The Performance of Socially Responsible Investment Funds: A Meta-Analysis

Sebastian Rathner ()

No 2012-3, Working Papers in Economics from University of Salzburg

Abstract: Empirical studies, which analyse the performance of Socially Responsible Investment (SRI) funds relative to conventional funds, find contradictory results. The aim of this paper is to investigate, with the help of a meta-analysis, how selected primary study characteristics influence the probability of a significant under- or outperformance of SRI funds compared with conventional funds. 25 studies with more than 500 observations are included in the meta-analysis. The results of this paper suggest that the consideration of the survivorship bias in a study increases (decreases) the probability of a significant outperformance (underperformance) of SRI funds relative to conventional funds. The focus on United States (US) SRI funds increases (decreases) the probability of a significant outperformance (underperformance) too. The time period influences the probability of a significant under- and outperformance of SRI funds as well, but based on the results of this paper, it is not possible to draw general conclusions on this variable.

Keywords: Corporate Social Responsibility (CSR); Ethical Investment; performance; Socially Responsible Investment (SRI); Sustainability (search for similar items in EconPapers)
JEL-codes: G12 M14 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2012-03-12
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
http://www.uni-salzburg.at/fileadmin/oracle_file_imports/1759214.PDF Full text (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.uni-salzburg.at/fileadmin/oracle_file_imports/1759214.PDF [302 Moved Temporarily]--> https://www.uni-salzburg.at/fileadmin/oracle_file_imports/1759214.PDF [301 Moved Permanently]--> https://www.plus.ac.at/404)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:sbgwpe:2012_003

Access Statistics for this paper

More papers in Working Papers in Economics from University of Salzburg Contact information at EDIRC.
Bibliographic data for series maintained by Jörg Paetzold ().