Thèses : « Social responsible (SRI) »

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Malmlund, Alexander. « The Financial Incentives to Adopting Corporate Social Responsibility and Socially Responsible Investing Practices ». Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2103.

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As corporate social responsibility and socially responsible investing practices have increased substantially over the past decade, the possible financial advantages have been examined in great depth. Utilizing firms from the S&P 500 I have investigated the possible outperformance of accounting based and market based measures. I did this by examining the relationship between ESG scores, a common measure of CSR level, and the following dependent variables: return on assets, total risk, systematic risk, and idiosyncratic risk. I obtained strong evidence that an increase in CSR levels are correlated with an increased return on assets.

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Ricard-Bourget, Catherine. « The information accuracy of SRI markets : A comparative study between SRI-screening firms and Auditing firms ». Thesis, Stockholms universitet, Stockholm Resilience Centre, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-45729.

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The sustainability of Social Responsible Investments (SRI) markets is highly dependent on the accuracy of social and environmental information. Surprisingly, and in contrast to financial information, there exists no methodological standard for gathering social and environmental information in SRI markets. This work is a first contribution to the understanding of how SRI-analysts verify the accuracy of social and environmental information. A second aim of this thesis is to evaluate if SRI-analysts can produce an accurate output with their respective methodologies. To do so, a case study was performed comparing the assessment of social and environmental information at SRI-screening firms to the more regulated financial auditing process, using legal a categorization of evidence strengths as a model. The findings of this study suggest that practices are not standardized amongst SRI-analysts. Therefore, investors are unlikely to receive an equal degree of information accuracy from one analyst to the next. Moreover, when comparing SRI-screening and financial auditing using the legal categorization of evidence, it was found that screening firms tend to produce outputs that are less carefully verified than seen in their financial counterparts. Nevertheless, the findings also reveal that SRI-analysts generally acknowledge the importance of assessing sources of evidence when controlling information accuracy. In conclusion, a standardized methodology should be welcomed by SRI-analysts, and the legal categorization of evidence strengths could be a good starting point to manage information accuracy in their screening process.

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Gelotte, Kevin. « A comparison between ESG funds and traditional funds from a sustainable perspectiv ». Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-121901.

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During recent years many fund managers have merchandised their funds as accounting for “ethical”, “responsible” and “sustainable” criterions during the investment process (the generic term “ESG funds” will be used hereafter). These managers have used this as a marketing tool and claimed that this brings added value to their investors. However, it has been very hard for investors to actually determine if the fund managers have been following these announced “ESG” criterions and strategies. In addition to this there have been a lot of discussions around whether or not funds that incorporate “ESG” criterions during their investment process sacrifice return in order to fulfill their obligations. During March this year Morningstar launched the first independent rating that aims to evaluate how the underlying holdings in fund, i.e. companies in which the fund own shares, manage environmental, social and governance (ESG) matters. By analyzing the underlying holdings from the aspects mentioned above, Morningstar has been able to aggregate this information into a sustainability measure for funds. This new sustainability measure has been named Morningstar Sustainability Rating™, which is a rating for how sustainable a fund is. This thesis address questions regarding how ESG funds, or rather funds that market themselves as ESG funds, tend to have different attributes compared to traditional funds in the Nordic countries Sweden, Denmark, Finland and Norway. The specific attributes that has been examined are relative fund flows, total returns, risk-adjusted ratings and sustainability ratings. The results suggest that ESG funds do not show a difference in Sustainability Ratings compared to traditional funds. Furthermore, it could be verified that ESG funds in some cases generate higher relative fund flows compared to traditional funds. It has also been confirmed that these ESG funds actually outperforms traditional funds from a total return perspective.

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Hamrin, Lisa, et Maria Orehag. « Etiska Fonder : - Ett steg mot en mer hållbar värld ? » Thesis, Mälardalens högskola, Akademin för hållbar samhälls- och teknikutveckling, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-12618.

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Today, there is no uniform definition of what an ethical fund is. Fund management companies choose themselves what they believe is ethical and not. The lack of the definition makes it difficult for consumers to understand why these funds are special compared to other funds. The purpose of this study is to examine three Swedish companies; KPA Pension, Swedbank Robur and Folksam, to obtain a clearer picture of the concept ethical funds and its definition. The study describes each company's view of Ethics and how they may affect other companies to work for a more sustainable world. The paper will also discuss how fund companies make a good balance between ethics and profit. The study is based on interviews with people involved in Corporate Social Responsibility and Responsible Investments. The results suggest that companies themselves have difficulties to define what an ethical fund is, but they all believe they have a good chance to influence the various companies. Research on ethical funds and their returns have shown different results. This makes it difficult to determine if ethics and returns go hand in hand or if ethical funds instead leads to a lower risk, with a smaller yield.
I dagsläget finns det ingen enhetlig definition för vad en etisk fond är. Fondbolagen väljer själva vad de anser är etiskt och inte. Den uteblivna definitionen gör det svårt för konsumenter att förstå vad som utmärker just de här fonderna, gentemot andra. Syftet med den här studien är att undersöka tre svenska företag, KPA Pension, Swedbank Robur och Folksam, för att på så sätt få en klarare bild av etiska fonder och dess definition. Studien beskriver vad de olika företagen har för syn på etik och hur de kan påverka de företag de är delägare i. Uppsatsen kommer även att diskutera hur fondbolagen kan få en bra balans mellan etik och avkastning. Studien bygger på intervjuer med personer som arbetar med Corporate Social Responsibility och ansvarsfulla investeringar. Resultatet tyder på att företagen själva har svårt att definiera vad en etisk fond är, men att de alla anser att de har en bra chans att påverka de olika företagen. Forskningen angående etiska fonder och dess avkastning har visat olika resultat. Vilket gör det svårt att bestämma om etik och avkastning går hand i hand eller om etiska fonder istället medför en mindre risk, med en mindre avkastning.

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Asplund, Therese. « How Socially Responsible Investment Is Defined : An analysis of how SRI investment management firms put ethical criteria into practice ». Thesis, Linköping University, Linköping University, Department of Water and Environmental Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-9575.

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Several organisations have called for clarifications on sustainable investment. The aim of this study is to map and compare the ethical criteria used by Socially Responsible Investment (SRI) funds in their assessment of companies. My attention is also to seek for clarifications on the definition on SRI. A theoretical framework has been used to identify core issues of socially responsible investment. The areas of interest are charitable giving, environmental technologies, negative and positive screening and shareholder activism. The empirical material consisted of qualitative interviews with 4 fund managers from 5 investment management firms in addition to written documents on the funds’ ethical criteria. The conclusions are that all of the funds use negative criteria in their assessment of companies, with similarities in what may be considered as unethical activity and differences in the extent. Most of the funds also seek to identify better-managed companies through an assessment of how companies comply with international agreements. Differences occur in the choices of international agreements as well as the minimum criteria for investing. Most of the investment management firms engage in shareholder activism with the aim to influence the companies’ corporate behaviour, thus with different levels of engagement. Some have dialogue with whom they invest in, some favour the idea of communicate with companies they do not invest in as well. Furthermore, the results of this study show that investments in environmental technologies are rare since these companies are too small. When it comes to charitable giving, donations to charity may be seen as SRI or may not be seen as SRI depending on if the concept refers to investment criteria.

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Fathima, Shamila Dawood Lebbe Mohamed Razik. « Foreign investment and sustainable development : A critical analysis from the Sri Lankan legal perspective ». Thesis, Queensland University of Technology, 2019. https://eprints.qut.edu.au/134421/1/Dawood%20Lebbe%20Mohamed%20Razik_Fathima%20Shamila_Thesis.pdf.

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This thesis identified the deficiencies in Sri Lankan foreign investment laws in creating a reliable nexus between foreign direct investment and sustainable development. It first determined the criteria for a balanced investment law using the lens of sustainable development and the principles of environmental law. It examined the relevant Sri Lankan laws, bilateral investment treaties, model laws and approaches of different actors, considering these criteria, to assess their ability to promote sustainable development in pursuit of achieving the Sustainable Development Goals. It demonstrated the need for effective legislation to regulate inward foreign direct investment to promote sustainable development.

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Vargas, Preciado Lucely. « Sustainable finance and social responsibility : a new paradigm ». Doctoral thesis, Università degli studi di Trieste, 2009. http://hdl.handle.net/10077/3110.

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2007/2008
With the globalization Businesses are getting a lot of power and they are more influence companies in the society than before. Business malpractices have the potential to inflict enormous harm on individual, communities, and the environment; the demands from all stakeholders to be a business to behave ethically greatly have been increased at this time. Moreover, ethical infractions and abuses of power are presented in business and affect the corporations reputation and as well as societies. There are needs to be a call for responsible and sustainable corporate behaviour. This corporate behaviour can create a competitive advantage and will generate value, social and economical value. This thesis will be presented such an alternative approach. This thesis presents an approach of the new paradigm. It is an integration of the 3 dimensions: ethical, corporate social responsibility and sustainability that generate social and economical value. The social value is for present and future generations: when corporations are helping development communities, poverty reductions, increased standards of life and education, increasing the work conditions and possibilities of employ’s companies, communities and other stakeholders. Economical value has many benefits to a corporation such as: decrease reputation risk; access the competitions of financial market, fidelity with customers and employees, increase firm’s reputations, reductions of cost and others. This research will try to answer some questions such as: what is the business of business and what is its social responsibility? How this responsibility is applied in the field of finance? How this corporate social responsibility is measured? And does this CSR affects the share price value of a company? The methodology used is a review of literature about Business ethics, CSR, SRI, ethical rating, sustainable reports, model market, and events studies. A case study of the Italian Insurance Company: Generali Group is presented. In this case study, it will be analyzed: (1) The Generali ethical, CSR and sustainable compromise – The integration of these three dimensions- and (2) how this information on CSR affects Generali Insurance’s share price value. In order to measure the effects of the three dimensions –ethical/CSR/sustainable in share price, it is conducted an event study, which measure change in share prices based on the announcement of events. In that way, it is possible to determine if share prices that reflect firm’s financial performance are affected by public information of ethical, environmental, social and economical performance. Particularly, it will be measured the effect of Ethical/CSR/sustainable events of the Generali Group Insurance group in its share prices. Moreover, for this reach, it was consulted available information on the web side and sustainable reports regarding to Generali Group ethical/CSR/sustainable compromise. Additionally some informal meetings were taken place with, the Director of Sustainable Department in Generali Insurance Company in Trieste, Marina Donnato in order to clarify several issues The conclusion of this research is that the business of business is to be ethically, CSR and sustainable. It can be extrapolated to sustainable finance; in this way business will generate social value and economically value. The economical value is a consequence of the social value generation. In the long term, social and economically value will converge. Moreover, in the finance field this integration of ethical, CSR and sustainable is necessary: for instance Social responsible investments (SRI) and social finance - micro credits focus on satisfactions of stakeholders. Other conclusion is that Generali is an Insurance company with high standards in ethical, Corporate Social responsibility and sustainability and big social concerns. It is very difficult to generalize about the relationship between CSR and profitability. Ethical/CSR/sustainable is consistently with the long term maximization shareholder value because for a company acting CSR represents a significant value for investors, company can be perceived as an ethical, CSR, sustainable. It perceptions affects positively his reputation more in the lung term. In the short time it is less impacted. The analysis using events studies methods and model market showed that ethical/CSR/sustainable news about Generali Events that not generate very significant abnormal returns different from zero. However some of these were positive. It could be interpreted as the market is responding positively to the news of ethical/CSR/suitable issues. But also it could be that investors are not very well informed about ethical/CSR/Sustainability and in SRI. However the ethical/CSR/sustainable compromise generates more value in the run term because of company reputation, and other benefits as employee and customer’s fidelity. Other conclusion is a way to measure CSR is using ethical rating. This document present an introductory part, Chapter 1. Chapter 2 gives a framework of the ethical issues of corporation’s operations and covers the following topics: MNCs Business ethics and Social responsibility, business ethics, mainly the debates made by Hoffman, which is related to ethical dimensions of the making decisions in a framework of business operation’s ethics systems, The topic of corporations operating in third world countries general overview, and General Standards of Behavior -Code of Principles and MNCs. It is important to clarify that the values and principles in Corporation, Medium, and small enterprises, the ethical principles, values and ethics are referring to same aspects, (human rights, environmental, social, economical aspects). But in this research only the ethical approach for Corporations will be considered. Chapter 3 presents the analysis about: what does it mean corporate social responsibility (CSR)? what is the responsibility of the business?, For this scope, the chapter covers the following aspects such as: The meaning of corporate social responsibility, the concept of CSR based on the definition of the space between the law and social expectation, the expectation of stakeholders and incorporating of identity in the sustainability strategy CSR, the evolution of the concept, the traditional ideology and modern ideology of CSR and why the concept is changing, corporate social responsibility benefits, corporate social responsibility international perspective. In Chapter 4, it is analyzed the following issues: why the finance a new paradigm is necessary, what ethical finance it about, based on concepts such as CSR/SRI and ethical sustainable finance focus in two levels: Macro level and Micro level. The Macro level is focus to the topic of (1) Social Responsible Investments -definitions, growing, background, some trends and so on- Sustainability. Other areas and instruments of ethical finance in a macro level are presented such as: (2) Ethics /CSR and financial sectors, Sustainable index (stock exchanges), (3) Cleantech Venture capital, (4) Financial services, (5) Institutional investors, (6) International institution will be analized. The Micro level make reference to the (7) Social Finance and (8) micro credit issues: In chapter 5, It is analyzed how social responsibility is measured and monitored. In addition, some other topic such as: CSR and ethics rating agencies, ethics rating methodologies, rating agencies in practicing are discussed. Chapter 6, It is discussed how the Generali insurance company presents his CSR/ sustainable compromises. This chapter defines the event to measure the CSR impact on the company value (share value in the short time). Some aspects of Generali Code ethics, values, strategy, CSR initiative (information included in CSR reports and websites) are analyzed. In Chapter 7, an analysis is carried out to verify if the share prices that reflect firm’s financial performance are affected by public information of environmental, social and economical performance. In order to measure the effects of CSR on share price, an event study is carried out which measures changes in share prices based on the announcement of events. Particularly, it will be measure the effect of CSR’s events of the Generali Group Insurance group in its share prices. Finally, conclusions, suggestion- recommendations and issues of further research are discussed.
XXI Ciclo
1968

