple and Moon conduct a study of seven Asian countries India, Indonesia, Malaysia, buy investments literature review Philippines, South Korea, Singapore, and Thailand and find that social responsibility varies between these countries, which might be explained by national factors.

They also confirm an enhancing effect of globalization on CSR in Asia. It is at least questionable, whether their study is representative as their main source buy investments literature review data are company website reports.

Louche and Lydenberg compare SRI in the European Union and the USA and find that although the concepts are the same for both areas, the implementation differs. They conclude that SRI will become a mainstream investment pattern much quicker in Europe than in the USA owing to governmental influence and attention relating to SRI in the former. In the USA, proxy voting is mainly used to influence companies to act in greater accordance with SRI principles, which seems to be an active and more confrontational approach.

Other differences include community development more info, a hot topic in the USA, but not yet relevant in Europe, as well as some differences in definitions.

However, the main buy investments literature review and religious roots are the same for both regions. It seems that this need for more conceptual and theoretical work buy investments literature review been picked up by scholars over the last years, as many of them have taken one step back from plain performance measurement.

The latest publications show that before comparing SRI and conventional fund performance, a common understanding should be reached under which conditions a fund is considered SR. Therefore, it is necessary to develop a measurement to quantify how SR, a specific investment vehicle, really is. The second step would then be, to include this information into the portfolio selection, thereby deriving a SRI portfolio.

The following section provides an buy investments literature review on the coverage in academic articles of these two steps. One way to determine an answer to this is by introducing a rating approach, because as Dillenburg et al. They point out that a social metric system might have a substantial impact on how companies are steered in the future.

A SR investment rating hereby can be defined as a systematic analysis of company information that are related to environmental, social, ethical, or cultural aspects Pinner For a detailed overview on different rating agencies also see Pinner et seq. In the context of SR investment rating, the terminology of ESG scores have lately been used more frequently in academic literature. It describes how SR a company acts with regard to environmental, social, and governance issues, and assigns a score to each of the individual topics.

Finally, an average rating score is calculated out of each of the individual scores Wimmer A variety of public and non-public data are collected for each of the seven groups to assess the individual rating scores.

They see, however, several obstacles in creating such a comprehensive rating. One major obstacle they see is that a sustainable asset is defined by values and preferences of the single investor, making a sustainable rating vulnerable to subjectivity in the rating process.

Furthermore the strategic objectives of a group of sustainable funds might be very diverse making integration into a rating process difficult. Finally, certain information is crucial source a serious rating framework, but might not be accessible in practice. Generally speaking, there is a lack of sustainability reporting Koellner et al. Once a social rating approach is agreed upon, an interesting research question is whether SRI vehicles are really more SR than their conventional counterparts.

They compare SRI funds with 82 conventional funds for the years and and find that the SRI funds have significantly higher ESG scores than the analyzed conventional funds. This can be explained by an investment process where social screening is only the first step followed by financial optimization.

Wimmer extends this discussion, by raising the question for how long they can keep their high ESG scores. The rating approach is a generalized method to determine how SR a mutual fund or a single company is.

Social responsibility, however, means something different for every individual investor. While a rating can only approximate the unique utility function of an investor, new approaches look to implement the individual ethical investment demand of a single investor into portfolio optimization. As outlined by Mackenzie and Lewis and Lewis buy investments literature review Mackenzie aSR investors seem to prefer a mixture of SR investments and conventional funds.

The optimal mixture can be determined by using multi-attribute portfolio optimization. This approach was first linked to SRI by Hallerbach et al.

From this they use a multi-step optimization process to determine the optimal portfolio for this individual investor. These are used to determine the amount of social responsibility a single investor wants to see in his portfolio. It is defined by an ethical index that considers the personal ethical values buy investments literature review a click investor and adds it to the risk—return profile of its investment decision, resulting in an efficient frontier that gives this investor the opportunity to determine its optimal ethical portfolio, at a fixed level of risk.

They buy investments literature review their allocation on a practical example and can confirm negative returns for very strict SRI portfolios, but not prove the same for portfolios that only invest a small amount SR.

Social return is hereby measured by using micro-finance fund. This approach seeks to lay a theoretical basis to quantify social returns. Dorfleitner and Utz aim at a specific type of investor: the safety first investor that is concerned that his portfolio falls under a specified threshold with regard to return.

In a first step, they determine the sustainability return for single investments by using sustainability ratings and further let the investor choose a combination of these objective values under consideration of his specific ethical utility function. They use the derived sustainable component and add financial returns as input factors into their buy investments literature review for safety-first portfolio selection.

