Relevant bibliographies by topics / Socially Responsible Investing (SRI)

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  1. Journal articles
  2. Dissertations / Theses
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  4. Book chapters
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Academic literature on the topic 'Socially Responsible Investing (SRI)'

Author: Grafiati
Published: 4 June 2021
Last updated: 3 February 2022

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Journal articles on the topic "Socially Responsible Investing (SRI)"

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Geczy, Christopher C., Robert F. Stambaugh, and David Levin. "Investing in Socially Responsible Mutual Funds." Review of Asset Pricing Studies 11, no. 2 (February 11, 2021): 309–51. http://dx.doi.org/10.1093/rapstu/raab004.

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Abstract We construct optimal portfolios of mutual funds whose objectives include socially responsible investment (SRI). Comparing portfolios of these funds to those constructed from the broader fund universe reveals the cost of imposing the SRI constraint on investors seeking the highest Sharpe ratio. This SRI cost crucially depends on the investor’s views about asset pricing models and stock-picking skill by fund managers. To an investor who strongly believes in the CAPM and rules out managerial skill, that is, a market index investor, the cost of the SRI constraint is typically just a few basis points per month, measured in certainty-equivalent loss. To an investor who still disallows skill but instead believes to some degree in pricing models that associate higher returns with exposures to size, value, and momentum factors, the SRI constraint is much costlier, typically by at least 30 basis points per month. The SRI constraint imposes large costs on investors whose beliefs allow a substantial amount of fund-manager skill, that is, investors who heavily rely on individual funds’ track records to predict future performance. ( JEL G11, G12, C11) In 2005, when we released what ultimately proved to be the final version of this study, socially responsible investment (SRI) had already become a major presence on the investment landscape. In the years since, this approach, now often called “sustainable” investment, has grown even more rapidly and often encompasses a broad set of “ESG” (environmental, social, and governance) criteria. As evidence of the rapid growth, Morningstar (2020) notes, “one need look no further than the nearly fourfold increase in assets that flowed into sustainable funds in the United States in 2019.” Sustainable investing has also received increased attention in the academic literature, in subsequent studies too numerous to list. Some of the studies are especially related to ours in that they also examine mutual funds. In our study, mutual funds constitute an asset universe faced by an investor imposing an SRI/ESG constraint. A number of the subsequent studies use mutual funds to address other dimensions of sustainable investing. For example, Bollen (2007), Benson and Humphrey (2008), Renneboog, Ter Horst, and Zhang (2011), Bialkowski and Starks (2016) and Hartzmark and Sussman (2019) investigate determinants of mutual fund flows into sustainable funds versus other funds. Riedl and Smeets (2017) use survey and experimental data to explore investors’ preferences for sustainable funds. Madhavan et al. (2020) examine sustainable active equity mutual funds, relating factor loadings and residual returns to ESG characteristics. While we focus on mutual funds, our study also intends that the basic aspects of the SRI setting extend to other institutional investors. That intent is supported, for example, by the recent evidence of Bolton and Kacperczyk (forthcoming, 2020) providing broader perspectives on the SRI portfolio tilts of various types of institutional investors.One conclusion of our study is that an SRI/ESG constraint is especially binding for investors wishing to tilt toward value or small-cap funds. It seems reasonable to infer that such is still the case, though we have not updated our formal analysis. For example, Morningstar (2020) identifies, as of 2019, 99 sustainable U.S. equity funds categorized within its 3 × 3 style box that sorts along the dimensions of value/blend/growth and small/mid-cap/large. Of those 99 funds, only 8 are classified as value, versus 24 as growth and 67 as blend. Only 7 of the 99 are small-cap funds, versus 79 large-cap and 13 mid-cap. More generally, our 2005 study is early in noting meaningful differences in factor loadings between sustainable versus other funds, in both three- and four-factor models.An SRI/ESG constraint is also especially binding for investors who see much information in individual funds’ historical alphas. The basic reason we discuss in our study is seemingly still at work. That is, despite the rapid growth noted earlier, the number of sustainable funds is still well less than those in the total fund universe, so many of the highest track records appear among funds outside that subset. Not mentioned in our original study is that the case of an investor who sees much information in historical alpha confronts the argument of Berk and Green (2004): if fund flows rationally respond to historical alpha, an investor will not view historical alpha as being informative about future alpha. That argument relies on investors correctly assessing the degree of fund-level decreasing returns to scale. One might view an investor who sees historical alpha as informative about future alpha as also having beliefs that favor a lower degree of decreasing returns to scale, as compared to other investors. Moreover, the equilibrating effects of fund flows might interact with the nonpecuniary utility that SRI-conscious investors derive from their fund choices, as suggested by the evidence of Bollen (2007) that flows respond to returns differently for SRI funds versus conventional funds. In any event, when prior beliefs admit substantial information from historical alphas, Busse and Irvine (2006) find that Bayesian predictive alphas computed as in Pástor and Stambaugh (2002a, 2002b), as are the alphas in our study, do predict future performance.While not one we address, a question often asked is whether sustainable investments perform better or worse than other investments. A number of studies do pursue this question, obtaining a range of findings that include both higher and lower performance for sustainable investments. Pástor, Stambaugh, and Taylor (forthcoming) discuss the challenge in interpreting such findings’ implications about expected future performance. A wedge between ex ante and ex post performance of sustainable investments arises during any period that witnesses unanticipated shifts in either customers’ demands for sustainable products or investors’ demands for sustainable holdings.1 As those authors note, sorting out such effects is an important challenge for future research. Our study conducts its analysis under a variety of asset pricing models and prior beliefs. In each case, an investor conditions on funds’ past returns and thus takes account of any historical performance differences between the sustainable funds and other funds in our sample. We do not, however, include models in which expected asset returns depend on sustainability. In this respect, our study does not attempt to provide direct evidence about a potential relation between sustainability and expected investment performance.We are grateful to the Review of Asset Pricing Studies for the opportunity to publish our original study, which follows below with only the references updated to reflect subsequent publications. The study’s abstract is also unchanged from its original version.
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Lei, Shan, and Yafei Zhang. "The role of the media in socially responsible investing." International Journal of Bank Marketing 38, no. 4 (February 25, 2020): 823–41. http://dx.doi.org/10.1108/ijbm-09-2019-0332.

