Financial Performance of Socially Responsible Investing (SRI): What Have We Learned? A Meta‐Analysis

28 Pages Posted: 13 Mar 2015

Date Written: April 2015

Abstract

With a meta‐analysis of 85 studies and 190 experiments, the authors test the relationship between socially responsible investing (SRI) and financial performance to determine whether including corporate social responsibility and ethical concerns in portfolio management is more profitable than conventional investment policies. The study also analyses the influence of researcher methodologies with respect to several dimensions of SRI (markets, financial performance measures, investment horizons, SRI thematic approaches, family investments and journal impact) on the effects identified. The results indicate that the consideration of corporate social responsibility in stock market portfolios is neither a weakness nor a strength compared with conventional investments; the heterogeneous results in prior studies largely reflect the SRI dimensions under study (e.g. thematic approach, investment horizon and data comparison method).

Suggested Citation

Revelli, Christophe and Viviani, Jean-Laurent, Financial Performance of Socially Responsible Investing (SRI): What Have We Learned? A Meta‐Analysis (April 2015). Business Ethics: A European Review, Vol. 24, Issue 2, pp. 158-185, 2015. Available at SSRN: https://ssrn.com/abstract=2577035 or http://dx.doi.org/10.1111/beer.12076

Christophe Revelli (Contact Author)

KEDGE Business School

Domaine de Luminy - BP 921
BP 921
Marseille, PACA 13288
France

Jean-Laurent Viviani

Université de Rennes 1 ( email )

11 Rue Jean Macé
Rennes, Rennes 35700
France

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