Responsible Institutional Investing Around the World

Rajna Gibson, Simon Glossner, Philipp Krueger, Pedro Matos and Tom Steffen
Additional contact information
Rajna Gibson: University of Geneva - Geneva Finance Research Institute (GFRI)
Simon Glossner: University of Virginia - Darden School of Business
Pedro Matos: University of Virginia - Darden School of Business; European Corporate Governance Institute (ECGI)
Tom Steffen: Osmosis Investment Management

No 20-13, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: We explore a novel survey on responsible investing by institutional investors around the world and match it to archival data on equity portfolio holdings. We document that institutions that commit to responsible investing exhibit different environmental, social and governance (ESG) portfolio-level scores but this is not the case for US-domiciled institutions. We also examine if different ESG implementation strategies (e.g., screening, integration, engagement) affect portfolio-level ESG scores but find limited evidence. Finally, we find that responsible investing does not enhance portfolio returns but acts more as a risk mitigation tool.

Keywords: ESG; SRI; socially responsible investing; sustainability; institutional investors (search for similar items in EconPapers)
JEL-codes: G15 G23 G30 M14 (search for similar items in EconPapers)
Pages: 57 pages
Date: 2020-02
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Citations: View citations in EconPapers (42)

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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2013

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