As displayed above, this field of research has gathered attention over the last years and a broad variety buy investments literature review different approaches are still under discussion. Further research might be necessary to determine a generally accepted integration of social responsibility into portfolio optimization. We suggest focusing research in Buy investments literature review on Buy investments literature review countries.

The ethical indices might have performed better than their conventional benchmarks, because they might have avoided companies investing in unethical vehicles, such as mortgage loan speculation. On the other hand, they might have performed worse, as periphery countries and home loans might have been continue reading ethical before and European SRI mutual funds might have been more exposed than conventional investors.

An empirical study should be conducted to determine the Existing studies on Europe mainly focus on the UK, because it has the longest history of SRI and the most developed market; these studies include a small number of other Buy investments literature review countries, if any.

An extensive study of SRI in Europe has not been conducted to date, and it would be interesting to discover the differences in SRI between European countries. To buy investments literature review best of our knowledge, there is no empirical study comparing German SRI mutual funds on a stand-alone basis. Our paper has further shown that most empirical studies focus on SRI mutual fund portfolios, rather than indices.

The hypothesis would be that, because index investing by means of exchange traded funds is becoming an increasingly important topic, the number of published SRI indices should have risen over the years, making this a topic worth investigating in detail.

The above-mentioned studies point to future research areas, regarding the methodology behind the impact and construction of sustainable indices. Which steps must companies take to become licensed for a sustainable index and how do investors and the investment community respond to the rising number of licensed companies that are included in a SRI index? Furthermore, buy investments literature review topic of social ratings is still an open research field.

Although this web page a variety of rating agencies exist in practice, there is a need for more conceptual research performed on how more info rating approaches can be implemented, which influence factors should be considered, and whether standardization of this process would be helpful, or if individualization is an integral part.

This work should than be linked to the multi-factor portfolio optimization, defining a commonly accepted way to include social ratings into portfolio optimization, and applying the framework in practice. Finally, an explanation is missing why some of the current studies that have shown buy investments literature review models of multi-attribute portfolio optimization have determined negative returns, when investing larger amounts into SRI funds, while this effect could not be seen when investing smaller amounts.

In this paper, we have outlined the motives and increased interest that private and institutional investors have for combining ethical buy investments literature review and financial decisions. We have also shown different ways of fulfilling this demand by means buy investments literature review guiding portfolio investments, shareholder activism, or community development investing.

We then analyzed a wide set of empirical studies and outlined the continuing discussions in the academic literature regarding the relative performance of SRI vehicles. In our meta-study, we find that the majority of research papers to date have found SRI funds to perform equally to conventional investments, a wide set has recognized outperformance of SR investments, and some studies even found a negative relationship between SR investments and buy investments literature review investments.

These studies mainly point to a positive effect between SRI activities implemented by a company and its financial results. We concluded our paper with an overview on SR investment buy investments literature review and their integration into multi-attribute portfolio optimization. Open Access This article is distributed under the terms of the Creative Commons Attribution License which permits any use, distribution, and reproduction in any medium, provided the original author s and the source are credited.

Part of Springer Nature. Bus Res 8: In the mids, the Methodist Church sought to do the same Schueth As early asUK church investors established their own investment portfolios considering ethical constraints Sparkes In the s, the equity market started to focus more on the specific religious requirements of the Islamic community, for example, excluding specific buy investments literature review like pork production Renneboog et al. Another specific aspect of Islamic banking is the abandonment of the fixed-income market, since receiving and paying interest rates are not permitted More info and Omran Furthermore, a growing environmental movement has raised its concerns Fowler and Hope More recently, personal ethical and social convictions have become more important.

For example, the Pax World Fund was founded to ban investments in the production of weapons, due to the Vietnam War. Other funds excluded investments in South Africa during the apartheid regime. Chernobyl and the Exxon Valdez disaster increased awareness of negative environmental consequences, thereby influencing investment habits Renneboog et al.

Investment decisions initially followed a simple buy investments literature review, covering liquidity, risk, and return. Nowadays, an increasing number of investors use the magical square: liquidity, risk, return, and sustainability. This can be seen as an enhancement of the neoclassical homo economicus, who is driven only by economics, as displayed in Fig.

Open image in new window Fig. Besides different comparison methods, the analyzed studies also differ in the choice of performance measures and benchmarks they use.

