How do Leading Retail MNCs Leverage CSR Globally? Insights from Brazil |
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Authors: | Luciano Barin Cruz Dirk Michael Boehe |
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Institution: | (1) Accounting, University of Sydney, Cnr Codrington and Rose St, Darlington, Sydney, NSW, 2006, Australia |
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Abstract: | In this article, we shed light on the debate about the financial performance of socially responsible investment (SRI) mutual
funds by separately analyzing the contributions of before-fee performance and fees to SRI funds’ performance, and by investigating
the role played by fund management companies in the determination of those variables. We apply the matching estimator methodology
to obtain our results and find that in the period 1997–2005, US SRI funds had better before- and after-fee performance than
conventional funds with similar characteristics. The differences, however, are driven exclusively by SRI funds run by management
companies specialized in SRI. While these funds significantly outperform similar conventional funds, funds run by companies
not specialized in SRI underperform their matched conventional funds. We find no significant differences in fees between SRI
and conventional funds except in one case: SRI funds are cheaper than conventional funds run by the same management company. |
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