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Ama-Njoku, Ada. « The disparity in compliance with sustainability policies : the mining industry and the financial industry in South Africa ». Thesis, University of Western Cape, 2012. http://hdl.handle.net/11394/3295.

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Backlund, Rambaree Brita. « Contextualising Constructions of Corporate Social Responsibility : Social Embeddedness in Discourse and Institutional Contexts ». Doctoral thesis, Stockholms universitet, Sociologiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-136009.

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‘Corporate social responsibility’ (CSR) and ‘socially responsible investment’ (SRI) have become predominant frameworks connecting business to society that have spread across the globe. They comprise a shared set of ideas and practices, such as those promoted in global reporting standards and by international organisations such as the UN Global Compact. Nonetheless, both are constructed and reproduced by companies in relation to context-specific social institutions, including norms and conventions shaping company engagement in social issues. Using a neo-institutionalist theoretical framework, the thesis examines constructions of social responsibility in discourse and within institutional contexts, across regions that are not often compared in the research terrain: two West European welfare states (Sweden and the UK) and two emerging African economies (South Africa and Mauritius). The purpose of the thesis is to add to the literature on CSR and SRI with a sociologically informed perspective that is comparative and connects institutional theory with social constructionism and a Foucauldian perspective on power. The thesis analyses how perceptions of CSR and SRI are constructed in relation to the social institutions that encase companies’ engagement with social issues, such as national level welfare configurations and the institution of financial investments. The main argument in this thesis is that CSR and SRI need to be seen as contextually constructed, in discourse and practice, in ways that draw the boundaries and set the conditions for company engagement with social issues. The thesis comprises three articles. Article 1 is a content analysis of company self-reporting on CSR and the article examines how the content given to CSR relates to broader welfare configurations and as such differs in four national settings across the divide between emerging African economies and Western welfare states. Article 2 is a discourse analysis that examines interpretative repertoires occurring in company self-reporting across the same set of four countries. The interpretative repertoires are analysed as discursive practices where power intersects with the production of knowledge on CSR. Article 3 focuses on SRI and examines responsible investing as a form of institutional work that institutional investors engage in. Based on an interview study with institutional investors in Sweden, the article analyses institutional work as a process that has the effect of both institutional creation and maintenance and it connects these institutional processes to the construction of meaning on SRI. In its entirety the thesis contributes a sociological perspective on how prevailing understandings of corporate social responsibility come into being and are reproduced.
Uppfattningar om företags samhällsansvar har begreppsliggjorts i huvudsak genom idéer om ’corporate social responsibility’ (CSR) och ’ansvarsfulla investeringar’. Under de senaste decennierna har dessa begrepp utvecklats till att bli vanligt förkommande och har spridits över världen. Som globala koncept medför de en gemensam uppsättning av idéer och metoder, såsom de som förs fram i internationella standarder för företags CSR rapportering, och utav internationella organisationer såsom FN:s Global Compact. Ändå skiljer de sig åt mellan olika kontexter och är konstruerade och återges av företag i förhållande till sociala sammanhang. Begreppen ges mening i relation till sociala institutioner i form av normer och konventioner som redan omger företag och sociala frågor. Baserat på nyinstitutionell teori undersöker avhandlingen konstruktioner av samhällsansvar och ansvarstagande, i diskurs och i institutionella sammanhang, över regioner som inte ofta jämförs i forskningen kring skillnader i företags samhällsansvar: två Västeuropeiska välfärdsstater (Sverige och Storbritannien) och två tillväxtekonomier i södra Afrika (Sydafrika och Mauritius). Syftet med avhandlingen är att bidra till litteraturen kring CSR och ansvarsfulla investeringar med ett sociologiskt perspektiv som är jämförande och för samman institutionell teori med social konstruktionism och Foucaults perspektiv på makt. Avhandlingen analyserar hur föreställningar om CSR och ansvarsfulla investeringar konstrueras i förhållande till de sociala institutioner som omger företags engagemang i samhällsfrågor, och belyser speciellt vikten av samhällets välfärdssystem och konventioner kring finansiella investeringar som betydelsefulla för dessa begrepp. Huvudargumentet i denna avhandling är att CSR och ansvarsfulla investeringar måste ses som kontextuellt skapade, i diskurs och praxis, på ett sätt som drar gränserna och skapar förutsättningarna för företags engagemang i samhällsfrågor. Avhandlingen omfattar tre artiklar. Artikel 1 är en innehållsanalys av företags självrapportering om CSR och artikeln undersöker hur innehållet som ges till CSR i självrapporteringen relaterar till hur samhället i övrigt hanterar välfärd och sociala frågor. Artikeln visar på hur CSR på så sätt skiljer sig åt mellan fyra olika länder där två är tillväxtekonomier i södra Afrika och två är Västeuropeiska välfärdsstater. Artikel 2 är en diskursanalys som undersöker språkliga repertoarer (interpretative repertoires) som förekommer i företags självrapportering om CSR, i samma uppsättning av fyra länder. Repertoarerna analyseras som tillämpandet av diskurs och de synliggör hur makt är av betydelse i skapandet av diskurser kring CSR. Artikel 3 fokuserar på ansvarfulla investeringar och undersöker detta som en form av aktivt skapande och återskapande av samhällsinstitutioner. Baserat på en intervjustudie med institutionella investerare i Sverige analyseras ansvarfullt investerande som en process som på samma gång innebär både skapande av en ny social institution, ansvarsfulla investeringar, och återskapande av en existerande institution, finansiella investeringar. Skapandet av nya idéer inom ramarna för en existerande institution påverkar innebörden i ansvarsfulla investeringar. I sin helhet bidrar avhandlingen med ett sociologiskt perspektiv på hur uppfattningar om företags samhällsansvar skapas och återskapas.

At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Manuscript. Paper 2: Manuscript. Paper 3: Manuscript.

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Lindberg, Samuel. « Encouragement for sustainable pension : A better understanding for sustainability in regards to pension savings ». Thesis, KTH, Skolan för datavetenskap och kommunikation (CSC), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-209256.

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Sustainability is more relevant than ever and has forced the pension industry to acknowledge new types of responsibilities during the last decades. Sustainable pension is based on the investing strategy, social responsible investment (SRI), which implies that pension funds should not solely focus on a good return of their investment, but also care for the social and economical welfare. Research has been conducted on the area of SRI and pension during the last decades but a gap has been identified as to how this research was eventually communicated to the customers. This thesis addresses this in two parts for the target group business customers. Firstly, to meet future demands in the pension industry, a better knowledge is needed of how the business customers understand what sustainable pension really is. This thesis aims to address this by answering the question “What are business customers’ understandings of sustainability and pensions?” Secondly, customers increasingly ask what impact their money is having on sustainability. In answer to this demand, a prototype with a concretization of sustainable pension savings was developed and evaluated, following a Human-Centered Design process throughout the thesis project. Interviews were conducted with pension experts and business customers. Results showed that business customers do not make a connection between sustainability and pension, that sustainability is diffuse and hard to understand in the financial setting, and that pension is too far from the operative business and perhaps the employees’ own responsibility. When explained, the belief was that sustainable pension is something positive. But preconceived notions about it being expensive and non-lucrative are factors that discourages. The final evaluation of the prototype was done with a user test that featured three of the four business customers from the interviews. Results pointed to that the business customers think that sustainable pensions became more understandable, that sustainable pension became more concrete, that it was interesting, fresh and that it broke new ground. The user test also revealed that rebound effects is a potential risk with sustainable pension, as participants expressed that they feel better and compensated with their own CO2 emission after they learned about the positive effects of a sustainable pension.
Hållbarhet är mer relevant än någonsin och har tvingat pensionsbranschen att erkänna nya typer av ansvar under de senaste decennierna. Hållbar pension är baserat på investeringsstrategin, ”social responsible investment” (SRI), som medför att pensionsfonder inte enbart ska fokusera på god avkastning, utan även ta hänsyn till social och ekonomisk välfärd. Forskning har utförts på området SRI ihop med pension under de senaste decennierna och ett kunskapsglapp har blivit identifierat kring hur denna forskning sedermera har kommunicerats vidare till kunderna. Den här avhandlingen adresserar det här i två delar för målgruppen företagskunder. För det första, för att möta framtida krav i pensionsbranschen, behövs det en bättre kunskap för hur företagskunders förståelse för hållbar pension är. Den här avhandlingens mål är att ta sig an detta genom att besvara frågan: ”Vad är företagskunders förståelse för hållbarhet och pension?”. För det andra, kunder frågar allt mer frekvent vilken skillnad deras pengar gör för hållbarhet. För att svara på detta har en prototyp med konkretiseringar av hållbar pension utvecklats och utvärderats. Prototypen följde en Human-Centered Design process genom hela projektet. Intervjuer utfördes med pensionsexperter och företagskunder. Resultat visade att företagskunder inte kopplar hållbarhet till pension, att hållbarhet är diffust och svårt att förstå i en finansiell kontext, och att pension är alldeles för långt från den operativa verksamheten och möjligtvis den anställdes eget ansvar. När det förklarades, upplevdes hållbar pension som någonting positivt. Men förutfattade meningar att det skulle vara dyrt och icke lukrativt är faktorer som avskräcker. Den slutgiltiga utvärderingen av prototypen gjordes med ett användartest med representanter från tre av de fyra företagen från intervjuerna. Resultaten pekade på att företagskunder tyckte att hållbar pension blev mer lättförståeligt, att hållbar pension blev mer konkret, att det var intressant, fräscht och att det bröt ny mark. Användartestet avslöjade också att ”rebound effects” är en potentiell risk med hållbar pension, då deltagarna uttryckte att det kändes bättre och att de blev kompenserade för deras egna CO2 utsläpp efter att de fick veta de positiva effekterna av hållbar pension.

