The Performance of Socially Responsible Investment Funds: A Meta-Analysis
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.
|Date of creation:||12 Mar 2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +43 662 8044-3700
Fax: +43 662 8044-623
Web page: http://www.uni-salzburg.at/index.php?id=31318
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Oberhofer, Harald & Philippovich, Tassilo & Winner, Hannes, 2009.
"Distance matters in away games: Evidence from the German Football League,"
Working Papers in Economics and Finance
2009-1, University of Salzburg.
- Oberhofer, Harald & Philippovich, Tassilo & Winner, Hannes, 2010. "Distance matters in away games: Evidence from the German football league," Journal of Economic Psychology, Elsevier, vol. 31(2), pages 200-211, April.
- Leiter, Andrea & Thöni, Magdalena & Winner, Hannes, 2012.
"Evaluating human life using court decisions on damages for pain and suffering,"
International Review of Law and Economics,
Elsevier, vol. 32(1), pages 119-128.
- Leiter, Andrea M. & Thöni, Magdalena & Winner, Hannes, 2010. "Evaluating human life using court decisions on damages for pain and suffering," Working Papers in Economics and Finance 2010-11, University of Salzburg.
- Brown, Stephen J, et al, 1992. "Survivorship Bias in Performance Studies," Review of Financial Studies, Society for Financial Studies, vol. 5(4), pages 553-80.
- Andrea Chegut & Hans Schenk & Bert Scholtens, 2011. "Assessing SRI fund performance research: Best practices in empirical analysis," Sustainable Development, John Wiley & Sons, Ltd., vol. 19(2), pages 77-94, March/Apr.
- Jeroen Derwall & Kees Koedijk, 2009. "Socially Responsible Fixed-Income Funds," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(1-2), pages 210-229.
- Renneboog, Luc & Ter Horst, Jenke & Zhang, Chendi, 2008. "Socially responsible investments: Institutional aspects, performance, and investor behavior," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1723-1742, September.
- Louche, C. & Lydenberg, Steven, 2006. "Socially responsible investment: differences between Europe and United States," Vlerick Leuven Gent Management School Working Paper Series 2006-22, Vlerick Leuven Gent Management School.
- J. Barkley Rosser, 2009. "Introduction," Chapters, in: Handbook of Research on Complexity, chapter 1 Edward Elgar.
- Rob Bauer & Jeroen Derwall & RogÃ©r Otten, 2007. "The Ethical Mutual Fund Performance Debate: New Evidence from Canada," Journal of Business Ethics, Springer, vol. 70(2), pages 111-124, January.
When requesting a correction, please mention this item's handle: RePEc:ris:sbgwpe:2012_003. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jörg Paetzold)
If references are entirely missing, you can add them using this form.