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PurposeThis study aims to understand how media content and media sentiment in corporate social responsibility (CSR) news coverage affect investment performance, as reflected in the S&P 500 Environmental and Socially Responsible Index from 2010 to 2016.Design/methodology/approachComputer-assisted content analysis and sentiment analysis are employed to analyze 818 CSR-related newspaper articles from mainstream newspapers. Autoregressive model is used to comprehend socially responsible investment (SRI) performance.FindingsThis study reveals the impact of media content and media sentiment of CSR-related news articles on SRI. The authors’ findings indicate that such topics as recognition of a company's CSR contributions in CSR-related news articles are positively associated with SRI performance, whereas topics such as tax avoidance and environmental protection show a negative relationship with SRI performance. In addition, this study contributes to the authors’ understanding of framing bias in investment by confirming a significant positive association between an uncertain or constraining media sentiment and SRI performance, as well as a negative relationship between a litigious sentiment and SRI performance.Originality/valueThere has been limited attention to examining the effect of media coverage of CSR on the financial market. Since SRI is one of the most useful financial indices for SRIs, it is meaningful to explore the relationship between media coverage of CSR and SRI. To fill the research gap, this study specifically examines how media coverage of CSR-related issues is associated with SRI performance.
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Revelli, Christophe. "Socially responsible investing (SRI): From mainstream to margin?" Research in International Business and Finance 39 (January 2017): 711–17. http://dx.doi.org/10.1016/j.ribaf.2015.11.003.

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Junkus, Joan, and Thomas D. Berry. "Socially responsible investing: a review of the critical issues." Managerial Finance 41, no. 11 (November 9, 2015): 1176–201. http://dx.doi.org/10.1108/mf-12-2014-0307.

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Purpose – The purpose of this paper is to provide a review of the most recent work in major finance journals on socially responsible investment (SRI). While SRI involves individual investors, firms, and investment managers, the authors concentrate primarily on the investment view. Design/methodology/approach – The authors briefly review the development of socially responsible investing (SRI) and the theoretical issues related to SRI and investment choice. This is followed by a review of the empirical results concerning firm value. The question of whether SR mutual funds and SR indexes differ in performance or other characteristics from their conventional counterparts is discussed next, and lastly the authors present suggestions for future research directions. Findings – Despite the large and extensive amount of empirical research published on SRI in recent years, the authors find no definitive answer to the question of SR actions for either the firm or the investor. For firms, evidence linking corporate social responsibility (CSR) rankings with higher value is mixed, and depends on the type of CSR behavior studied as well as the measures of firm performance used. The performance of SR mutual funds and indexes generally are not significantly different from conventional funds or indexes, but again these results are also highly dependent on model specification, time period, benchmark, and other characteristics of the study. Practical implications – The value of SR investing has not been definitely proved. This means, however, that there is room for further on this important topic. Originality/value – This paper synthesizes and presents the most recent research on SRI from a wide variety of refereed sources.
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Chawana, Munyaradzi. "Socially responsible investing returns: Evidence from South Africa, 2004-2012." Journal of Economic and Financial Sciences 7, no. 1 (April 30, 2014): 103–26. http://dx.doi.org/10.4102/jef.v7i1.133.

