Does corporate social responsibility affect mutual fund performance and flows?

Sadok El Ghoul and Aymen Karoui

Journal of Banking & Finance, 2017, vol. 77, issue C, 53-63

Abstract: We use an asset-weighted composite corporate social responsibility (CSR) fund score to study the effects of CSR on fund performance and flows. Compared to low-CSR funds, high-CSR funds display poorer performance, stronger performance persistence, a weaker performance-flow relationship, and comparable persistence in flows. These findings are consistent with investors in high-CSR funds deriving utility from non-performance attributes.

Keywords: Corporate social responsibility; Mutual fund performance; Mutual fund flows; Socially responsible investing (search for similar items in EconPapers)
JEL-codes: G11 G14 G23 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (81)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:77:y:2017:i:c:p:53-63

DOI: 10.1016/j.jbankfin.2016.10.009

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