Renneboog, Luc, Horst, Jenke ter and Zhang, Chendi. (2008) Socially responsible investments : institutional aspects, performance, and investor behavior. Journal of Banking & Finance, Vol.32 (No.9). pp. 1723-1742. ISSN 0378-4266

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Abstract

This paper provides a critical review of the literature On Socially responsible investments (SRI). Particular to SRI is that both financial goals and social objectives are pursued. Over the past decade. SRI has experienced an explosive growth around the world reflecting the increasing awareness of investors to social. environmental, ethical and corporate governance issues. We argue that there are significant opportunities for future research on the increasingly important area of SRI. A number of questions are reviewed in this paper on the causes and the shareholder-value impact of corporate social responsibility (CSR). the risk exposure and performance of SRI funds and firms. as well as fund Subscription and redemption behavior of SRI investors. We conclude that the existing studies hint but do not unequivocally demonstrate that SRI investors are willing to accept suboptimal financial performance to Pursue social or ethical objectives. Furthermore. the emergence of SRI raises interesting questions for research on corporate finance, asset pricing, and financial intermediation. (C) 2008 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Subjects:	H Social Sciences > HG Finance H Social Sciences > HC Economic History and Conditions
Divisions:	Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH):	Investments -- Moral and ethical aspects, Finance, Personal -- Moral and ethical aspects, Social responsibility of business, Mutual funds
Journal or Publication Title:	Journal of Banking & Finance
Publisher:	Elsevier Science BV
ISSN:	0378-4266
Date:	September 2008
Volume:	Vol.32
Number:	No.9
Number of Pages:	20
Page Range:	pp. 1723-1742
Identification Number:	10.1016/j.jbankfin.2007.12.039
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
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URI:	http://wrap.warwick.ac.uk/id/eprint/29374

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