企业社会责任
公司治理
业务
机构投资者
社会责任
财务
股东价值
股东
价值(数学)
社会责任投资
会计
公共关系
政治学
计算机科学
机器学习
作者
Luc D. R. Renneboog,Jenke ter Horst,Chendi Zhang
标识
DOI:10.1016/j.jbankfin.2007.12.039
摘要
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.
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