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Fang, Yiwen. « Sustainability information network (SIN) and corporate financial distress ». Thesis, Queensland University of Technology, 2021. https://eprints.qut.edu.au/211478/1/Yiwen_Fang_Thesis.pdf.

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In this thesis I examine the relationship between corporate sustainability information networks (SIN) and financial distress. I propose that firms that are more central in the SIN have better access to key sustainability information which in turn results in lower financial distress. Using 5,521 in-network firms and their propensity scored matching (PSM) firms over the five-year period 2015-2019, I find strong support for my hypothesis. The findings suggest that SINs provide an important role in reducing financial distress.

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Blandford, Nicholas, Timothy Nash et André Winter. « Strategic Sustainable Investing : Recognizing Value in Transitional Leadership ». Thesis, Blekinge Tekniska Högskola, Avdelningen för maskinteknik, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-2265.

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Institutional Investors own a large share of publicly traded companies, controlling a significant amount of the economy‟s working capital. These investors currently use little or no sustainability-related information to make their decisions, reinforcing a loop of increasingly unsustainable growth. This paper puts forward a new investment strategy that recognizes true movement towards sustainability and its link with bottom line benefits for investors: Strategic Sustainable Investing (SSI). To achieve this desired future, Institutional Investors must be able to recognize corporations that are strategically leading the transition towards sustainability. An Analysis Tool was developed to help address this need by identifying sectoral Emerging Sustainability Issues (ESI) using a consensus-based scientific definition of sustainability. Once ESIs are identified, companies‟ strategies regarding each issue are assessed. This Tool was scrutinized by a panel of experts in the financial and sustainable development industries, and was tested on three companies within the Unconventional Oil & Gas Sector in Canada. Results confirmed the usefulness of a tool that can recognize which companies are leading the sustainable development agenda, and identified the need for future research on the financial materiality of sustainability-oriented actions.

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Wikström, Andreas. « Socially Responsible Investing : A study of SRI fund performance ». Thesis, Umeå universitet, Nationalekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-102653.

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Lundström, Simon, et Rasmus Rosberg. « Socially Responsible Investments ? : -An empirical study on why investors do not invest in SRI ». Thesis, Umeå universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-138259.

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In today’s society sustainability has become a highly discussed topic due to the increase in global average temperatures and changing ecosystems. Despite differentiating views regarding the origins of these changes, a proportion of the society have begun to adjust themselves into having more green profiles. This has led to an uprising among the number of investors who focus on making socially and responsible investments. However, on the contrary, there is still a substantial proportion of investors who do not invest in environmentally, animal and human friendly products. Which in turn may negate the pace of the ethical and sustainable development of our society. This issue leads to this study’s research question: What are the reasons or hindrances as to why students at Umeå School of Business and Economics do not invest in SRI financial products? The main purpose of this paper is to explore why individuals at Umeå School of Business and Economics do not invest in SRI financial products. Furthermore, the paper aim to have an extra emphasis on information. In addition to the main purpose, the thesis will investigate if any links exist between investing ethically/sustainable and one’s daily behaviour. In order to explore these purposes, the authors uses past research within this area together with theoretical concepts regarding “Investment Decisions”, “Markowitz Portfolio Optimisation Model” and “Pro-Social Behaviour”. To conduct this study, the paper uses a quantitative approach with both primary and secondary data. The primary data is collected through a survey sent out to 917 students at Umeå School of Business and Economics. In order to achieve the purposes of this study, the data from non-SRI investors was used to analyse their investment behaviours. The results of this study indicate that the majority of non-SRI investors are men. Furthermore, the findings illustrate that the expected financial return of SRI and risk when investing is significantly related to the probability of not investing in SRI. Additionally, the results point at that the demeanour of not investing in SRI products are significantly due to a lower level of knowledge concerning financial return of SRI. In conclusion, the authors argue that the attraction of capital ethical and sustainable investments can be greatly increased by educating investors in SRI products. Consequently, the increase in awareness and attraction of capital can aid solving the ethical and sustainable issues that exists today.

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Lu, Chenjie, et Iida Sällinen. « Socially responsible investing : The relationship between financial performance and SRI strategies of mutual funds ». Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388077.

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Social responsibility has gained popularity during the past few years, and one aspect of it is what benefits and costs it brings to a socially responsible investor. The purpose of this study is to examine whether different SRI strategies used by mutual funds are related to financial performance. By using multiple regression analysis and a sample of 88 Swedish SRI mutual funds over the period from 2014 to 2018, we find that using SRI screens first reduces the financial performance, but then gains a slight rebound as the screening intensity increases, indicating a U-shaped relationship. Further, we find that environmental screens impact the financial performance positively, and engagement and voting in sustainability matters is also positively related to performance.

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Sörensson, Alexander, et Mikael Toresten. « Ansvarsfulla investeringar : Incitament till urvalsprocessen vid komponering av hållbara fonder ». Thesis, Högskolan i Skövde, Institutionen för handel och företagande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-18825.

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En global trend inom finansbranschen har varit ett ökat intresse för hållbara och ansvarsfulla investeringar från både privata investerare som vid fondbolagens komponering av fonder. I Sverige sparar majoriteten av befolkningen i fonder och en markant tillväxt bland hållbara fonder har skett. Det privata sparandet har flyttats från sparkonto till olika typer av värdepapper såsom fonder. Trots det ökade intresset föreligger ingen definition av hållbara investeringar. Syftet med studien var att förklara urvalsprocessen vid komponering av hållbara placeringsprodukter för att öka investerares kunskap om vilka premisser fondbolag inkluderar i Socially Responsible Investments fonder. I studien intervjuades tre hållbarhetsansvariga i svenska fondbolag samt en aktieanalytiker. Intervjufrågorna kretsade kring vilka premisser fondbolagen inkluderar i sina hållbara fonder samtidigt fick respondenten belysa sin framtidstro på hållbara fonder. Studiens resultat visade på att samtliga fondbolag använder samma urvalsmetoder och följde samma urvalskriterier vid komponering av sina hållbara placeringsprodukter. Legitimitet och ekonomiskt incitament är bidragande begrepp i föreliggande studie. Resultatet som framkom var att även ifall fondbolagen tagit beslut utifrån det ena incitament så finns det kopplingar till det andra underliggande incitamentet.
A global trend in the financial sector has been an increased interest in sustainable and responsible investments from both private investors and the fund companies' composition of funds. In Sweden, most of the population saves in funds and a significant growth among sustainable funds has taken place. Private savings have been transferred from savings accounts to various types of securities such as funds. Despite the increased interest, there is no definition of sustainable investment. The purpose of the study was to explain the selection process when composing sustainable investment products to increase investors' knowledge of the premises of fund companies in Socially Responsible Investment funds.The study interviewed three sustainability managers in Swedish fund companies and one equity analyst. The interview questions revolved around what premises the fund companies include in their sustainable funds at the same time the respondent had to shed light on his future belief in sustainable funds. The study's results showed that all fund companies use the same selection methods and followed the same selection criteria when composing their sustainable investment products. Legitimacy and financial incentive are contributing concepts in the present study. The result that emerged was that even if the fund companies made decisions based on one incentive, there are links to the other underlying incentive.

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Gaverstedt, Ann-Sofi. « Socially Responsible Investing i jämförelse med Fundamental analys : en aktieanalys av fyra börsföretag ». Thesis, Södertörn University College, School of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-1062.

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Problemformulering

En del studier visar att det finns ett signifikant statistiskt samband mellan hur ett företag hanterar miljömässiga och sociala risker och dess avkastning. Därför ifrågasätter vissa forskare och finansiella aktörer de traditionella aktievärderingar som inte bedömer de miljömässiga och sociala faktorerna. En av de vanligaste värderingsmetoderna är den Fundamentala, vilken främst utgår från att värdera den ekonomiska information som ett företag publicerar. Det finns en värderingsmodell som gör det möjligt att bedöma de sociala och miljömässiga på samma sätt som de finansiella i en Fundamental analys. Den brukar benämnas Socially Responsible Investing (SRI).

Frågeställning och syfte

Om den Fundamentala analysen inte värderar de sociala och miljömässiga kriterierna innebär det att värderingen av aktien inte är helt komplett. Det kan även innebära att vissa branscher missgynnas. Huvudfrågan är därför om en SRI-värdering ger ett annat värde på aktien än den Fundamentala analysen. Och om SRI-analysen ger ett aktievärde som stämmer bättre överens med börsvärdet? Eller är det den Fundamentala analysen som bättre stämmer överens med börsvärdet? För att kunna besvara detta genomfördes en jämförande studie av en Fundamental analys och en SRI-analys av fyra börsföretag.

Metod och teori

För att undersökningen skulle bli möjlig togs en SRI-modell fram. Resultatet tolkades utifrån Teorin om den effektiva marknaden samt perspektiven Fundamental analys och SRI-analys.

De mest intressanta slutsatserna

· SRI-värderingarna gav ett annat värde på aktien än den Fundamentala analysen.

· Den Fundamentala analysens aktievärde stämde bättre överens med börsvärdet. Det som är värt att notera är att resultatet visar att den Fundamentala analysen gav ett högre aktievärde åt de företag som är bra på att integrera de sociala och miljömässiga faktorerna i affärsverksamheten i jämförelse med börspriset.

· Marknaden värderar inte all tillgänglig information.

Marknaden bedömer inte de miljömässiga och sociala värdena av ett företag.

· Missgynnas särskilda branscher som t.ex. miljötekniksektorn?

Utifrån det presenterade resultatet kan jag inte uttala mig om att företag i vissa branscher missgynnas. Företag som verkar i miljöteknikbranschen behöver ju inte vara socialt och miljömässigt effektiva. Det som går att säga är att företag som har minimerat risker och utmaningar som de identifierade trenderna innebär värderas inte efter dessa faktorer.

· Resultatet skapar förståelse för investerares låga tilltro till SRI.

Ett flertal finansiella aktörer anser att ett företags SRI-arbete påverkar avkastningen negativt. Denna åsikt är förståelig eftersom börsvärdet på de företag som har lyckats med SRI är lägre i jämförelse med det Fundamentala värdet på aktien och börsvärdet för samma aktie.

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Roofe, Sattlethight Andrea. « The Effect of the Business Cycle on the Performance of Socially Responsible Equity Mutual Funds ». FIU Digital Commons, 2011. http://digitalcommons.fiu.edu/etd/525.

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The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (hi = 0.39, p i = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p i = -0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p

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Adrianto, Fajri. « The role of fund families in socially responsible investment (SRI) funds : the spillover effect and cross-subsidization strategy ». Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/101164/1/Fajri_Adrianto_Thesis.pdf.

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This thesis aims to fill the gap in the SRI fund literature by examining the role of fund families in the flow and investment strategy of individual SRI funds. It examines spillovers in cash flow resulting from the existence of superior (poor) performing SRI funds and investigates the existence of cross-subsidization between SRI family members. It provides evidence of positive spillover effect from having star SRI funds on the monthly cash flow of their SRI siblings. It also finds evidence of cross-subsidization where the performance of winning funds is more likely to be subsidized by their peer losing funds.