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A number of researchers have sought to test the theoretical prediction of Modern Portfolio Theory that asserts that Socially Responsible Investing (SRI) under-performs conventional investing. In contrast to the majority of literature, which focuses on comparing SRI funds’ performance to conventional funds, this study compares the performance of South Africa’s JSE SRI Index to the performance of local conventional market indices in the period 2004-2012. Using Sharpe ratios, the results of the study indicate that in comparison to conventional indices, the JSE SRI Index generally exhibits an inferior risk-return trade-off in both bull and bear market conditions. Furthermore, spanning tests based on the single-factor Capital Asset Pricing Model provide evidence that the JSE SRI Index is only likely to earn similar risk-adjusted returns to the Synthetic Conventional Index (a self-constructed index tracking non-overlapping conventional stocks). However, if the assumption of a non-restricted investment universe for a non-socially conscious investor is considered, there is a risk-adjusted return penalty for investing in the JSE SRI Index.
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Jun, Hannah. "Investing Well by Investing for Good?: Exploring the Motivations of Socially Responsible Investors." International Studies Review 14, no. 1 (October 15, 2013): 29–56. http://dx.doi.org/10.1163/2667078x-01401002.

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Investments in socially responsible investing (SRI), an investment process that integrates environmental, social, and governance considerations into investment decisionmaking, have grown rapidly in many areas around the world. But compared to the growth of SRI investments on a global level, there is little clarity in the academic literature about why investors would choose to implement such a strategy. This paper attempts to highlight key theories and approaches to understand the motivetions of socially responsible investors and, in doing so, provide a more robust theoretical framework that underpins the recent global phenomenon.
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Śliwiński, Paweł, and Maciej Łobza. "Financial Performance of Socially Responsible Indices." International Journal of Management and Economics 53, no. 1 (March 1, 2017): 25–46. http://dx.doi.org/10.1515/ijme-2017-0003.

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Abstract This article analyzes rate-of-return and risk related to investments in socially responsible and conventional country indices. The socially responsible indices are the DJSI Korea, DJSI US and Respect Index, and the corresponding conventional country indices are the Korea Stock Exchange Composite KOSPI, Dow Jones Industrial Average and WIG20TR. We conclude that investing in the analyzed SRI indices do not yield systematically better results than investing in the respective conventional indices, both in terms of neoclassical risk and return rate. This finding suggest that socially responsible investing should be assessed in terms of behavioral economics related to the psycho-social features of investors, rather than to simplified rational choices (based only on the risk and return rate analysis) that neoclassical economics assumes.
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Dielini, Maryna. "TRENDS IN THE DEVELOPMENT OF SOCIALLY RESPONSIBLE INVESTING IN THE WORLD: THEORETICAL AND PRACTICAL ASPECTS." Economic Analysis, no. 30(1, Part 1) (2020): 74–83. http://dx.doi.org/10.35774/econa2020.01.01.074.

