Effect of social screening on funds’ performance: empirical evidence of European equity funds

IF 0.9 4区管理学 Q3 BUSINESS, FINANCE Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad Pub Date : 2014-01-02 DOI:10.1080/02102412.2014.890828

J. L. Fernández Sánchez, Ladislao Luna Sotorrio

引用次数: 10

Abstract

The aim of this study is to evaluate the financial performance of European socially responsible investment (SRI) funds for the period 1993–2012 to contrast whether there is a relationship between the application of social screening on investment decisions and funds’ financial performance measured by Carhart’s alpha. Regression analysis has been used to test the hypotheses of this research with a sample free of survivorship bias of 184 SRI equity funds from 14 European countries and the population of conventional funds from the same country and investment objective. The main conclusion of this study is that the application of social criteria in investment decisions carries a cost to the investor in terms of lower financial performance caused by differences in screening intensity.

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

社会筛选对基金绩效的影响:欧洲股票型基金的经验证据

本研究的目的是评估1993-2012年间欧洲社会责任投资(SRI)基金的财务绩效，以对比社会筛选在投资决策中的应用与Carhart alpha衡量的基金财务绩效之间是否存在关系。采用回归分析对来自14个欧洲国家的184只SRI股票基金和来自同一国家和投资目标的传统基金的人口进行无生存偏差的样本检验本研究的假设。本研究的主要结论是，社会标准在投资决策中的应用给投资者带来了成本，因为筛选强度的差异导致了较低的财务绩效。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文去求助

来源期刊

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad BUSINESS, FINANCE-

CiteScore

2.10

自引率

10.00%

发文量

期刊介绍： The Spanish Journal of Finance and Accounting ( SJFA) is a quarterly academic journal founded in 1972. It aims to publish high quality research papers in accounting and finance. The scope of SJFA covers theoretical and empirical analysis relating to financial markets and institutions, corporate finance, market microstructure, corporate governance, internal and management accounting and a wide spectrum of financial performance and financial reporting, including auditing and public accounting. The Journal welcomes both theoretical and empirical contributions, and in particular, theoretical papers that yield novel testable implications and empirical papers that are theoretically well motivated. The journal is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. All manuscripts that meet these editorial guidelines are blind reviewed by external reviewers. SJFA sponsors a periodic conference in which selected papers under review are presented and discussed by additional reviewers in order to increase the quality of the papers published in the journal. If accepted for publication, these selected articles are published in the Journal with a special distinction. The Journal welcomes replies and discussions to both published and forthcoming articles. These contributions, if accepted by the editors, may eventually be published jointly with a reply or comment by the authors of the original paper.

期刊最新文献

CEO’s time perspective influence on green innovation The rise of compliance systems? The evolution of internal control through the accounting literature Earnings management and country-level characteristics as determinants of stock liquidity in Latin America Political ties and corporate tax burden in Spain Mapping of stock exchanges: contagion from a new perspective