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Lori, Jack. « The Growth of Socially Responsible Investing Practices in U.S. Equity Markets and Abnormal Sin Stock Returns ». Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2041.

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In my Senior Thesis, I explore the growth of socially responsible investing (SRI) practices in U.S. equity markets and abnormal sin stocks returns. I analyze the historical performance of socially responsible ETFs and portfolios of current sin stocks—alcohol, tobacco, gaming, and aerospace & defense stocks. I propose that as socially responsible investing practices continue to grow in U.S. equity markets, more industries will eventually be deemed sinful—such as sugary beverages, fast food/sugary food, biotech & pharmaceuticals, and tech/social media. I examine two sinful industries—alcohol and tobacco—by comparing the performance of these sinful portfolios before and after their industries were widely perceived as sinful. I explored these topics for a few key reasons. First, socially responsible investing practices in U.S. equity markets have exploded in popularity over the last decade. Every year, we see increasing amounts of money screened for environmental, social and governance (ESG) factors. Despite its increase in popularity, many people have claimed that socially responsible investing isn’t financially responsible investing—it underperforms as compared to common benchmarks such as the S&P 500. On the other hand, existing literature has supported the claim that investing in sin stocks generates abnormal returns for investors. I hypothesize that these two areas of portfolio management are connected—as socially responsible investing practices continue to grow, more industries will eventually be widely perceived as sinful. If the sin stock anomaly does exist and portfolios of sin stocks do generate abnormal returns, individuals and institutions can benefit from an immediate and long term investment strategy by investing in these “future” sinful industries now. Using three distinct capital asset pricing models—the Fama-French 3 Factor Model, the Fama-French 3 Factor Model plus Momentum, and the Fama-French 5 Factor Model—I come to four main conclusions. First, investing in socially responsible ETFs does not generate positive abnormal returns; in some instances, it generates statistically significant negative abnormal returns. Second, across the Fama-French 3 Factor Model, the Fama-French 3 Factor Model plus Momentum, and the Fama-French 5 Factor Model, portfolios of sin stocks from 1977-2018 generate statistically significant positive abnormal returns. Third, during the same time horizon, portfolios of future sin stocks exhibit similar levels of abnormal returns, especially portfolios of biotech & pharmaceutical stocks and portfolios of tech/social media stocks. Finally, portfolios of alcohol and tobacco stocks generated statistically significant abnormal returns after being widely perceived as sinful as compared to before they were widely perceived as sinful. My research has implications for practicing portfolio managers. First, socially responsible investing isn’t financially responsible investing. Second, portfolio managers should consider how the growth of socially responsible investing practices will impact perceptions of what is sinful. Anticipating which industries will become sinful can yield a profitable investment strategy. Third, I promote a profitable investment strategy in the short- and long-term time horizon. The results are clear: go long on sin and short on SRI.

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Brown, David. « Socio-Economically Responsible Investing and Income Inequality in the USA ». Thesis, Mälardalens högskola, Akademin för utbildning, kultur och kommunikation, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-35739.

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To add to the tools currently available to combat income inequality in the United States an investment fund type is proposed, justiﬁed, described, and created using historical asset returns from 1960 to 2015. By focusing on two socio-economic indicators of poverty, inﬂation and unemployment rates, this fund, when marketed to investors who live near, at, or below the poverty line, seeks to increase returns during times of increased strain on the economies of the poor. Multiple hurdles are proposed and afﬁrmatively answered to this end and a fund type and corresponding four factor model that realized hypothetical excess returns ﬁtting the requirements of a successful investment strategy was developed and evaluated. With the increasing importance of socially responsible investment practices an investment bank who maintains a fund of this type could potentially see ﬁnancial and reputational beneﬁts.

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Molander, Gordon, et Asp Carl Jönsson. « The Performance of Socially Responsible Investments : Are Swedish mutual funds forced to pay a price for doing good ? » Thesis, Jönköping University, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52699.

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The financial performance of Socially Responsible Investing (SRI) strategies is heavily debated in the modern age. Due to lack of evidence on Swedish SRI performance, Swedish investors are uncertain about placing their financial assets in these strategies as they are afraid expected to sacrifice their financial return for doing good. The purpose of this study is to examine and evaluate the financial and risk-adjusted performance of Swedish registered SRI mutual equity funds compared to conventional mutual equity funds during 2010-2020. The study’s dataset consists of a total of 236 mutual equity funds, with a sample of 133 SRI funds and 103 conventional funds. Financial performance measures used in this study are alpha, estimated through the Carhart four-factor model, and the Sharpe Ratio. The analysis between SRI mutual equity funds and conventional mutual equity funds indicated an insignificant difference in both financial and risk-adjusted performance. Based on the evidence provided, the study concludes that Swedish investors who put ethical, environmental and social values into their investment decision making process do not have to sacrifice their expected financial return, nor will their investment entail a higher degree of risk.

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Jemtå, Emilia, et Björklund Matilda Kvist. « Values over value ? : Pension beneficiaries' willingness to pay for socially responsible investments and their perception of exponential growth ». Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52610.

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Background: As more individuals continuously become more conscious of the external influences of their decisions, integrating social and ethical criteria and perceived non-monetary value in their investment decisions, the interest in socially responsible investments (SRI) has escalated in the past decade. Reflecting this shift, the Swedish Pension Agency continuously increases the requirements and sustainability demands for the funds available in the premium pension selection. To investigate the underlying variables affecting the decision to invest socially responsibly, the authors of this thesis studied Swedish pension beneficiaries’ demographics, attitudes and beliefs. Purpose: The purpose of this thesis is to examine the socio-demographic and psychological determinants of pension beneficiaries' and the influence of these variables on the willingness to pay for socially responsible investments. The study will additionally explore the tendency to underestimate exponential growth in one’s pension savings. Method: The study is conducted by collecting primary data in the form of quantitative research through an online questionnaire. Based on previous research, six hypotheses are developed. This in order to investigate the relationship between willingness to pay for socially responsible investments and several socio-demographic and psychographic variables. Additionally, to examine Swedish pension beneficiaries’ tendency to underestimate exponential growth. The data collected is analysed through a multiple linear regression model and other descriptive statistics to examine if the hypotheses are rejected or not. Conclusion: The majority of the subjects in the study are willing to pay for SRI. Gender significantly impacts the willingness to pay for SRI, as men demonstrate a lower willingness to pay than women. Furthermore, altruistic values, concern for one’s pension savings, concern for ESG-related issues (environmental, social and governance) and perceived consumer effectiveness proves to have a significant impact on the willingness to pay for SRI. Further, the sample demonstrated a definite tendency to underestimate exponential growth.

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Kivikoski, Lauri, et Robert Sandberg. « Individual investors' preferences regarding green bonds : A survey of Swedish investors ». Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-165057.

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Green bonds are a type of bonds that are designated for investment projects that have a positive effect on the environment. Such projects could be preventing climate change by reducing emissions of greenhouse gases, increasing energy-efficiency, or improving waste management. Green bonds have risen considerably in issued volume in recent years. Sweden has been one of the forerunners in this development and the interest towards these products seems to be high among individual Swedish investors. Initially, investors in green bonds have been mainly financial institutions, but there are an increasing number of mutual funds, which are aimed for retail banking customers as well. Previous research in socially responsible investing has not paid attention to green bonds from the perspective of the private, individual investor. This study is aimed to study potential individual green bond investors in Sweden. The purpose of this study was to answer the research question of who the typical Swedish green bond investors are, based on demographic characters. As research sub-questions, the thesis also answered questions regarding perceived risk and return on green bonds, and the effect of environmental attitude and behaviour on potential green bond investments. The study was carried out as an Internet survey by means of a questionnaire directed to Swedish investors. In total, 66 respondents answered the survey, which was analysed by bivariate and multivariate methods. Among the demographic factors, two were found statistically significant, age, and parenthood. In this sample younger investors (age less than 39), were found to prefer investing in green bonds, compared to older investors. Secondly, the fact of being a non-parent turned out to be a distinctive feature of current and potential investors in green bonds. The results regarding the first research sub-question, showed that the individual investors do not perceive green bonds to be more or less risky or give more or less return than comparable conventional bonds. The second research sub-question regarding environmental attitude and behaviour, showed a significant difference between those who showed a strong pro-environmental behaviour, as opposed to those who showed a weaker pro-environmental behaviour. The conclusion about the influence of environmental attitudes was that it did not have an effect on potential green bond investments.

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Isaksson, Andreas, Jasmine Damfeldt et Rebecca Samuelsson. « Etisk fondinvestering : En undersökning hur påverkansfaktorer skiljer sig åt inom socio-demografiska grupper ». Thesis, Blekinge Tekniska Högskola, Institutionen för industriell ekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-10755.

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Purpose: The purpose of this thesis is to develop an understanding for how risk, return and ethicalaspects affect the decision to invest in an ethical fund. Specifically is the aim of the thesis todevelop a perception if socio-demographical differences regarding gender, age and education canexplain the propensity to invest in ethical funds. Method: A survey consisting of 90 respondents. Conclusion: The thesis finding show support for the claim that women see the ethical aspect inrelation to the return for investment in an ethical fund as more important than men do. This canfurther explain the propensity for women to invest more in ethical funds than men. The thesisdoesn’t find any support for the claim that women and men, younger and older value low risk, forthe decision to invest in an ethical fund, differently. This goes against previous research within thefield of mutual fund and indicates that the investment behavior between ethical funds and regularfunds differ. The thesis did not find any support for the claim that higher educated people see theethical aspect in relation to the return as more important than people with lower education.
Syfte: Studien syfte är att utveckla en förståelse för hur risk, avkastning och etiskt inslag påverkarvid beslutet som leder till investering i en etisk fond. Specifikt syftar uppsatsen till att utvecklauppfattning kring om socio-demografiska skillnader avseende kön, ålder och utbildning, finns somförklaring i benägenheten att investera i etiska fonder. Metod: Vi har gjort enkätundersökningar på 90 respondenter Slutsats: Uppsatsen finner stöd för att kvinnor ser den etiska aspekten i relation till avkastningenvid investering i en etisk fond som viktigare än vad män gör. Detta kan förklara varför kvinnorockså är mer benägna än män att investera i en etisk fond. Uppsatsen finner inget stöd för attkvinnor och män, yngre och äldre värderar låg risk vid investering i en etisk fond olika. Dettamotsäger tidigare forskning inom investeringsbeteende för fonder generellt sett vilket indikerar attinvesteringsbeteende för vanliga fonder och etiska fonder skiljer sig åt. Uppsatsen finner helleringet stöd för att högre utbildade ser den etiska aspekten som viktigare än avkastning vidinvestering i en etisk fond.

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Lagerblad, Isabelle. « Rätt till utbildning : En kartläggning av funktionshinderperspektiv vid upphandling av SFI utbildning ». Thesis, Linnéuniversitetet, Institutionen för statsvetenskap (ST), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-80012.

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The purpose of this essay is to investigate whether the Swedish municipalities apply the UN Convention on the rights of Persons with Disabilities and article number 24 regarding right to education when purchasing Swedish education for immigrants. One aim is to identify whether legislation, policies and rights of people with disabilities occur in different procurement documents. The study furthermore investigates if the right to education connects to the concept of social sustainability and Agenda 2030 for sustainable development and if that shows in the reviewed documents. This qualitative study maps and compares contents of different documents, descriptions of legislation, policies and concepts concerning rights of persons with disabilities. General comment No. 4 regarding right to inclusive education supports the work and analysis. The result finds that some rights of persons with disabilities occur in the different documents but to a different extent between the municipalities. Human Rights are not widely described and the Convention not mentioned, which could hinder to fulfill the obligation. The concept of social sustainability exists in the documents but does not always constitute the same purpose as described by the Swedish authority for public purchasing.