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The subject of this scientific article is the theoretical study of socially responsible investment (SRI) and development in the world and countries of Europe. The purpose of the research is to study the essence of socially responsible investing, its strategies and to analyze statistically the development of socially responsible investing in the world and in Europe in particular. Research methods. The methods of synthesis, analysis, comparison, generalization, statistical data processing, graphical and tabular methods of presentation of scientific results were used. The result of the work is a theoretical and statistical study of the subject of the article. The essence of socially responsible investing is defined as investing in socially responsible entrepreneurships with the purpose of profit. Historical factors of socially responsible investing have been investigated, among which the religious aspect and the increasing importance of human values have been highlighted. Have been described main strategies that investors use in decision-making process about financing companies or projects, outlined their differences and purposes. On the basis of abovementioned, a statistical study was conducted to analyze the overall status of the SRI in the world, what strategies are most represented and to explore more deeply the state of development of SRI in Europe, as the region with the highest volume of SRI. The results of the research can be used by companies that search an outside investor or, conversely, invest in other businesses to understand the request of today’s business society. Taking into account the world experience will allow to increase the company's own image and a positive effect on the society and the environment. Conclusion. Socially responsible investments are gaining ground in the world, as this is required by the global community. Entrepreneurs understand the importance of earning socially responsible profits, which is generated by investing in responsible enterprises and projects.
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Cupriak, Daniel, Katarzyna Kuziak, and Tomasz Popczyk. "Risk Management Opportunities between Socially Responsible Investments and Selected Commodities." Sustainability 12, no. 5 (March 5, 2020): 2003. http://dx.doi.org/10.3390/su12052003.

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Socially responsible investing (SRI) or sustainable, responsible, and impact investing is growing fast. The net total of SRI assets at the beginning of 2018 was USD 12.0 trillion. There is extensive literature on SRI, but very little of it relates to portfolio construction and risk management combining SRI and commodities. In this paper, the authors pay attention to model volatility and dynamic conditional correlations between SRI investment and selected representative of commodities. We state the following hypothesis: the potential to create portfolio and risk management opportunities exists between SRI and commodities such as grain, precious metals, and industrial metals. To verify this, modeling of volatility and dynamic conditional correlation (DCC) between pair of elements is necessary. Empirical research conducted for the global market based on selected indices for SRI and commodities confirms this hypothesis. These results can improve asset selection in portfolio construction and allow investors to make more reasonable decisions.
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Heriyanto, Heriyanto, Suramaya Suci Kewal, and Yohanes Andri Putranto Bernadus. "SOCIALLY RESPOSIBLE INVESTING (SRI) DAN KINERJA SAHAM." Nominal: Barometer Riset Akuntansi dan Manajemen 8, no. 2 (September 19, 2019): 194–208. http://dx.doi.org/10.21831/nominal.v8i2.26698.

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Abstrak: Socially Resposible Investing (SRI) dan Kinerja Saham Penelitian ini bertujuan ingin menguji secara empiris perbedaan kinerja saham berdasarkan nilai return dan risiko dari perusahaan-perusahaan yang melakukan Social Responsibility Investment (SRI) melalui perhitungan indeks SRI-KEHATI dan Jakarta Islamic Index (JII) dengan Indeks Harga Saham Gabungan (IHSG).Periode pengamatan dalam penelitian iniselama 7 tahun yaitu dari tahun 2010 sampai dengan tahun 2016. Pengujian hipotesis dilakukan dengan teknik analisa yaitu independent sample t-test dengan menggunakan tingkat signifikansi sebesar 5%. Hasil yang diperoleh dari pengujian perbedaan return adalah tidak terdapat perbedaan antara return IHSG dengan return JII, return IHSG dengan return SRI-KEHATI, dan return JII dengan return SRI-KEHATI. Hasil yang diperoleh dari pengujian perbedaan risiko adalah terdapat perbedaan risiko antara risiko IHSG dengan risiko JII, risiko IHSG dengan risiko SRI-KEHATI, dan tidak ditemukan perbedaan antara risiko JII dengan risiko SRI-KEHATI. Kata kunci : socially responsible investing, kinerja saham.
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Dissertations / Theses on the topic "Socially Responsible Investing (SRI)"

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Wikström, Andreas. "Socially Responsible Investing : A study of SRI fund performance." Thesis, Umeå universitet, Nationalekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-102653.

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Malmlund, Alexander. "The Financial Incentives to Adopting Corporate Social Responsibility and Socially Responsible Investing Practices." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2103.

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As corporate social responsibility and socially responsible investing practices have increased substantially over the past decade, the possible financial advantages have been examined in great depth. Utilizing firms from the S&P 500 I have investigated the possible outperformance of accounting based and market based measures. I did this by examining the relationship between ESG scores, a common measure of CSR level, and the following dependent variables: return on assets, total risk, systematic risk, and idiosyncratic risk. I obtained strong evidence that an increase in CSR levels are correlated with an increased return on assets.
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Lu, Chenjie, and Iida Sällinen. "Socially responsible investing : The relationship between financial performance and SRI strategies of mutual funds." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388077.

