Sin Stock Proportion and Investment Manager Education Background in Indonesian Equity Funds

Taufik Faturohman, Karina Agri Widjaya and Kurnia Fajar Afgani

A chapter in Environmental, Social, and Governance Perspectives on Economic Development in Asia, 2021, vol. 29A, pp 83-99 from Emerald Group Publishing Limited

Abstract: Investors have done sin stocks exclusion in the portfolio as negative screening of socially responsible investment. The impact of sin stock exclusion has brought different results for an investment portfolio; therefore, the investment manager fully decided on sin stocks investment. This research observes the relationship between sin stock proportion and fund managers’ education background. An investment manager’s educational background influences both financial performance and socially responsible behavior. Equity funds are chosen since they made up most of the Indonesian investment market. Proportion is used as a calculation of investment managers’ characteristics. The fixed effect model is applied in the panel data regression method. The study finds a significant negative relationship between sin stock proportion in asset allocation and investment managers’ education level. The research contributes to the literature on sin stocks in Indonesia concerning investment managers’ education background and among the first that observe all holdings in financial reports.

Keywords: Sin stock; education background; investment manager; equity fund; socially responsible investment; investment portfolio; G11; G23; G32; C22 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:isetez:s1571-03862021000029a020

DOI: 10.1108/S1571-03862021000029A020

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