Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/71844
Authors: 
Rathner, Sebastian
Year of Publication: 
2012
Series/Report no.: 
Working Papers in Economics and Finance, University of Salzburg 2012-03
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.
Subjects: 
Corporate Social Responsibility (CSR)
Ethical Investment
Fund performance
Socially Responsible Investment (SRI)
Sustainability
JEL: 
G12
M14
Document Type: 
Working Paper

Files in This Item:
File
Size
712.65 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.