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Social responsibility has gained popularity during the past few years, and one aspect of it is what benefits and costs it brings to a socially responsible investor. The purpose of this study is to examine whether different SRI strategies used by mutual funds are related to financial performance. By using multiple regression analysis and a sample of 88 Swedish SRI mutual funds over the period from 2014 to 2018, we find that using SRI screens first reduces the financial performance, but then gains a slight rebound as the screening intensity increases, indicating a U-shaped relationship. Further, we find that environmental screens impact the financial performance positively, and engagement and voting in sustainability matters is also positively related to performance.
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Gaverstedt, Ann-Sofi. "Socially Responsible Investing i jämförelse med Fundamental analys : en aktieanalys av fyra börsföretag." Thesis, Södertörn University College, School of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-1062.

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Problemformulering

En del studier visar att det finns ett signifikant statistiskt samband mellan hur ett företag hanterar miljömässiga och sociala risker och dess avkastning. Därför ifrågasätter vissa forskare och finansiella aktörer de traditionella aktievärderingar som inte bedömer de miljömässiga och sociala faktorerna. En av de vanligaste värderingsmetoderna är den Fundamentala, vilken främst utgår från att värdera den ekonomiska information som ett företag publicerar. Det finns en värderingsmodell som gör det möjligt att bedöma de sociala och miljömässiga på samma sätt som de finansiella i en Fundamental analys. Den brukar benämnas Socially Responsible Investing (SRI).

Frågeställning och syfte

Om den Fundamentala analysen inte värderar de sociala och miljömässiga kriterierna innebär det att värderingen av aktien inte är helt komplett. Det kan även innebära att vissa branscher missgynnas. Huvudfrågan är därför om en SRI-värdering ger ett annat värde på aktien än den Fundamentala analysen. Och om SRI-analysen ger ett aktievärde som stämmer bättre överens med börsvärdet? Eller är det den Fundamentala analysen som bättre stämmer överens med börsvärdet? För att kunna besvara detta genomfördes en jämförande studie av en Fundamental analys och en SRI-analys av fyra börsföretag.

Metod och teori

För att undersökningen skulle bli möjlig togs en SRI-modell fram. Resultatet tolkades utifrån Teorin om den effektiva marknaden samt perspektiven Fundamental analys och SRI-analys.

De mest intressanta slutsatserna

· SRI-värderingarna gav ett annat värde på aktien än den Fundamentala analysen.

· Den Fundamentala analysens aktievärde stämde bättre överens med börsvärdet. Det som är värt att notera är att resultatet visar att den Fundamentala analysen gav ett högre aktievärde åt de företag som är bra på att integrera de sociala och miljömässiga faktorerna i affärsverksamheten i jämförelse med börspriset.

· Marknaden värderar inte all tillgänglig information.

Marknaden bedömer inte de miljömässiga och sociala värdena av ett företag.

· Missgynnas särskilda branscher som t.ex. miljötekniksektorn?

Utifrån det presenterade resultatet kan jag inte uttala mig om att företag i vissa branscher missgynnas. Företag som verkar i miljöteknikbranschen behöver ju inte vara socialt och miljömässigt effektiva. Det som går att säga är att företag som har minimerat risker och utmaningar som de identifierade trenderna innebär värderas inte efter dessa faktorer.

· Resultatet skapar förståelse för investerares låga tilltro till SRI.

Ett flertal finansiella aktörer anser att ett företags SRI-arbete påverkar avkastningen negativt. Denna åsikt är förståelig eftersom börsvärdet på de företag som har lyckats med SRI är lägre i jämförelse med det Fundamentala värdet på aktien och börsvärdet för samma aktie.

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Brown, David. "Socio-Economically Responsible Investing and Income Inequality in the USA." Thesis, Mälardalens högskola, Akademin för utbildning, kultur och kommunikation, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-35739.

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To add to the tools currently available to combat income inequality in the United States an investment fund type is proposed, justified, described, and created using historical asset returns from 1960 to 2015. By focusing on two socio-economic indicators of poverty, inflation and unemployment rates, this fund, when marketed to investors who live near, at, or below the poverty line, seeks to increase returns during times of increased strain on the economies of the poor. Multiple hurdles are proposed and affirmatively answered to this end and a fund type and corresponding four factor model that realized hypothetical excess returns fitting the requirements of a successful investment strategy was developed and evaluated. With the increasing importance of socially responsible investment practices an investment bank who maintains a fund of this type could potentially see financial and reputational benefits.
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Lori, Jack. "The Growth of Socially Responsible Investing Practices in U.S. Equity Markets and Abnormal Sin Stock Returns." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2041.