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Revelli, Christophe. « La performance financière de l'investissement socialement responsable (ISR) : approche méta-analytique ». Thesis, Montpellier 1, 2011. http://www.theses.fr/2011MON10035/document.

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Cette thèse évalue la performance financière de l'investissement socialement responsable (ISR). Dans le but de surmonter le manque de consensus sur le thème de recherche, nous proposons d'aborder la question sous l'angle de la généralisation à travers une approche méta-analytique ayant pour objectif de démontrer un lien de cause à effet entre ISR et performance financière (ou boursière). A travers l'étude d'un corpus empirique d'observation incluant 75 études (161 expérimentations) sur la période 1972-2009 sélectionnées sur la base de notre propre typologie définitionnelle de l'ISR, nous articulons notre recherche autour de deux études : exploratoire et approche méta-analytique.L'étude exploratoire fournit ainsi, via l'utilisation de tests non paramétriques (Chi-deux) et de l'analyse de données (analyse factorielle des correspondances simple et multiple, classification ascendante hiérarchique), des typologies d'effet ISR sur la performance financière regroupant natures d'impact ISR sur la performance (positif, négatif ou neutre) et modalités de variables méthodologiques (marché ISR, méthode de comparaison de données, mesure de la performance financière…). L'approche méta-analytique (la première dans le champ de recherche) explore la relation entre ISR et performance financière sur un corpus réduit (61 études / 123 expérimentations). Les résultats observés tendent à prouver que l'éthique n'a pas de coût financier et génère des rentabilités similaires (voire légèrement supérieure) à celle de l'investissement conventionnel. Nous observons également que les choix empiriques effectués par les auteurs influencent considérablement la nature de la performance financière de l'ISR
This thesis evaluates the financial performance of socially responsible investment (SRI). In the purpose of overcoming the lack of consensus on the research theme, we propose to approach the question under the angle of generalization across a meta-analytical approach, aiming to demonstrate a link between SRI and financial performances (or stock exchange performance) and identify the methodological determinants of this causal relationship. Across the study of an empirical corpus observation, including 75 studies (161 experimentations) across the 1972-2009 period, all selected on the basis of our own typological definition of SRI, we articulate our research around two studies : exploratory and meta-analytical approach.By the use of non-parametric tests (chi square), and of data analysis (simple and multiple correspondence analysis, ascending hierarchical clustering), the exploratory study provides typologies of SRI effects on the financial performance, gathering the nature of SRI impacts on performance (positive, negative or neutral) ant the terms of methodological variables (SRI market, data comparison method, financial performance measure...). The meta-analytical approach (first one in the field of research) explores the relation between SRI and financial performance on a reduced corpus (61 studies / 123 experimentations). The results we observed tend to prove that ethics has no financial cost and generates similar profitability (even slightly more) than a conventional investment. We also observe that the empirical choices made by the authors have a considerable influence on the nature of the ISR financial performance

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Kankondi, Adelina Omagano Tukwatha. « An exploration of opportunities for design interventions to reduce crime : a case study situated in Bridgetown ». Thesis, Cape Peninsula University of Technology, 2011. http://hdl.handle.net/20.500.11838/1317.

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Thesis (MTech (Design))--Cape Peninsula University of Technology, 2011
This study explores the possibilities of using design interventions in mitigating crime. The study employs the Design Against Crime (DAC) philosophy in dealing with crime, which provides a holistic perspective regarding crimeand related issues.High crime levels in South Africa necessitate alternative approaches to dealing with crime, as it is becoming evident that the old strategies that have been utilised are not providing the desired effects.The focus is on the emergence of crime amongst youth at risk, living in communities-in-tension and more specifically,the Bridgetown community near Cape Town. Communities which constitute the lower socio-economic income level, usually suffer the most with regards to crime. The effects of crime negatively influence the development of the community, allowing the cycle of poverty and crime to continue. If the cycle of crime can be broken in these communities, development may take place which will strengthen them in a number of ways, including their standing in society. In order to gain a better understanding of the crime situation in South Africa, the study investigates the country‘s crime history and its widespread effects on society today. The research also looks at other factors such as personal and environmental settings that inform an individual‘s decision to commit crime. Delinquency and its results are also explored. The theoretical lens used in the study is that of Socially Responsible Design (SRD), with DAC as a subsection.SRDlooks at providing solutions to societal problems from a holistic point of view. The study uses a qualitative approach which focuses on people in real life situations,allowing the researcher to gain insight into what motivates people in their specific circumstances. The participants involved in the study are members of the Bridgetown community, youth from that community and theReconstructed Living Labs (RLabs) team, who were previously involved in crime. The researcher sought the views of experts in the field with regards to crime alleviation in communities such as Bridgetown. This research study concludes that opportunities exist forholistic and multi-faceted deployment of DAC strategies in that community to ameliorate crime, when these strategies targetyouth at risk.

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Cornudet, Camille. « Responsabilité sociale de la marque : stratégies de légitimation des pratiques et perception des consommateurs ». Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01E037.

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Les marques multiplient les engagements environnementaux, sociaux et sociétaux afin de répondre aux attentes fortes des individus pour une consommation plus responsable, opérationnalisant ainsi un transfert de la responsabilité sociale de l’entreprise vers la marque. Ce travail de recherche propose un cadre conceptuel de la Responsabilité Sociale de la Marque (RSM) à partir de la perspective Strategy-As-Practice et de la théorie de la légitimité. Dans un premier temps, sur la base de trois études qualitatives, nous mettons en évidence l’utilisation de trois stratégies de communication persuasive (autorisation, rationalisation, narrativisation) pour légitimer les pratiques de RSM. Dans un second temps, une expérimentation menée auprès de 465 personnes montre que ces trois stratégies de légitimation ont une influence plus forte sur la perception de la marque responsable qu’une simple stratégie de communication informative, mais aussi qu’elles ont un rôle indirect positif sur les différentes dimensions de la relation marque consommateur. Notre étude révèle que la stratégie d’autorisation rend la marque plus humaine, renforce la confiance envers la marque et donne du sens à la consommation des individus. Quant à la stratégie de rationalisation, elle rend également la marque plus humaine et renforce la confiance envers la marque mais n’impacte pas le sens que donne l’individu à la consommation, tandis que la stratégie de narrativisation n’a une influence que sur l’anthropomorphisation de la marque. De plus, ce travail de recherche montre que plus l’individu est altruiste ou empathique, moins il sera réceptif à la stratégie de narrativisation. Enfin, nous mettons en évidence le fait que plus l’individu a une estime de soi élevée, plus la perception de la responsabilité de la marque impacte positivement son attitude et ses comportements vis-à-vis de la marque
Brands develop environmental, social and societal activities to meet the high expectations of individuals for more responsible consumption, thereby operationalizing a transfer of social responsibility from the company to the brand. This research offers a conceptual framework for Brand Social Responsibility (BSR) based on the Strategy-As-Practice model and the theory of legitimacy. First, through three qualitative studies, we highlight the use of three communication strategies (authorization, rationalization, narrativization) to legitimize BSR practices. Then, an experiment involving 465 participants shows that these three legitimation strategies have a stronger influence on the perception of the responsible brand than a simple information communication strategy, as well as a positive indirect role on the different dimensions of the brand-consumer relationship. Our study reveals the positive role of the authorization strategy on brand anthropomorphism, the meaning in consumption and consumer trust. The rationalization strategy only has a positive impact on anthropomorphism and consumer trust, but no impact on the meaning in consumption, while the narrativization strategy only has an influence on brand anthropomorphism. This research shows, moreover, that when a consumer perceives himself as altruistic or empathetic, the impact of the narrativization strategy is diminished. Finally, we highlight the fact that the more an individual has a high self-esteem, the more the perception of the responsibility of the brand has a positive impact on his attitude and behaviors towards the brand

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Acosta, Raphael. « Développement durable et marchés émergents : le cas de l'ISR en Afrique du Sud, au Brésil et en Inde ». Thesis, Sorbonne Paris Cité, 2017. http://www.theses.fr/2017USPCD013/document.

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Dans la théorie financière classique, les marchés sont supposés efficients et lesinvestisseurs sont réputés rationnels. Ils sélectionnent leurs portefeuilles sur la base deparamètres financiers définis, en fonction de leur propre aversion au risque. Avec ledéveloppement de l’Investissement Socialement Responsable (ISR) dans le milieu des années90, un vaste champ de recherche s’ouvre en sélection de portefeuilles. En effet, lesinvestisseurs intègrent des éléments extra-financiers dans leur stratégie de gestion de portefeuille, en rupture avec la théorie financière classique.Ainsi, le développement de ce nouveau type d’investissement a enthousiasmé lacommunauté scientifique et les publications académiques se sont multipliées. Cependant ces recherches se sont concentrées sur les performances des ISR des grandes places financières occidentales, avec des résultats divergents. L'objectif de cette thèse est d’approfondir l'analyse du comportement financier des fonds et indices SR issus de trois marchés émergents – Afrique du Sud, Brésil et Inde – compte tenu des risques spécifiques de ces places financières et de ces fonds, et d’apprécier leur intérêt en termes de diversification internationale des portefeuilles.Notre thèse se compose de quatre chapitres indépendants, qui suivent une certainelogique d’écriture et de composition afin de répondre au mieux à nos questions de recherche. Les deux premiers chapitres introduisent l’objet et le champ de cette étude. Ils présentent un intérêt essentiellement théorique pour conceptualiser l’objet de la recherche et contextualiser son champ d’application.Les deux derniers chapitres sont consacrés aux analyses empiriques. Les ISR y sontanalysés comme objets de performances financières pures, mais aussi comme vecteurs de diversification de portefeuille ce qui, à notre connaissance, est encore relativement absent des publications académiques. D’autre part, deux échelles de temps et d’espace ont été croisées en scindant la recherche selon les différentes phases de la crise financière de 2008, et en analysant les performances en dimensions locales et internationales. Sur le champ théorique, cette étude apporte de nouveaux éléments concernant la compréhension des ISR dans une logique interculturelle, en questionnant la perception del’éthique, les stratégies financières qui en résultent, et leurs impacts économiques. Lesrésultats empiriques ont démontré l’intérêt financier des ISR dans ces trois marchés en termesde performances et de diversification de portefeuilles, d’un point de vue domestique etinternational
According to traditional financial theory, markets are deemed efficient and investors rational. They base the choice of their portfolios on well-defined financial parameters, following their own risk aversion. With the development of socially responsible investments (SRIs) in the middle of the 90s, a vast domain of research became available when selectingone’s portfolio. Indeed, investors integrate new elements which are out of the financial scope to their strategy of portfolio management, thus diverging from the traditional financial theory. The birth and development of this new type of investments has triggered the scientific community’s enthusiasm with more and more academic publications being written on the matter. Research has mostly tackled SRIs related to the main western marketplaces withdiverging results. The objective of this thesis is to deepen the analysis of the financial behavior of these funds and socially responsible indicators from three emerging markets – South-Africa, Brazil and India – while taking into consideration the risks specific to thesemarketplaces and funds, and to appreciate their interest in terms of internationaldiversification of portfolios.This thesis is divided into four independent sections which follow a certain logic in writing and composition in order to answer our questions in the best way possible. The two first sections will introduce the subject and domain of this research. They will mostly deal with the theoretical aspect in order to conceptualize the research’s subject and put it into context. The two following sections will focus on empirical analysis. SRIs will be analyzed as pure financial performances, but also as vectors of diversification for portfolios which is, to our knowledge, relatively absent from academic publications. Moreover, two scales were used for space and time, dividing the research according to the different phases of the 2008financial crisis and by analyzing performances following local and international dimensions. On the theoretical aspect, this study brings new elements concerning the comprehension of SRIs in a cross-cultural context, by questioning ethical perception, resulting financial strategies, and their economic impact. The empirical results have shown the financial interest for SRIs in these three markets in terms of performance and diversification of portfolios, from both a domestic and an international point of view
Na teoria financeira clássica, os mercados são supostamente eficientes e osinvestidores supostamente racionais. Esses últimos selecionam suas carteiras de açõesbaseando-se em parâmetros financeiros definidos em função do seu sentimento de aversão aorisco. Com o desenvolvimento do Investimento Socialmente Responsável (ISR), meados dosanos 90, abriu-se um vasto campo de pesquisa em seleção de carteiras de ações. De fato, osinvestidores integram dados extra-financeiros na elaboração de suas estratégias de gestão dascarteiras de ações, rompendo, assim, com a teoria financeira clássica. O desenvolvimento desse novo tipo de investimento entusiasmou a comunidadecientífica e multiplicaram-se as publicações acadêmicas. As pesquisas concentraram-se nasperformances dos ISR nos grandes mercados financeiros ocidentais, obtendo-se entretantoresultados divergentes. O objetivo dessa tese é aprofundar a análise do comportamentofinanceiro dos fundos e índices SR nos mercados emergentes – África do Sul, Brasil e Índia –levando em conta seus riscos específicos e apreciar o seu interesse no que concerne adiversificação internacional das carteiras de ações.Nossa tese compõe-se de quatro capítulos independentes seguindo uma lógica deredação e composição afim de responder da melhor forma possível as questões da pesquisa.Os dois primeiros capítulos introduzem o objeto do campo de pesquisa. Eles apresentam uminteresse essencialmente teórico para conceituar o objeto da pesquisa e contextualizar o seucampo de aplicação. Os dois últimos capítulos são consagrados as análises empíricas. Os ISR sãoanalisados como objetos de performances financeiras puras e também como vetores dediversificação das carteiras de ações, o que, a nosso conhecimento, ainda é relativamenteausente das publicações acadêmicas. Por outro lado, duas escalas de tempo e espaço foramcruzadas dividindo a pesquisa segundo as diferentes fases da crise financeira de 2008 eanalisando as performances a nível local e internacional.No campo teórico esse estudo traz novos elementos para a compreensão dos ISRdentro de uma visão intercultural, questionando a percepção da ética, as estratégiasfinanceiras resultantes e seus impactos econômicos. Os resultados das análises empíricasdemonstraram o interesse financeiro dos ISR nos três mercados em termos de performances ede diversificação tanto no nível nacional que internacional

