La performance financière des fonds solidaires – le cas français

Philippe Devin ()
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Philippe Devin: Chaire Energie & Prospérité - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - IP Paris - Institut Polytechnique de Paris - Institut Louis Bachelier, CEPN - Centre d'Economie de l'Université Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord, Université Sorbonne Paris Nord

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Abstract: This article examines the financial performance of French solidarity investment funds, which combine 90% responsible listed assets and 10% solidarity assets from Social and Solidarity Economy (SSE) companies. Using data from 49 funds (2020-2023), the analysis evaluates the effect of specific asset classes on performance. Results reveal that, while solidarity funds perform slightly below their benchmarks on average, their returns remain close. Econometric analysis highlights a significant negative impact of the solidarity component on financial performance. However, this underperformance cannot be attributed solely to solidarity assets, underscoring the complexity of balancing financial returns with social objectives.

Keywords: Solidarity-based funds; Financial performance; Impact investing; ESG; Responsible investment (search for similar items in EconPapers)
Date: 2024-09-26
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Published in 19ème Congrès du RIODD - Imaginer, expérimenter et pérenniser la soutenabilité forte, RIODD; ICHEC; ULB; UCLouvain, Sep 2024, Bruxelles (BE), Belgique

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04958679

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