Both factors are very significant when the performance of SRI vehicles and their conventional buy investments literature review. It must be noted that many studies use more than one performance measure; Fig.

Besides average portfolio returns, which are used in 14 studies, the following performance measures are used. Here, one should distinguish between performance studies, which focus on a mostly smaller number of mutual funds or indices and those that establish relationships with single companies to prove a relationship between social behavior and company performance, because these studies usually work with a larger sample size. The average performance study sample size is samples see Fig.

The average relationship study sample size is see Fig. Numerous studies have been performed solely to determine how SR investments perform compared to conventional investments. While Henningsen provides a basic introduction to how performance should be measured in a social portfolio, there is as yet no agreement in the buy investments literature review literature as to how this relationship can be described Camey ; Cowton Ethical funds or indices can outperform, underperform, or perform as well as conventional funds or indices.

The main studies that provide proof of the three relationships are presented below. This also means that SR companies do not acquire any benefit by acting accordingly, because their cost of capital is not reduced, compared to conventional companies.

Buy investments literature review their study, Hamilton et al. The following papers provide empirical evidence for the hypothesis that SR investment returns are here to the returns of conventional portfolios: Guerard a shows that no significant outperformance can be achieved by means of ethical screening. Sauer compares a see more SRI portfolio—the Domini Social Index —with two benchmark portfolios.

His studies find that the SRI portfolio does not underperform the benchmark portfolios; this is confirmed the use of different performance measures: the Jensen alpha, the Sharpe ratio, and average monthly raw returns and variability.

Buy investments literature review their study, Teoh et al. For the Australian market, Cummings compares seven local ethical mutual funds, without finding significant over- or underperformance of those compared to their local benchmark indices. When comparing SR mutual funds, he finds that they underperform top curriculum vitae proofreading services united states buy investments literature review, but are not worse than conventional mutual funds.

He finds that US investors are overinvested in blue chip stocks, whereas German and Swiss SRI buy investments literature review invest more in smaller stocks. Bello uses a matching approach, and shows that between and ethical funds did not underperform or outperform conventional funds regarding the effect of assets held, portfolio diversification, and click to see more effects of diversification on investment performance.

He uses Morningstar data to determine 42 SR mutual funds including 3 dead funds to heal survivorship bias, and matches those with two randomly selected conventional funds of approximately the same net asset size. He uses three different measures to define portfolio performance: Jensen alpha, Sharpe information ratio, and eSDAR. They find that distinct investment styles are used—ethical funds seem to be less exposed to market variability than conventional funds.

They also find a catch-up period regarding returns sincepossibly due to learning effects, but only average returns between and They extend their study to the Australian market using the same methods.

They investigate the performance of 25 ethical mutual funds compared to the Worldscope Australian Index, showing equal performance for the period between andafter a catch-up period between and Bauer et al.

They match the funds on the basis of age, size, and investment universe. Their study might contain survivorship bias, but since non-ethical funds and ethical funds should be affected in the same way, this was not seen as problematic. They use log returns to reduce the effect of skewness in the return distribution. Mill also finds no difference in performance between SRI and conventional funds. What is exceptional in his study is that he compares data for only one fund that has switched its investment style from conventional to SRI.

Amenc and Le Sourdfocusing on France, look at — and cannot find any outperformance by ethical indices and ethical mutual funds over their conventional alternatives. Researching European ethical fund portfolios between andCengiz et al.

Their fund portfolios are split into three clusters: principle-oriented negative screening approach combined with positive criteriabest-in-class approach and ecology—climate—environment. They conclude buy investments literature review none of their analyzed clusters could beat the benchmark. Essay editor popular hire for london critical the principle-oriented cluster is little behind its benchmark, while the other two clusters fall well behind.

Besides the Hamilton et al. Haigh and Hazeltonfor example, find that Australian SRI funds are invested in of the largest companies. This is supported by Ruddwho argues along buy investments literature review lines of classical portfolio theory.

The possibility of uncompensated risk in a socially screened portfolio is also mentioned by Kurtz ; it buy investments literature review perceived to be one of the largest obstacles to SRI implementation. This argument is supported by Luther et al. Cowton argues that it seems likely that SRI fund returns are smaller than those of the various mainstream funds, because mainstream investors could build the same portfolio as SR investors, but not vice versa.

Mueller tests ten mutual funds with ethical restrictions and finds significant underperformance compared to conventional funds in this category. In his study, Teper et seq.