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Nainggolan, Yunieta Anny. « Taking a leap of faith : are investors left short changed ? » Thesis, Queensland University of Technology, 2011. https://eprints.qut.edu.au/49718/1/Yunieta_Nainggolan_Thesis.pdf.

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This dissertation examines the compliance and performance of a large sample of faith based (religious) ethical funds - the Shari'ah-compliant equity funds (SEFs), which may be viewed as a form of ethical investing. SEFs screen their investment for compliance with Islamic law, where riba (conventional interest expense), maysir (gambling), gharar (excessive uncertainty), and non-halal (non-ethical) products are prohibited. Using a set of stringent Shari'ah screens similar to those of MSCI Islamic, we first examine the extent to which SEFs comply with the Shari'ah law. Results show that only about 27% of the equities held by SEFs are Shari'ah-compliant. While most of the fund holdings pass the business screens, only about 42% pass the total debt to total assets ratio screen. This finding suggests that, in order to overcome a significant reduction in the investment opportunity, Shari'ah principles are compromised, with SEFs adopting lax screening rules so as to achieve a financial performance. While younger funds and funds that charge higher fees and are domiciled in more Muslim countries are more Shari'ah-compliant, we find little evidence of a positive relationship between fund disclosure of the Shari'ah compliance framework and Shari'ah-compliance. Clearly, Shari'ah compliance remains a major challenge for fund managers and SEF investors should be aware of Shari'ah-compliance risk since the fund managers do not always fulfill their fiduciary obligation, as promised in their prospectus. Employing a matched firm approach for a survivorship free sample of 387 SEFs, we then examine an issue that has been heavily debated in the literature: Does ethical screening reduce investment performance? Results show that it does but only by an average of 0.04% per month if benchmarked against matched conventional funds - this is a relatively small price to pay for religious faith. Cross-sectional regressions show an inverse relationship between Shari'ah compliance and fund performance: every one percentage increase in total compliance decreases fund performance by 0.01% per month. However, compliance fails to explain differences in the performance between SEFs and matched funds. Although SEFs do not generally perform better during crisis periods, further analysis shows evidence of better performance relative to conventional funds only during the recent Global Financial Crisis; the latter is consistent with popular media claims.

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Mouneyrac, Aurelie. « Messages de prévention promouvant le Jeu responsable : une injonction paradoxale dans les jeux de hasard et d'argent ». Thesis, Toulouse 2, 2019. http://dante.univ-tlse2.fr/id/eprint/7082.

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Dans les jeux de hasard et d’argent (JHA), l’individu est exposé à au moins deux paradoxes. Le premier paradoxe est relatif au contrôle : d’une part, le joueur croit pouvoir contrôler le jeu en vue d’augmenter ses chances de gain (illusion de contrôle) et, d’autre part, il a tendance à perdre le contrôle de ses impulsions. Pour jouer sans risque, le joueur devrait donc jouer de manière contrôlée mais sans tenter de contrôler le jeu. Le second paradoxe réside dans le besoin, pour les opérateurs de jeu, de commercialiser les jeux tout en cherchant à prévenir les risques liés aux JHA. Ils doivent, notamment, aider le joueur à garder le contrôle de ses impulsions. A cette fin, les opérateurs de jeu utilisent des messages de prévention promouvant le Jeu Responsable (p. ex. « Pour que le jeu reste un jeu »). Selon nous, ces messages pourraient être ambigus et véhiculer des intentions promotionnelles au joueur, plutôt que préventives. Le but de cette thèse est alors d’examiner la compréhension des messages promouvant le Jeu Responsable. Nous étudions l’ambiguïté de leur contenu sémantique ainsi que l’influence de facteurs extrinsèques au message (i.e. les caractéristiques de la source et du récepteur) sur la compréhension du message. Quatre expériences ont été conduites en ligne auprès de 1438 participants. Les résultats de ces études montrent que les messages de prévention promouvant le Jeu Responsable agissent comme une injonction paradoxale : ils sont ambigus (Expérience 1) et peuvent être compris à la fois comme des messages de prévention et des messages de promotion du jeu (Expérience 2). En situation réelle de jeu, ces messages augmentent la prise de risque du joueur par rapport à des messages informatifs clairs (Expérience 3). De plus, nous avons montré que les messages de prévention, qu’ils soient clairs ou ambigus, sont mieux compris lorsque le message est perçu comme provenant du gouvernement plutôt que d’un opérateur de jeu et lorsque la crédibilité de la source est élevée. En revanche, les attitudes et la familiarité des joueurs avec le jeu ou leur niveau de risque de jeu pathologique n’influencent pas la compréhension du message dans notre échantillon (Expérience 4). Cette thèse montre que les messages actuellement utilisés par les opérateurs de jeu ne sont pas adaptés pour prévenir du jeu excessif. Notre travail contribue donc à l’amélioration des stratégies de communication préventive des opérateurs de jeux et des gouvernements
Gambling confronts individuals to at least two paradoxes. The first one refers to control: on the one hand, gamblers think they can control the game in order to increase their chances to win (i.e. the illusion of control) and, on the other hand, they can lose control over their impulses. To gamble safely, gamblers should play in a controlled way instead of trying to control the game. The second paradox is that the gambling operators have financial interests in promoting gambling, but try at the same time to prevent the risks of gambling. In particular, they have to help gamblers to keep control of their impulses. To that end, gambling operators use prevention messages promoting Responsible Gambling (e.g., “So that gambling remains a game”). The central thesis of this dissertation is that these preventive messages often are ambiguous and tend to convey promotional contents rather than preventive ones. The aim of this dissertation was thus to examine the comprehension of messages promoting Responsible Gambling. We studied the ambiguity of their semantic content and the influence of extrinsic factors of the message (i.e. the characteristics of the source of the message and of the receiver) on the understanding of the message. We conducted four experiments online with 1438 participants. Results of these studies show that prevention messages promoting Responsible Gambling have a paradoxical effect on individuals: they are ambiguous (Experiment 1) and individuals understand them as being both prevention and promotional messages (Experiment 2). In a real game situation, messages promoting Responsible Gambling exacerbate risk-taking behavior when compared to non-ambiguous prevention messages (Experiment 3). Moreover, we showed that people better understand prevention messages when they see them as stemming from the government instead of a gambling operator and when the source is perceived as highly credible. However, gamblers’ attitudes toward gambling, familiarity with gambling or their level of risk of pathological gambling does not influence the comprehension of the message in our sample (Experiment 4). This dissertation shows that messages which are currently used by gambling operators are not appropriate to prevent excessive gambling. Our work thus contributes to the improvement of preventive communication strategies of gambling operators and governments

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Forget, Elisabeth. « L'investissement éthique : analyse juridique ». Thesis, Strasbourg, 2013. http://www.theses.fr/2013STRAA017.

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L’investissement éthique est un investissement fondé sur des critères extra-financiers : l’investisseur cherche un enrichissement tout en poursuivant une fin non matérielle tirée du respect de certaines valeurs La coloration éthique a vocation à rejaillir sur le régime de cet investissement. Elle dicte le contenu de la politique d’investissement, oblige les intermédiaires financiers à informer les investisseurs de manière adéquate, et les contraint à veiller à la conformité éthique de l’investissement jusqu’à son dénouement.L’investissement éthique ne saurait toutefois se limiter à cela. Adoptant une démarche conséquentialiste, les investisseurs peuvent s’engager auprès des émetteurs pour y défendre leurs valeurs. D’un point de vue théorique, cet activisme actionnarial met en lumière l’échec des thèses traditionnelles à définir la finalité des sociétés. Plutôt que de raisonner en termes d’intérêt social, il conviendrait à présent de recourir à la Stakeholder Theory
Ethical investment is based on non-financial criteria: the investor expects a return on the investment while pursuing a non-material objective, based on the respect of certain values. Ethics bring a nuance, which impacts the set of rules for this type of investment. It establishes the content of the investment policy and requires financial intermediaries to inform investors adequately. It also forces them to ensure ethical compliance of the investment to its ending. Ethical investment, however, is not limited to this. By adopting a consequentialist approach, investors can engage with issuers to defend their values. From a theoretical point of view, this shareholder activism highlights the failure of traditional theories to define the purpose of companies. Because the concept of “intérêt social”, which the French doctrine struggles to define, leads to a deadlock, a cross-disciplinary approach, the Stakeholder Theory, should be preferred

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Ballout, Rami, et Fredrik Nygård. « Can intangibles lead to superior returns ? : Global evidence on the relationship between employee satisfaction and abnormal equity returns ». Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73263.

