Sovereign Bonds and Socially Responsible Investment

Drut, Bastien

doi:10.2139/ssrn.1514450

Cited by 17 publications

(18 citation statements)

References 21 publications

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“…At the most, 15% of pension fund assets in the mentioned study were managed under a formal RI mandate. Principal officers of pension funds argue that investing in responsible investments meant lower financial returns, this despite mounting evidence to the contrary (Bauer et al, 2005;Fernandez-Izquierdo and Matallin-Saez, 2008;Jones et al, 2008;Renneboog et al, 2008a;Viviers et al, 2008;Drut, 2010;Renneboog et al, 2011).…”

Section: Introductionmentioning

confidence: 99%

The relative importance of ethics, environmental, social and governance criteria

Viviers

Krüger²,

Venter

2014

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Responsible investing (RI) is a growing phenomenon in the international investment arena. This article investigates the level of knowledge of members of South African pension/provident funds with regard to RI and the importance with which they view various ethical, environmental, social and governance (ESG) criteria. Respondents (n = 281) indicated a relatively low level of understanding of the concept of RI. Significant differences were noted in the perceptions of respondents about the relative importance of ethical and ESG criteria based on their gender and level of education. The findings could assist asset owners in reformulating their investment mandates, which in turn, will enable fund managers to invest in a more responsible manner.

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Section: Introductionmentioning

confidence: 99%

The relative importance of ethics, environmental, social and governance criteria

Viviers

Krüger²,

Venter

2014

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“…Practitioners and researchers have acknowledged the growing concern of investors, individual and institutional, about ethical, environmental, social and governance issues, even if just taken as a way of decreasing the investment risks. Some recent examples are the works by Plantinga and Scholtens (2001), Hallerbach et al (2004), Drut (2010), Ballestero et al (2012), , Dorfleitner and Utz (2012), Bilbao-Terol et al (2012), Bilbao-Terol et al (2013), Pérez-Gladish and M'Zali (2010), Pérez-Gladish et al (2012) Pérez-Gladish et al (2013), Cabello et al (2014), Utz et al (2014) and Calvo et al (2014), Bilbao-Terol et al 2015, Méndez-Rodríguez et al (2014. Their contents have been analysed and summarized in Table 1 (Note: the heading row of the table refers to the issues that were analysed in the review.…”

Section: 3the Spanish Sri Market: Strengths and Weaknessesmentioning

confidence: 99%

Assessing mutual funds’ corporate social responsibility: a multistakeholder-AHP based methodology

et al. 2016

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García-Melón, M.; Pérez Gladish, BM.; Gómez-Navarro, T.; Méndez Rodriguez, P. (2016). Assessing mutual funds' corporate social responsibility: a multistakeholder-AHP based methodology. Annals of Operations Research. 244(2):475-503. doi:10.1007/s10479-016-2132-5. 1Running head: SRI multi-stakeholders ranking 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 AbstractThere are an increasing number of individual or corporate investors who demand Social Responsibility (SR) to a financial asset. Social responsibility is a multi-dimensional concept that requires identifying a number of criteria and their weights to be assessed in a financial asset. Currently a varied discussion is held among practitioners and academics with respect to this question. The common practice is to equally weight all the social responsibility criteria. However, investors may wish to prioritize a particular dimension depending on their preferences. Therefore, the aim of this paper is to tackle this issue, e.g. to provide different weights for the different SR criteria according to the opinion of different stakeholders. These weights are later used in order to build a composite measure of social responsibility and to rank mutual funds.To that end, Vigeo's list of social responsibility criteria is taken as the starting point for discussion. The Equitics® database gives the information for the companies' social responsibility performance according to those criteria. Stakeholders are selected according to various proposals and the Analytic Hierarchy Process is applied to weighting the Vigeo's criteria according to the stakeholders' preferences. The methodology allows not only assessing the financial assets but also tracking their evolution with the periodic Equitics® database updates.To prove the feasibility and utility of the methodology, a case study analysing Spanish equity mutual funds has been carried out. Among other results, the method shows that the so-called "responsible" funds do not perform particularly well in the social responsibility assessment. Besides, we have found that there are few mutual funds with a good balance between financial and social responsibility behaviour.

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“…These studies generally find that taking account of the aforementioned issues has a limited impact on the risk and return of the investments. In contrast, only limited research has been undertaken with respect to non-equity investments, Scholtens (2007), Derwall and Koedijk (2008), Drut (2009Drut ( , 2010 and Eichholz et al (2009) being the most notable exceptions. Furthermore, there is very limited attention for the impact of SRI on responsibility; does it really make the world a nicer place to live?…”

Section: Introductionmentioning

confidence: 99%