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In my Senior Thesis, I explore the growth of socially responsible investing (SRI) practices in U.S. equity markets and abnormal sin stocks returns. I analyze the historical performance of socially responsible ETFs and portfolios of current sin stocks—alcohol, tobacco, gaming, and aerospace & defense stocks. I propose that as socially responsible investing practices continue to grow in U.S. equity markets, more industries will eventually be deemed sinful—such as sugary beverages, fast food/sugary food, biotech & pharmaceuticals, and tech/social media. I examine two sinful industries—alcohol and tobacco—by comparing the performance of these sinful portfolios before and after their industries were widely perceived as sinful. I explored these topics for a few key reasons. First, socially responsible investing practices in U.S. equity markets have exploded in popularity over the last decade. Every year, we see increasing amounts of money screened for environmental, social and governance (ESG) factors. Despite its increase in popularity, many people have claimed that socially responsible investing isn’t financially responsible investing—it underperforms as compared to common benchmarks such as the S&P 500. On the other hand, existing literature has supported the claim that investing in sin stocks generates abnormal returns for investors. I hypothesize that these two areas of portfolio management are connected—as socially responsible investing practices continue to grow, more industries will eventually be widely perceived as sinful. If the sin stock anomaly does exist and portfolios of sin stocks do generate abnormal returns, individuals and institutions can benefit from an immediate and long term investment strategy by investing in these “future” sinful industries now. Using three distinct capital asset pricing models—the Fama-French 3 Factor Model, the Fama-French 3 Factor Model plus Momentum, and the Fama-French 5 Factor Model—I come to four main conclusions. First, investing in socially responsible ETFs does not generate positive abnormal returns; in some instances, it generates statistically significant negative abnormal returns. Second, across the Fama-French 3 Factor Model, the Fama-French 3 Factor Model plus Momentum, and the Fama-French 5 Factor Model, portfolios of sin stocks from 1977-2018 generate statistically significant positive abnormal returns. Third, during the same time horizon, portfolios of future sin stocks exhibit similar levels of abnormal returns, especially portfolios of biotech & pharmaceutical stocks and portfolios of tech/social media stocks. Finally, portfolios of alcohol and tobacco stocks generated statistically significant abnormal returns after being widely perceived as sinful as compared to before they were widely perceived as sinful. My research has implications for practicing portfolio managers. First, socially responsible investing isn’t financially responsible investing. Second, portfolio managers should consider how the growth of socially responsible investing practices will impact perceptions of what is sinful. Anticipating which industries will become sinful can yield a profitable investment strategy. Third, I promote a profitable investment strategy in the short- and long-term time horizon. The results are clear: go long on sin and short on SRI.
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Gelotte, Kevin. "A comparison between ESG funds and traditional funds from a sustainable perspectiv." Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-121901.

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During recent years many fund managers have merchandised their funds as accounting for “ethical”, “responsible” and “sustainable” criterions during the investment process (the generic term “ESG funds” will be used hereafter). These managers have used this as a marketing tool and claimed that this brings added value to their investors.  However, it has been very hard for investors to actually determine if the fund managers have been following these announced “ESG” criterions and strategies. In addition to this there have been a lot of discussions around whether or not funds that incorporate “ESG” criterions during their investment process sacrifice return in order to fulfill their obligations.   During March this year Morningstar launched the first independent rating that aims to evaluate how the underlying holdings in fund, i.e. companies in which the fund own shares, manage environmental, social and governance (ESG) matters. By analyzing the underlying holdings from the aspects mentioned above, Morningstar has been able to aggregate this information into a sustainability measure for funds. This new sustainability measure has been named Morningstar Sustainability Rating™, which is a rating for how sustainable a fund is.   This thesis address questions regarding how ESG funds, or rather funds that market themselves as ESG funds, tend to have different attributes compared to traditional funds in the Nordic countries Sweden, Denmark, Finland and Norway. The specific attributes that has been examined are relative fund flows, total returns, risk-adjusted ratings and sustainability ratings.   The results suggest that ESG funds do not show a difference in Sustainability Ratings compared to traditional funds. Furthermore, it could be verified that ESG funds in some cases generate higher relative fund flows compared to traditional funds. It has also been confirmed that these ESG funds actually outperforms traditional funds from a total return perspective.
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Blandford, Nicholas, Timothy Nash, and André Winter. "Strategic Sustainable Investing : Recognizing Value in Transitional Leadership." Thesis, Blekinge Tekniska Högskola, Avdelningen för maskinteknik, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-2265.

