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The Performance of Socially Responsible Investing: A Review

In: ESG Integration and SRI Strategies in the EU

Author

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  • Lisa Gianmoena

    (University of Pisa)

  • Luca Spataro

    (University of Pisa)

Abstract

This chapter provides a comprehensive examination of the existing empirical literature on socially responsible investments (SRI) compared to traditional investments. More precisely, it focuses on analysing various studies that have explored the performance of SRI mutual funds and portfolios in comparison to non-SRI investments. The authors also discuss the different theories that support the possible outcomes of these studies. Our research indicates that SRI do not result in worse returns and seem to perform similarly to standard assets, but with less volatility, particularly during times of crisis. However, there are methodological issues in estimating the full financial and non-financial performance of SRI, leaving the question of whether SRI strategies outperform traditional investment strategies still unanswered. The authors suggest that future research should aim to assess the overall value of SRI, not just its financial returns, by developing new measures that consider both the economic and social value of SRI.

Suggested Citation

  • Lisa Gianmoena & Luca Spataro, 2023. "The Performance of Socially Responsible Investing: A Review," Palgrave Studies in Impact Finance, in: Luca Spataro & Maria Cristina Quirici & Gabriella Iermano (ed.), ESG Integration and SRI Strategies in the EU, chapter 0, pages 47-66, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-031-36457-0_3
    DOI: 10.1007/978-3-031-36457-0_3
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