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What is the perception of corporate social responsibility for fund managers in Switzerland?

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  • Hélène Pasquini-Descomps
  • Frédéric Teulon

Abstract

We study the link between the sustainable and social activities of a firm (known as Corporate Social Responsibility CSR) and its financial performance. We first review and analyze the existing research on the topic, followed by a qualitative study of this relationship consisting of interviews of fund managers in Switzerland. We find in the literature that a positive relationship is perceived between the commitment to CSR of companies and their performance, but overall scientific evidence is still lacking, as positive results are only achieved in some specific contexts. On the other hand, it appears from our interview that investors may not expect a higher performance when investing in high CSR firms, but a neutral relationship. In other words, they want the proof that engaging in CSR is not detrimental to the performance of the firm. In that case, they are willing to invest preferably in companies that create the most value in non-financial objectives. Another important result is that investors cannot asses the CSR the firm precisely due to a lack of recent and relevant information on companies' CSR activities. The need to do their own research for CSR evaluation could be a barrier for sustainable investment, as investors would spend extra time to ensure of a firm sustainability for a neutral impact on their portfolios gain.

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Bibliographic Info

Paper provided by Department of Research, Ipag Business School in its series Working Papers with number 2014-097.

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Length: Number of pages pages
Date of creation: 02 2014
Date of revision:
Handle: RePEc:ipg:wpaper:2014-097

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Related research

Keywords: CSR; ESG; SRI; Financial Performance; Sustainable Development; Sustainable Management; Portfolio Management; Funds.;

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References

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  1. Robert G. Eccles & Ioannis Ioannou & George Serafeim, 2012. "The Impact of Corporate Sustainability on Organizational Processes and Performance," NBER Working Papers 17950, National Bureau of Economic Research, Inc.
  2. Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2002. "Corporate Governance and Equity Prices," Center for Financial Institutions Working Papers 02-32, Wharton School Center for Financial Institutions, University of Pennsylvania.
  3. Roland Bénabou & Jean Tirole, 2004. "Incentives and Prosocial Behavior," Working Papers 137, Princeton University, Woodrow Wilson School of Public and International Affairs, Discussion Papers in Economics..
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  6. Urs von Arx & Andreas Ziegler, 2008. "The Effect of CSR on Stock Performance: New Evidence for the USA and Europe," CER-ETH Economics working paper series 08/85, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  7. Venkiteswaran N, . "Corporate Governance for Shareholder Value," IIMA Working Papers WP2000-07-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
  8. Constantin Belu, 2009. "Ranking corporations based on sustainable and socially responsible practices. A data envelopment analysis (DEA) approach," Sustainable Development, John Wiley & Sons, Ltd., vol. 17(4), pages 257-268.
  9. Andreas Ziegler & Michael Schröder & Klaus Rennings, 2007. "The effect of environmental and social performance on the stock performance of european corporations," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(4), pages 661-680, August.
  10. John E. Core & Wayne R. Guay & Tjomme O. Rusticus, 2006. "Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations," Journal of Finance, American Finance Association, vol. 61(2), pages 655-687, 04.
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  12. Zakri Y. Bello, 2005. "Socially Responsible Investing And Portfolio Diversification," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 28(1), pages 41-57.
  13. Jeroen Derwall & Kees Koedijk, 2009. "Socially Responsible Fixed-Income Funds," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(1-2), pages 210-229.
  14. Cohen, Boyd & Winn, Monika I., 2007. "Market imperfections, opportunity and sustainable entrepreneurship," Journal of Business Venturing, Elsevier, vol. 22(1), pages 29-49, January.
  15. Kempf, Alexander & Osthoff, Peer, 2007. "The effect of socially responsible investing on portfolio performance," CFR Working Papers 06-10, University of Cologne, Centre for Financial Research (CFR).
  16. Olivier Boiral, 2010. "Peut-on mesurer les performances de développement durable?," CIRANO Working Papers 2010s-11, CIRANO.
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Cited by:
  1. Frédéric Teulon & Claude Alavoine & Guillaume Bigot & Dominique Bonet & Bernard Terrany, 2014. "Renverser les discriminations : la politique américaine de discrimination positive," Working Papers 2014-350, Department of Research, Ipag Business School.
  2. Boyer André & Chat Catherine & Scotto Marie José & Tiffon Hervé, 2014. "Les réseaux sociaux internes d’entreprise : L’expérience du Women in France Lab d’IBM," Working Papers 2014-419, Department of Research, Ipag Business School.

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