haku: @author Barnett, M.L. / yhteensä: 2
viite: 2 / 2
« edellinen | seuraava »
| Tekijä: | Barnett, M.L. Salomon, R.M. |
| Otsikko: | Beyond dichotomy: the curvilinear relationship between social responsibility and financial performance |
| Lehti: | Strategic Management Journal
2006 : NOV, VOL. 27:11, p. 1101-1122 |
| Asiasana: | financial performance literature social responsibility |
| Kieli: | eng |
| Tiivistelmä: | This paper measures the financial-social performance link within mutual funds that practice socially responsible investing (SRI). Combining modern portfolio and stakeholder theories, the authors suggest that the financial loss borne by an SRI fund due to poor diversification is offset as social screening intensifies because better-managed and more stable firms are selected into its portfolio. An empirical test on a panel of 61 SRI funds from 1972 to 2000 support this hypothesis. It is shown that as the number of social screens used by an SRI fund increases, financial returns decline at first but then rebound as the number of screens reaches a maximum. Additionally, it is found that financial performance varies with the types of social screens used. Community relations screening increased financial performance, but environmental and labour relations screening decreased financial performance. |
« edellinen | seuraava »
SCIMA