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Institutional Investors own a large share of publicly traded companies, controlling a significant amount of the economy‟s working capital. These investors currently use little or no sustainability-related information to make their decisions, reinforcing a loop of increasingly unsustainable growth. This paper puts forward a new investment strategy that recognizes true movement towards sustainability and its link with bottom line benefits for investors: Strategic Sustainable Investing (SSI). To achieve this desired future, Institutional Investors must be able to recognize corporations that are strategically leading the transition towards sustainability. An Analysis Tool was developed to help address this need by identifying sectoral Emerging Sustainability Issues (ESI) using a consensus-based scientific definition of sustainability. Once ESIs are identified, companies‟ strategies regarding each issue are assessed. This Tool was scrutinized by a panel of experts in the financial and sustainable development industries, and was tested on three companies within the Unconventional Oil & Gas Sector in Canada. Results confirmed the usefulness of a tool that can recognize which companies are leading the sustainable development agenda, and identified the need for future research on the financial materiality of sustainability-oriented actions.
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Kivikoski, Lauri, and Robert Sandberg. "Individual investors' preferences regarding green bonds : A survey of Swedish investors." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-165057.

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Green bonds are a type of bonds that are designated for investment projects that have a positive effect on the environment. Such projects could be preventing climate change by reducing emissions of greenhouse gases, increasing energy-efficiency, or improving waste management. Green bonds have risen considerably in issued volume in recent years. Sweden has been one of the forerunners in this development and the interest towards these products seems to be high among individual Swedish investors. Initially, investors in green bonds have been mainly financial institutions, but there are an increasing number of mutual funds, which are aimed for retail banking customers as well. Previous research in socially responsible investing has not paid attention to green bonds from the perspective of the private, individual investor. This study is aimed to study potential individual green bond investors in Sweden. The purpose of this study was to answer the research question of who the typical Swedish green bond investors are, based on demographic characters. As research sub-questions, the thesis also answered questions regarding perceived risk and return on green bonds, and the effect of environmental attitude and behaviour on potential green bond investments. The study was carried out as an Internet survey by means of a questionnaire directed to Swedish investors. In total, 66 respondents answered the survey, which was analysed by bivariate and multivariate methods. Among the demographic factors, two were found statistically significant, age, and parenthood. In this sample younger investors (age less than 39), were found to prefer investing in green bonds, compared to older investors. Secondly, the fact of being a non-parent turned out to be a distinctive feature of current and potential investors in green bonds. The results regarding the first research sub-question, showed that the individual investors do not perceive green bonds to be more or less risky or give more or less return than comparable conventional bonds. The second research sub-question regarding environmental attitude and behaviour, showed a significant difference between those who showed a strong pro-environmental behaviour, as opposed to those who showed a weaker pro-environmental behaviour. The conclusion about the influence of environmental attitudes was that it did not have an effect on potential green bond investments.
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Stuyvenberg, Katie Lyn. "SOCIALLY RESPONSIBLE INVESTING." Thesis, The University of Arizona, 2009. http://hdl.handle.net/10150/193000.

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Books on the topic "Socially Responsible Investing (SRI)"

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Geeta, Aiyer, ed. The SRI advantage: Why socially responsible investing has outperformed financially. Gabriola Island, B.C., Canada: New Society Publishers, 2002.

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Pan, Peter G. Socially responsible investing. Honolulu, HI: Legislative Reference Bureau, 2001.

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Baker, H. Kent, and John R. Nofsinger, eds. Socially Responsible Finance and Investing. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2012. http://dx.doi.org/10.1002/9781118524015.

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author, Bhandari Varun, ed. Socially responsible investing: An insight and future perspectives. New Delhi, India: Serials Publications Pvt. Ltd., 2015.

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The Complete Idiot's Guide to Socially Responsible Investing. New York: Penguin Group USA, Inc., 2008.

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Budde, Scott J. Compelling returns: A practical guide to socially responsible investing. Hoboken, N.J: John Wiley & Sons, 2008.

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Kinder, Peter D. Investing for good: Making money while being socially responsible. New York: HarperBusiness, 1993.

