Abstract
This meta-analysis provides an overview of the current literature on Socially Responsible Investment (SRI). It presents the underlying motivation, history and current best practices. The in-depth analysis examines a large body of research and addresses two key issues. The first objective was to determine the relative performance of SRI vehicles compared to their conventional benchmarks. The analysis revealed a lack of consensus in previous research. Some studies argue that SRI funds perform as well as, and/or worse than conventional benchmarks, while others challenge these findings. The second objective was to analyse the impact of corporate social responsibility on the company’s financial performance. Here, the analysis covered almost four decades, from the 1980s to 2020. It examined more than 100 academic studies, with an overall sampling period that ran from 1960 to 2019. The results provide a solid platform for future work. The study provides researchers with a well-documented, structured overview of the existing literature on SRI, and identifies gaps that could be filled by future studies.
Highlights
The analysis examines the development of Socially Responsible Investment (SRI) over time, and provides an understanding of the different terms and definitions used by corporate social responsibility (CSR) researchers
The authors argued that, despite the plurality of terms that have been invented to explain the reasoning behind SRI, they all relate to an overarching definition
This meta-analysis outlined the reasons for the increased interest that institutional and private investors are showing in incorporating ethical concerns into financial decision-making
Summary
The recent financial crisis has highlighted a growing preference for responsible. O. Several studies have documented the interest and increased investment in corporate social responsibility (CSR) in the United States, European, Canadian and Australian markets over time (Hockerts & Moir, 2004; Umlas, 2008; Junkus & Berry, 2010; Derwall et al, 2011; Bialkowski & Starks, 2016) This demonstrates the growing interest of investors in integrating ethical and financial concerns into their investments. This meta-analysis provides an overview of the different methods and parameters currently available, and identifies the regional focus and time period of the empirical studies reviewed It outlines more recent areas of research, such as CSR investment ratings, and multi-attribute portfolio optimisation. Marises the findings, and offers an overview of potentially interesting future research topics
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