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Subject background and discussion: In recent decades, issues of human rights, labor and environmental change has been hot topics world wide, which also has influenced the financial market. More and more investors use socially responsible investing (SRI) screens when constructing their portfolios. One form of SRI screen is to choose companies that have satisfied employees. Existing theory says that employee satisfaction is an intangible asset to the firm that will positively affect a firm’s performance in the future. Intangible assets are often unrecognized by the market and thereby not incorporated in the stock price. The efficient market hypothesis has been studied and debated for several decades. Proponents of the EMH argue that all available information is incorporated in the stock price, thus it is not possible to systematically beat the market. However, EMH is controversial, since research has shown different results regarding the possibility to make abnormal return from various investing strategy. Research question: Is it possible to make abnormal returns by investing in a portfolio of worldwide firms with top scores on the SRI screen employee satisfaction? Purpose: The main purpose of this study is to examine investor’s possibility to make abnormal return with controls for multiple risk factors by investing in worldwide firms with top scores in employee satisfaction. One sub-purpose is to examine how the market values intangibles depending on the degree of market efficiency. Another sub-purpose of the study is to test two different portfolio weighting methodologies, equally- and value weighted, and observe the differences between them. Theory: This study deals with the efficient market hypothesis and the concepts of SRI, employee satisfaction, intangible assets and several risk-adjusted measurements. Method: We have chosen to perform a quantitative study with a deductive approach to answer our research question. We used a sample size of 696 firms based on “Great Place to Works”- lists of companies with high employee satisfaction to construct sex portfolios with different holding periods and strategies. These portfolios have been explored and tested significantly with both equally and value weighted methods. Result/Analysis: The study finds significant evidence of an average annual abnormal return of 3,66% and 2,43% for our main portfolio over the market for equally- and value weighted, respectively, using the three-factor model. When adjusting for momentum, thus employing the four-factor model, all the predictive variables still identify strong persistence in the abnormal return, with statistical significance. Conclusion: The results show that it is possible to make abnormal returns, during the observed time period, regardless of the weighing methodology, although the equally weighted received higher abnormal returns. Thus, the market efficiency appears to be in weak form and does not fully value intangibles.

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Adolfssson, Alexander, et Marie Åström. « Development Finance Institutions’ Effect on The Fund Manager’s Investment Decisions : Balancing Financial Performance Goals and Development Impact Objectives ». Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124744.

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Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduced by the DFIs is examined to understand its effects on fund managers’ decision-making and if it exists a trade-off between this objective and financial performance. An understanding of how DFIs control fund managers to act in accordance to their objective as well as how they determine compensation schemes to incentivize them to pursue high return on investments, is discussed in relation to the agency theory. Furthermore, stakeholder/shareholder consideration is examined in relation to the subject. The aim of this study is to examine how the behavior of fund managers is affected by the involvement of a DFI investor and try to add to the understanding of their significance as institutional investors in developing markets. Previous studies have been more focused on determining the financial performance of socially responsible investments by using very similar quantitative data collection methods. This thesis undertakes an in-depth approach with the purpose to understand the fund manager’s drives as well as how a DFI involvement affects the behavior and decision-making process. This thesis undertook a qualitative research strategy and semi-structured interviews were used as the tool to understand the fund managers’ personals beliefs and perceptions of how the relationship with DFIs affect them. The selection criteria for the fund managers was that they needed to work in a fund in which a DFIs has invested. We also included DFI investors in order to understand their point of view. The interview was recorded, transcribed and later divided into themes in accordance with the thematic approach, following six steps. Our findings show that Development Finance Institutions plays an important role in emerging markets and affect fund manager behavior to a certain extent. They did not perceive a trade-off between financial performance goals and development impact objectives. We conclude that DFIs increase fund manager focus on ESG/SEE elements in the investment process. DFIs requirements and reporting obligations is used as a tool to ensure that the fund manager act in accordance to DFI objective. The fund managers were neither willing to sacrifice commercial return in favor of development impact. Lastly, the interest among the DFIs and commercial investors is fairly similar, hence reducing the conflict of interest between investors.

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Schilin, Roman. « Socially Responsible Investment (SRI) : does being social pay off ? » Master's thesis, 2019. http://hdl.handle.net/10400.14/29296.

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Considering social aspects into the investment decision has become of increasing importance for financial institutions. This dissertation applies multiple screening methodologies with the aim of reflecting the profile of a social investor to identify whether an ethical investment approach is compatible with achieving superior financial performance. For the positive screening methods, the dissertation applies the Thomson Reuters ESG score and its sub-components as an indicator for corporate social performance. The S&P 500 index serves as the investment universe, and its constituents are categorized into deciles, and value-weighted portfolios are created upon them. The lowest- and highest-rated portfolios are analysed. The negative screen excludes companies involved in controversial business areas from the investment universe. Their cumulative returns are compared to the index performance over the investment period from 2003 until 2018, while controlling for the influence of the Carhart four-factors. The analysis reveals that socially responsible portfolios result in negative Alphas, indicating that ethical goals cannot be achieved without hurting the financial performance. Ethical companies show a substantially higher market capitalization, resulting in negative SMB factors which contribute to the underperformance of the social portfolios. Sin Stocks do majorly drive the abnormal returns of the low-rated portfolio, and their exclusion eliminates its outperformance to the index. The goal of creating a social investment strategy providing abnormal returns was not reached.
O investimento socialmente responsável tornou-se de importância crescente para as instituições financeiras. Esta dissertação aplica múltiplas metodologias de triagem com o objetivo de refletir o perfil de um investidor socialmente responsável para identificar se uma abordagem de investimento ético é compatível com um melhor desempenho financeiro. Para efeitos de triagem positiva, a dissertação aplica a pontuação ESG da Thomson Reuters e seus subcomponentes como um indicador para o desempenho social corporativo. O índice S&P 500 serve como universo de investimento e seus constituintes são categorizados em decis. Através dos decis, os portfólios com ponderação de valor são criados sendo os de classificação mais baixa e mais alta analisados. O filtro negativo exclui as empresas envolvidas em áreas de negócios controversas. Os seus retornos cumulativos são comparados com o desempenho do índice durante o período de investimento de 2003 até 2018. As variáveis de controlo são as quatro que compõem o modelo de Carhart. A análise revela que portfólios com títulos de empresas socialmente responsáveis resultam em alfas negativos, indicando que objetivos éticos não podem ser alcançados sem prejudicar o desempenho financeiro. Empresas com ações eticamente responsáveis mostram uma capitalização de mercado substancialmente superior, resultando em fatores SMB negativos que contribuem para o mau desempenho das carteiras das mesmas. A presença das “Sin Stocks” impulsionam os retornos anormais do portfólio de baixa classificação ética, e a sua exclusão elimina o desempenho superior ao índice. O objetivo de criar uma estratégia de investimento social que obtenha retornos anormais não foi alcançado.

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Tomson, Saul. « Alignment of corporate social responsibility with corporate strategy in companies listed on the Johannesburg Stock Exchange Socially Responsible Investment (SRI) index ». Diss., 2009. http://hdl.handle.net/2263/23297.

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Recent economic crises coupled with corporate scandals have plunged the world into the greatest financial predicament it has faced in almost a century. Deregulation has empowered business leaders and their subsequent unethical behaviour has undermined the very foundations of the world’s financial and business infrastructure. It is perplexing that corporate social responsibility (CSR) spend is the first area of business to suffer cutbacks during challenging times – especially since it is often the lack of ethic that has led to such crises in the first place. The cosmic exploration of CSR over the past 50 years has left academics and business leaders with a lack of causal evidence as to the value of behaving in a socially responsible manner. This research tests the theory that CSR can have strategic implications and is pivotal for organisational sustainability. The research uses four constructs of corporate strategy that could be related to CSR, namely: centrality, specificity, proactivity and voluntarism. The research has found that CSR can in be aligned with corporate strategy and assist firms in reaching their long-term goals. It has also found the term “strategic CSR” to be relevant in organisations. The paper proposes a framework that organisations can use to approach CSR in a strategic manner and to create value from CSR.
Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted

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Arvidsson, Ulrica, et Ebba Ljungbergh. « Socially Responsible Investments : Are investors paying a price for investing ethically ? » Thesis, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-27150.

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The aim of this study is to evaluate the difference in performance and management fees between ethical and conventional mutual funds registered in Sweden. Our dataset consists of 49 ethical and 254 conventional funds, estimated on a 10-year period of time between January 2005 to January 2015. Jensen’s alpha is used as a measure for risk-adjusted performance and estimated through CAPM single-index model as well as by Carhart’s four-factor model. By adding back the management fees to the net returns and then estimate Jensen’s alpha by Carhart’s four-factor model once again, evidence of any differences in the impact on return between ethical and conventional funds is found. The results obtained from the study show that there is no difference in neither the risk-adjusted returns nor management fees between ethical and conventional funds. It is concluded that Swedish mutual fund investors are not paying a specific price in terms of reduced returns or higher management fees for putting social and ethical values into their financial investment decision.

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du, Plessis Ruschelle. « Performance of socially responsible investment funds in South Africa ». Thesis, 2015. http://hdl.handle.net/10394/17040.

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Socially responsible investing has presented itself as a growing, multifaceted, advanced and sophisticated investment philosophy. Socially responsible investment (SRI) involves incorporating social, ethical and responsible investment objectives with financial investment objectives during the investment decision-making process. Social, ethical and responsible investment objectives are set in line with environmental, social and corporate governance (ESG) criteria which are established within the SRI strategy followed. SRI strategies include screening (negative, positive and best-of-sector), shareholder activism and cause-based investing. Although international SRI markets such as that of the United States of America and the United Kingdom are sophisticated and established markets, the South African SRI market is still relatively new and is yet to reach its full potential. Thus, as a growing market, little research regarding the long term risk-adjusted performance of SRI funds in South Africa has been conducted. The long term risk-adjusted performance of the sample of SRI funds was measured through the use of five risk-adjusted performance measures, namely the Treynor ratio, Sharpe ratio, Jensen’s alpha, Sortino ratio and Omega ratio, and through the use of three performance measurement models which included the capital asset pricing model (CAPM), Fama-French three-factor model and Carhart four-factor model. The risk-adjusted performance of the sample of SRI funds was measured with the intent to establish if these funds out- or underperformed against three benchmark categories, namely the Financial Times Stock Exchange/Johannesburg Stock Exchange (FTSE/JSE) SRI Index, a matched sample of conventional investment (non-SRI) funds and the FTSE/JSE All Share Index. The probable effect of the 2007/08 global financial crisis was also measured to analyse whether such a hazardous market event affected the performance of the SRI funds. According to the results and findings, the risk-adjusted performance of the SRI funds has improved over the research period. However, the SRI funds neither outperformed nor underperformed against the three benchmark categories over the research period. The performance measurement models’ analysis indicated that the SRI funds were less sensitive to market fluctuations, more exposed to small capitalisation portfolios, more growth-oriented, and exhibited significant momentum after the period of the 2007/08 global financial crisis. Furthermore, the analysis indicated that the SRI funds significantly underperformed against the non-SRI funds during the Performance of socially responsible investment funds in South Africa research period. Mixed results were obtained with regards to the probable effect of the 2007/08 global financial crisis on the performance of the SRI funds.

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Alves, Aurélio Marcel Rodrigues. « Socially responsible corporate bond fund performance : empirical evidence for the European market ». Master's thesis, 2019. http://hdl.handle.net/1822/61081.

