No Effect, or No Net Effect? Studies on Socially Responsible Investing

Kurtz, Lloyd

doi:10.3905/joi.1997.37

Cited by 84 publications

(45 citation statements)

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“…Finally, Section 5 concludes. Kurtz (1997) and Bauer et al (2005) establish that socially responsible stocks do not appear to underperform the market as a whole (see Renneboog et al, 2008, for an overview of the literature). However, Kempf and Osthoff (2007) report positive and significant risk-adjusted returns during 1992-2004 for a US portfolio based on a sample of SRI stocks from the KLD database.…”

Section: Introductionmentioning

confidence: 97%

The stocks at stake: Return and risk in socially responsible investment

Galema

Plantinga

Scholtens

2008

Journal of Banking & Finance

615

334

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Section: Introductionmentioning

confidence: 97%

The stocks at stake: Return and risk in socially responsible investment

Galema

Plantinga

Scholtens

2008

Journal of Banking & Finance

615

334

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“…Because social responsible criteria limit fund managers' allocation possibilities, they lead to additional costs and investment risk, negatively impacting the portfolio's performance. The possibility of uncompensated risk in a socially screened portfolio is also mentioned by Kurtz (1997); it is perceived to be one of the largest obstacles to SRI implementation. This argument is supported by Luther et al (1992), who hold that SRI portfolios' returns might be smaller, due to additional monitoring costs, a restricted investment portfolio, and fewer diversification possibilities.…”

Section: Sr \ Conventional Portfolio Returnsmentioning

confidence: 99%

Ethical requirement and financial interest: a literature review on socially responsible investing

Wallis¹,

Klein

2014

Bus Res

131

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract This paper provides an overview of the status quo in socially responsible investing (SRI) literature. We outline motives, history, and current best practice of SRI. We also provide a thorough 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 metaanalysis shows that most research studies find that socially responsible (SR) investments perform equal to conventional investments, but these findings are challenged by contradictory results from other studies. The second objective is to analyze SR behavior's effects on a company's financial results. We cover the period between 1986 and 2012. 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. Terms of use: Documents in EconStor may

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“…Most of the empirical literature on SRI reports little difference between the risk-adjusted returns of stocks with high scores on SRI and those with low scores. Kurtz (1997) establishes that socially responsible stocks do not appear to underperform the market as a whole and Statman (2000) fi nds this for SRI mutual funds. This is reestablished elsewhere in the literature too (e.g.…”

Section: A Ttention For Corporate Social Responsibility Has Increasedmentioning

confidence: 99%

Stakeholder relations and financial performance

Scholtens

Zhou

2008

Sustainable Development

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We analyze how shareholder performance can be associated with stakeholder relations. As such, we try to find out whether there is an association between financial performance and stakeholder relations with respect to different theoretical notions about the firm. Financial performance is operationalized as the financial return of a firm's shares. For stakeholder relations, we look into community involvement, corporate governance, employee relations, environmental conduct, diversity of the workforce, human rights policies and product attributes. We find that the different components of stakeholder relations appear to be associated in a complex manner with shareholder performance. Therefore, it adds value to look closely into the details of stakeholder relations in connection with financial performance. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

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No Effect, or No Net Effect? Studies on Socially Responsible Investing

Cited by 84 publications

References 0 publications

The stocks at stake: Return and risk in socially responsible investment

The stocks at stake: Return and risk in socially responsible investment

Ethical requirement and financial interest: a literature review on socially responsible investing

Stakeholder relations and financial performance

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