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Responsible Institutional Investing Around the World

Author

Listed:
  • Rajna Gibson

    (University of Geneva - Geneva Finance Research Institute (GFRI))

  • Simon Glossner

    (University of Virginia - Darden School of Business)

  • Philipp Krueger

    (University of Geneva - Geneva Finance Research Institute (GFRI); Swiss Finance Institute)

  • Pedro Matos

    (University of Virginia - Darden School of Business; European Corporate Governance Institute (ECGI))

  • Tom Steffen

    (Osmosis Investment Management)

Abstract

We explore a novel survey on responsible investing by institutional investors around the world and match it to archival data on equity portfolio holdings. We document that institutions that commit to responsible investing exhibit different environmental, social and governance (ESG) portfolio-level scores but this is not the case for US-domiciled institutions. We also examine if different ESG implementation strategies (e.g., screening, integration, engagement) affect portfolio-level ESG scores but find limited evidence. Finally, we find that responsible investing does not enhance portfolio returns but acts more as a risk mitigation tool.

Suggested Citation

  • Rajna Gibson & Simon Glossner & Philipp Krueger & Pedro Matos & Tom Steffen, 2020. "Responsible Institutional Investing Around the World," Swiss Finance Institute Research Paper Series 20-13, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2013
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    More about this item

    Keywords

    ESG; SRI; socially responsible investing; sustainability; institutional investors;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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