L'engagement éthique pénalise-t-il la performance ?. La performance financière des FSR

Khaled Saadaoui

Revue française de gestion, 2009, vol. n° 196, issue 6, 15-28

Abstract: The purpose of this paper is to analyse the financial performance of French Socially Responsible Mutual Funds (SRMF) investing in the local market equities through January 1994 to January 2007. It aims to verify if using social and environnemental criteria in the investmentd decision don?t reduce portfolio performance from a retail investor perspective. The findings show a general but non-significant underperformance of SRMF compared to the French Market and a conservative attitude with regard to the market risk. However, no statistically significative difference have been observed between SRMF and conventionnal funds performances.

Date: 2009
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