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Dissertação de mestrado em Finance
The objective of this dissertation is to evaluate the performance of socially responsible corporate bond funds domiciled in Germany and France. This evaluation is conducted using both conditional and unconditional models. The dataset considered for this research consists of 24 funds that invest either globally or in Europe/EuroZone, throughout the period from January 2007 to November 2018. The unconditional models used are related to those considered in similar studies, expanding on these due to the need to account for funds investing globally. As for the conditional model, two public information variables were included to better capture time-varying corporate bond returns – the term-spread and the inverse relative wealth ratio. The results for the unconditional model show, in general, a slight underperformance (significant only at the 10% level) of the SRI corporate bond funds throughout the period under analysis. As for the conditional model, the underperformance persists, however, the quality of the result is severely increased, being this underperformance now statistically significant at the 1% level. The performance of the created equally weighted portfolio of funds that invest globally is slightly worse than the performance of the equally weighted portfolio of funds that invest in Europe/EuroZone. Conditional models show an increase in the adjusted R2 in comparison to unconditional models, meaning the inclusion of public information variables increases the explanatory power of the model, thus improving the overall quality of the results. Furthermore, there is a strong evidence of the presence of time-varying betas throughout the analyzed period.
O objetivo desta dissertação é avaliar o desempenho de fundos socialmente responsáveis, de obrigações de empresas domiciliados na Alemanha e França. Esta avaliação é efetuada recorrendo quer a modelos não condicionais, como condicionais. A amostra recolhida contem 24 fundos que investem quer a nível global, quer a nível Europeu/EuroZone, ao longo do período de janeiro de 2007 até novembro de 2018. Os modelos não condicionais implementados são baseados em estudos similares, expandindo estes devido à necessidade de acomodar a existência de fundos que investem globalmente. Em relação ao modelo condicional, duas variáveis de informação pública foram implementadas – term-spread e o rácio inverse relative wealth. Os resultados para o modelo não condicional mostram que, em média, os fundos têm um desempenho ligeiramente pior (estatisticamente significativo ao nível de 10%) que os benchmarks representativos do mercado. Em relação ao modelo condicional, estes resultados persistem, porém, a qualidade do resultado aumenta – os fundos continuam a apresentar um desempenho que está abaixo dos benchmarks do mercado, porém este resultado é agora estatisticamente significativo ao nível de 1%. O desempenho da carteira média criada para fundos que investem globalmente é ligeiramente pior que o desempenho da carteira média para fundos que investem na Europa/ZonaEuro. O uso de modelos condicionais resulta num aumento do R2 ajustado da regressão, quando comparado com o valor obtido no modelo não condicional, o que significa que a inclusão de variáveis de informação pública resulta num aumento do poder explicativo do modelo, aumentando, portanto, a qualidade global dos resultados. Para além disso, existe evidência estatística da presença de betas variáveis ao longo do tempo, ao longo do período analisado.

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Moreira, Rui Miguel Almeida. « Performance evaluation of European SRI fixed-income funds ». Master's thesis, 2019. http://hdl.handle.net/1822/61079.

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Dissertação de mestrado em Finance
In recent years, the investment in SRI securities is experiencing an increasing growth which has attracted a lot of interest from academics and practitioners on their financial performance. Surprisingly the empirical evidence focuses more on the SRI equity market, leaving the SRI fixed-income market less explored. Therefore, in this dissertation, I will try to fill this gap by evaluating the performance of 395 European SRI fixed-income funds during the period of December 1998 to October 2018. The multi-factor unconditional and conditional models were used as performance measures. Results show that the conditional models lead to higher explanatory power of the models, which goes in agreement with the empirical evidence. When considering the performance estimates, the conditional models indicate a slight worst performance, which is controversial with previous studies, although for both the unconditional and conditional model the main conclusion is that the SRI bond funds used on this dissertation underperform the market.
Nos últimos anos, o investimento em títulos financeiros socialmente responsáveis está a experienciar um crescimento exponencial e consequentemente está a haver um grande interesse dos académicos e investidores no seu desempenho financeiro. Surpreendentemente as evidências empíricas focam-se no mercado de ações socialmente responsáveis, deixando o mercado de obrigações socialmente responsáveis pouco explorado. Assim sendo, nesta dissertação, vou tentar preencher esta lacuna ao avaliar o desempenho de 395 fundos de obrigações europeias socialmente responsáveis durante o periodo de Dezembro de 1998 até Outubro de 2018. Os modelos incondicionais e condicionais multifatoriais foram usados como medidas de desempenho. Os resultados mostram que o modelo condicional leva a um maior poder explicativo dos modelos, o que vai de acordo com a evidência empírica. Ao considerar as estimativas de desempenho, o modelo condicional indica um desempenho ligeiramente pior, o que é controverso com os estudos anteriores, apesar de para ambos os modelos a principal conclusão a retirar é que os fundos de obrigações socialmente responsáveis usados nesta dissertação apresentam uma performance pior que o mercado.

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Nkomani, Sibusiso. « Corporate Social Responsibility and financial performance : the Johannesburg Stock Exchange top 100 ». Diss., 2013. http://hdl.handle.net/2263/26367.

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Corporate Social Responsibility (CSR) is a much debated and ever changing topic. From a South African context, one of the most recent means of measuring CSR has been through the use of the Johannesburg Stock Exchange (JSE) socially responsible investment index (SRII). The JSE SRII was first introduced in 2004 and has grown in popularity and effectiveness since. Included amongst the criteria for inclusion in this index is compliance with black economic empowerment (BEE). The index measures companies against the triple bottom line (environment, society&economy). Companies included in the index are deemed to have good CSR practices. This study evaluates the effects of CSR on the corporate financial performance (CFP) of the top 100 listed companies on the JSE over a 10 year period (2002-2011). The findings of the study suggest that companies not included in the SRII, on average, perform better than SRII companies. The basis of this conclusion is on the analysis of the results of the total return index (TRI), return on assets ratio (ROA) and the net profit margin percentage (NPM).
Dissertation (MCom)--University of Pretoria, 2013.
Financial Management
unrestricted

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Botha, Marthinus Jacobus. « An analysis of water-related sustainability disclosure of Socially Responsible Investment-indexed JSE-listed companies / Marthinus Jacobus Botha ». Thesis, 2015. http://hdl.handle.net/10394/14254.

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South Africa is facing a water crisis in terms of the scarcity and the quality of its water. Considering this water-constrained future it is evident that companies in South Africa should pay attention to the pristine management of this scarce resource. The purpose of this study is to evaluate the reporting and disclosure requirements of water of Socially Responsible Investment-indexed (SRI) JSE-listed companies. The disclosure requirements of the integrated report, King III, the Global Reporting Initiative and the Association of Chartered Certified Accountants, provided the theoretical background to develop a water disclosure index. Content analysis was used as the research method to analyse the integrated and sustainability reports of a selected group of SRI indexed JSE-listed companies. The results were analysed in terms of the disclosure on items such as materiality, governance, corporate policies, environmental management systems, risk assessments and key performance indicators. The findings of the study include that most of the companies illustrate commitment towards water stewardship by reporting on water-related aspects. The mining sector rated the highest on disclosure and reporting of water-related aspects by providing the most detailed descriptions by indicating that they clearly understand the context of their operations and the associated risks. In the process of analysing the integrated and sustainability reports with specific reference to the key performance indicators, it was evident that companies lack comparability and consistency in their disclosure. It is recommended that companies improve the relevance, depth and clarity of their disclosure on water.
MCom (Management Accountancy), North-West University, Potchefstroom Campus, 2015

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Picado, Miguel Santos Fonseca. « Performance of SRI funds during market crises : evidence of the US market ». Master's thesis, 2021. http://hdl.handle.net/1822/76526.

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Dissertação de mestrado em Finance
In the past years, society has become more aware of social issues, such as the environment, human and civil rights, labour conditions and relations, which led to a growth of Socially responsible investment (SRI) in the last decades. This growth has produced a debate on the performance of this type of investment and especially the comparison with the performance of conventional investments. In the SRI set of investment possibilities, mutual funds are the main instrument subject to this debate. Most empirical studies find that SRI mutual funds do not perform differently from their conventional peers. The purpose of this dissertation is to evaluate the financial performance of US SRI mutual funds and compare them against matched US conventional mutual funds. The other objective of this study is to evaluate the performance of such funds during times of financial distress, in order to test the possibility of SRI mutual funds serving as insurance to investors during recessions, by limiting the downside risk. The dataset consists of 149 US Equity SRI funds and 447 matched US Equity conventional funds over the period between January 2005 to January 2021. The dataset includes both surviving and non-surviving funds and from them, we create two equally weighted portfolios. The portfolio of conventional funds is composed of matched funds by the classification of the fund, age, and Total Net Assets. For each SRI fund three conventional funds were selected. Fund performance is evaluated using unconditional and conditional approaches of the Carhart (1997) four-factor model, the Fama and French (2015) five-factor model and the Fama and French (2018) six-factor model. To analyze the recessions periods, we added dummy variables to the multi-factor models to distinguish the performance of the funds in different market states. These periods were identified following the US Business Cycle expansions and contractions of NBER. Overall, SRI funds present a neutral performance and their conventional peers tend to present either a neutral performance or a slight evidence of underperformance, especially in recessions. In terms of the performance in recessions, SRI funds clearly perform better compared to their conventional peers in the 2020 recession. Both types of funds are more exposed to small-cap stocks and high investment firms. In sum, there is no evidence of SRI funds underperforming their conventional peers, so investors can add SRI funds to their portfolio without a performance cost. Also, it should be noted that these funds can serve as some type of insurance in recessions, and it is obvious that they do not place investors at disadvantage to conventional funds.
Nos últimos anos, a sociedade tem vindo a ficar mais consciente em relação a assuntos sociais tais como, o ambiente, direitos humanos e civis, assim como condições de trabalho. Isto levou a um crescimento de investimentos socialmente responsáveis (ISR), nas últimas décadas. Este crescimento tem produzido um debate sobre o desempenho deste tipo de investimentos e, especialmente, a comparação com o desempenho de investimentos convencionais. Dentro do ISR os fundos de investimento são o principal instrumento sujeito a este debate. A maior parte dos estudos empíricos não encontram diferenças no desempenho dos fundos ISR e os seus pares convencionais. O propósito desta dissertação é avaliar o desempenho financeiro dos fundos ISR do mercado americano e compará-los com fundos convencionais selecionados de acordo com as características dos fundos ISR. O outro objetivo deste estudo é avaliar o desempenho destes fundos em períodos financeiramente instáveis, de forma a testar a possibilidade de os fundos ISR servirem como um seguro para os investidores durante crises, limitando o risco de uma potencial descida nos mercados financeiros. A amostra de dados consiste em 149 fundos de ações ISR americanos e 447 fundos de ações convencionais americanas que foram combinados segundo as características dos fundos ISR, durante o período de janeiro de 2005 a janeiro de 2021. Nesta amostra incluímos fundos sobreviventes e não sobreviventes e a partir destes criaram-se dois portefólios igualmente ponderados. O portefólio de fundos convencionais é composto por fundos com caraterísticas similares às dos fundos ISR ao nível da classificação do fundo, idade e total de ativos líquidos. Para cada fundo ISR foram selecionados três fundos convencionais. O desempenho dos fundos é avaliado usando abordagens não condicionais e condicionais para o modelo de quatro fatores de Carhart (1997), o modelo de cinco fatores de Fama e French (2015) e o modelo de seis fatores de Fama e French (2018). Para analisar os períodos de recessão são adicionadas variáveis dummy aos modelos de múltiplos fatores de forma a distinguir o desempenho dos fundos nos diferentes períodos de mercado. Estes períodos foram identificados seguindo o NBER. Em geral, os fundos ISR mostram ter um desempenho neutro, e os convencionais, na maioria dos modelos, também mostram um desempenho neutro com uma pequena evidência de um desempenho negativo, especialmente em períodos de crise. Em relação ao desempenho em crises, os fundos ISR claramente tem um melhor desempenho em comparação com os fundos convencionais, na recessão de 2020. Os dois tipos de fundos estão mais expostos a ações de pequena capitalização e empresas de elevado investimento. Em suma, não existe evidência de os fundos ISR terem um pior desempenho em relação aos convencionais com caraterísticas similares, desta forma, os investidores podem acrescentar os fundos ISR aos seus portefólios sem penalização no seu desempenho. Também deve ser referido que estes fundos podem servir como um seguro em períodos de recessão, pois é óbvio não colocam o investidor em desvantagem perante os fundos convencionais.

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