Socially Responsible Investment in Japanese Pensions

Henry Hongbo Jin, Olivia Mitchell and John Piggott

No 11747, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This study evaluates whether SRI indexes would alter portfolio risk and return patterns for the new defined contribution pension plans currently on offer in Japan. We conclude that SRI funds can be included as an option, albeit with some cost; consequently, mandatory investment in SRI portfolios cannot reasonably be justified.

JEL-codes: G11 G20 G23 (search for similar items in EconPapers)
Date: 2005-11
New Economics Papers: this item is included in nep-fin and nep-sea
Note: AG LS
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Published as Jin, Henry Hongbo & Mitchell, Olivia S. & Piggott, John, 2006. "Socially responsible investment in Japanese pensions," Pacific-Basin Finance Journal, Elsevier, vol. 14(5), pages 427-438, November.

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