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Miller, Alan J. Socially responsible investing: How to invest with your conscience. New York: Institute of Finance, 1991.

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The socially responsible guide to smart investing: Samuel Case. Rocklin, Calif: Prima Pub., 1996.

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Socially responsible investing: Making a difference and making money. Chicago: Dearborn Trade, 2001.

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Book chapters on the topic "Socially Responsible Investing (SRI)"

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Kiymaz, Halil. "SRI Mutual Fund and Index Performance." In Socially Responsible Finance and Investing, 425–42. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2012. http://dx.doi.org/10.1002/9781118524015.ch22.

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Kabisch, Thomas. "Moderne Kapitalanlage: Finanzielle und gesellschaftliche Renditen mit Socially Responsible Investing (SRI)." In CSR und Finance, 287–96. Berlin, Heidelberg: Springer Berlin Heidelberg, 2014. http://dx.doi.org/10.1007/978-3-642-54882-6_20.

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Hwang, Joon Ho, Dong Han Kim, and Se-Hak Chun. "Corporate Social Responsibility and Its Performances: Application to SRI (Socially Responsible Investing) Mutual Funds." In Communications in Computer and Information Science, 200–203. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-22333-4_24.

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Curtis, Gregory. "Socially Responsible Investing." In Advising the Ultra-Wealthy, 89–92. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-57605-9_12.

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Cole, Peter H., and Daisy Reese. "Socially Responsible Investing." In Mastering the Financial Dimension of Your Psychotherapy Practice, 174–75. First edition. | New York : Routledge, 2017.: Routledge, 2017. http://dx.doi.org/10.4324/9781315692340-24.

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Díaz Díaz, Belén, and Rebeca García Ramos. "Socially Responsible Investment (SRI)." In Encyclopedia of Sustainable Management, 1–5. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-02006-4_686-1.

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Schumacher-Hummel, Ingeborg. "Das Engagement von Pensionskassen in SRI." In Socially Responsible Investments, 167–251. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82129-4_4.

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Becker-Blease, John R. "Corporate Socially Responsible Investments." In Socially Responsible Finance and Investing, 404–23. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2012. http://dx.doi.org/10.1002/9781118524015.ch21.

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Garcia-Bernabeu, Ana, Blanca Pérez-Gladish, and Adolfo Hilario. "Evaluating Fund Performance from Financial and SRI Criteria." In Socially Responsible Investment, 211–24. Cham: Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-11836-9_11.

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Ballestero, Enrique, and Ana Garcia-Bernabeu. "Selecting SRI Financial Portfolios Applying MV-SGP Model." In Socially Responsible Investment, 131–41. Cham: Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-11836-9_6.

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Conference papers on the topic "Socially Responsible Investing (SRI)"

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Tamošiūnienė, Rima, and Indrė Slapikaitė. "The Effect of Socially Responsible Investing on Mutual Fund Performance." In The 7th International Scientific Conference "Business and Management 2012". Vilnius, Lithuania: Vilnius Gediminas Technical University Publishing House Technika, 2012. http://dx.doi.org/10.3846/bm.2012.030.

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Nasab, Maxim D. "Prescribing Bridge Architecture for Social Resilience." In IABSE Congress, New York, New York 2019: The Evolving Metropolis. Zurich, Switzerland: International Association for Bridge and Structural Engineering (IABSE), 2019. http://dx.doi.org/10.2749/newyork.2019.1791.

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<p>Communities can have the most beautiful buildings and parks, but if their infrastructure continues to be designed in the often misquoted “form ever follows function” mentality, it will always be the weakest link of any city. Shouldn’t we start investing in the beauty of our cities for future generations? Is beauty not also a function that can have a profound return on investment to the surrounding communities?</p><p>This paper explores how we can prescribe language in RFPs, which integrate aesthetics and bridge architects efficiently within infrastructure projects, so aesthetics can be implemented while cost be greatly minimized. Today, aesthetics should no longer be an option. It should be required on any bridge project that has visibility and should not be limited to reveals and ornamental railings. Rather it should blend within the project so seamlessly that it becomes integral to the structure. When successful it resonates through communities, regions, and countries. It brings people closer towards a common goal, a common agreement. Beauty is not in the eye of the beholder but in the eye of the masses. By creating collaborative environments between engineers, architects, and builders we will be able to work together as a team towards a common goal where we can design and build socially responsible, successful and everlasting bridges for our cities.</p>
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