Furthermore he compares a South Africa-free portfolio, a sin-free portfolio without alcohol, tobacco and gambling stocksa portfolio without major defense contractors, and a portfolio that eliminates birth control manufacturers. In his study, Tippet shows significant underperformance of the three major Australian ethical mutual funds between and compared to their benchmarks. He holds higher transaction costs and management fees responsible for this underperformance.

Finally, Geczy et al. The following papers find empirical evidence for higher-than-expected SRI portfolio returns: One of the initial motivations for SRI was the late apartheid regime in South Africa. This led to a global discussion of whether investments in companies doing business in or with South Africa should be excluded.

Grossman and Sharpe examine the effect of divestments from South African companies to receive more ethical investment results. They find that portfolios without Buy investments literature review Africa-related companies show superior returns, at the same level of risk, compared to conventional funds.

However, they consider their results as limited on the basis of more info too varied, as well as too closely correlated with low yields to allow for any relation between returns and ethical buy investments literature review in SRI portfolios.

They also find a small company bias and low dividend yields for their screened portfolios. In their study covering the years —, Mallin et al.

They find that ethical trust funds outperform non-ethical trust funds, but both perform worse than the market. Inthey reevaluated their previous study, looking at differences in allocation strategies and compared mixed equity and debt SRI portfolios with their conservative benchmarks. They look at different investment strategies—such as the buy and hold approach, constant mix, and constant proportion—and find significant outperformance on a strict return basis for all strategies.

In his study, Travers focuses on SRI outside the USA. He finds outperformance when comparing 23 selected SRI mutual funds from Europe, Australasia, and Asia with their benchmark, the MSCI EAFA Index Morgan Stanley Capital International Europe, Australasia and Far East Index. One drawback of this study is the relatively short buy investments literature review frame.

Epstein and Schnietz divide the Fortune index into buy investments literature review separate groups—environmentally abusive firms, labor-abusive firms and the rest—and look at a specific point in time: the failure of the WTO talks. They find that, around this event, the first two groups performed significantly poorer than the remaining portfolio.

In a study of —, Derwall et al. Furthermore, Gompers et al. In their study, they set up a governance index, ranking 1, buy investments literature review according to their shareholder rights. They buy investments literature review implement a trading strategy, selling the firms with lowest shareholder rights and buying those with most shareholder rights. With this simple strategy, they earn an abnormally high return of 8. These findings correspond well with the explanation by Tippet that excluding firms where management behavior is considered unethical should lead to significant outperformance, because firms with unnecessary costs are avoided.

They find that—for the short-term, 3- and professional college editor services time horizons—neither the selected single firms nor the SRI mutual funds are able to outperform the market. However, in terms of buy investments literature review year performance, the 11 selected firms produce significant positive alpha, thereby outperforming the market.

In their study, Hill et al. They conclude that the examined European companies outperformed their benchmark in the short term, whereas Asian and US companies did not perform significantly differently to their benchmarks.

Kempf buy investments literature review Osthoff implement a simple trading strategy: buy stocks with a high SR investment rating, and sell those with a low rating.

With this strategy, they achieved an abnormally high performance of up to 8. Especially good results are obtained for application of the best-in-class approach, stocks with extreme social ratings, and a combination of several social screens at a time. The results also hold if high transaction costs are applied. Another approach is to look at single company values to determine the effects of SR behavior, mostly referred to as CSR.

A good overview of the status of CSR beschrГnkt esl masters essay ghostwriters site sf Untersuchung Europe is provided by Habisch et al. They provide qualitative insight into CSR history as well as the status quo in 23 European countries.

For an overview on the impact the financial crisis of had on CSR projects, see Jacob There are two ways to measure company value: by using accounting or market data. They conclude that there might be differences in the national culture between these countries and that European investors appear to value SRI higher than Asian and US investors.

However, this seems rather straightforward, since they use the basic assumption that managers will only take on those SR decisions that improve company value. The vast majority of studies focus only on the USA. Four studies compare the USA to selected European countries, six focus on the UK, and only two compare selected European countries see Fig. Other studies compare European SRI vehicles in general without naming a specific country.

Buy investments literature review or Northern European countries are mostly neglected, and we click here no studies on Eastern European countries as displayed in Fig.

The declining number of performance studies from onwards points to a shift to new fields of research. This is in line with Buy investments literature review and Monjon who, in their paper on trends in SRI literature point out that the topic of performance measurement has been somewhat overemphasized in the academic world.

They also address the need for more buy investments literature review and theoretical work in this research area. Do financial markets care about SRI? Evidence from mergers and acquisitions.

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