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What do we know about socially responsible investments?

Häfner, D. and Kiesel, F. and Wirthmann, L. (2017):
What do we know about socially responsible investments?
In: Zeitschrift für Umweltpolitik und Umweltrecht, Deutscher Fachverlag, pp. 299-331, (4), ISSN 0931-0983, [Article]

Abstract

This paper offers a comprehensive literature review on the motives and performance of socially responsible investments. We review 74 leading articles published between 1984 and 2016 and categorize the current literature into three major fields of studies which are of broader scientific interest: investor level, company aspects, and institutional perspective. The motivation to conduct this review stems from two sources: First, the increased treatment of ethical investments in literature makes a permanent observation mandatory. Second, the availability of new sources for socially responsible investment (SRI) data allows for more sophisticated approaches in the scientific examination of SRI impact. We find that across the literature there is no general under- or outperformance of SRIs in comparison with conventional investments. Moreover, the engagement in SRIs is mainly motivated by non-financial goals such as risk mitigation or overinvestment, yielding behavioral and agency problems.

Item Type: Article
Erschienen: 2017
Creators: Häfner, D. and Kiesel, F. and Wirthmann, L.
Title: What do we know about socially responsible investments?
Language: English
Abstract:

This paper offers a comprehensive literature review on the motives and performance of socially responsible investments. We review 74 leading articles published between 1984 and 2016 and categorize the current literature into three major fields of studies which are of broader scientific interest: investor level, company aspects, and institutional perspective. The motivation to conduct this review stems from two sources: First, the increased treatment of ethical investments in literature makes a permanent observation mandatory. Second, the availability of new sources for socially responsible investment (SRI) data allows for more sophisticated approaches in the scientific examination of SRI impact. We find that across the literature there is no general under- or outperformance of SRIs in comparison with conventional investments. Moreover, the engagement in SRIs is mainly motivated by non-financial goals such as risk mitigation or overinvestment, yielding behavioral and agency problems.

Journal or Publication Title: Zeitschrift für Umweltpolitik und Umweltrecht
Number: 4
Publisher: Deutscher Fachverlag
Divisions: 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete
01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete > Corporate finance
01 Department of Law and Economics
Date Deposited: 14 Nov 2017 09:01
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