Дисертації з теми "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.
Повний текст джерелаRicard-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.
Повний текст джерелаGelotte, 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.
Повний текст джерелаHamrin, Lisa, and 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.
Повний текст джерелаI 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.
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.
Повний текст джерелаSeveral 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.
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.
Повний текст джерелаVargas, Preciado Lucely. "Sustainable finance and social responsibility: a new paradigm." Doctoral thesis, Università degli studi di Trieste, 2009. http://hdl.handle.net/10077/3110.
Повний текст джерелаWith 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
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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.
Повний текст джерелаBacklund, 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.
Повний текст джерелаUppfattningar 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.
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.
Повний текст джерелаHållbarhet 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.
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.
Повний текст джерелаBlandford, Nicholas, Timothy Nash, and 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.
Повний текст джерелаWikström, 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.
Повний текст джерелаLundström, Simon, and 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.
Повний текст джерелаLu, Chenjie, and 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.
Повний текст джерелаSörensson, Alexander, and 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.
Повний текст джерелаA 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.
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.
Повний текст джерелаProblemformulering
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.
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.
Повний текст джерелаAdrianto, 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.
Повний текст джерелаLori, 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.
Повний текст джерелаBrown, 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.
Повний текст джерелаMolander, Gordon, and 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.
Повний текст джерелаJemtå, Emilia, and 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.
Повний текст джерелаKivikoski, Lauri, and 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.
Повний текст джерелаIsaksson, Andreas, Jasmine Damfeldt, and 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.
Повний текст джерелаSyfte: 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.
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.
Повний текст джерелаRevelli, Christophe. "La performance financière de l'investissement socialement responsable (ISR) : approche méta-analytique." Thesis, Montpellier 1, 2011. http://www.theses.fr/2011MON10035/document.
Повний текст джерелаThis 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
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.
Повний текст джерелаThis 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.
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.
Повний текст джерелаBrands 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
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.
Повний текст джерелаAccording 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
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.
Повний текст джерелаMouneyrac, 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.
Повний текст джерелаGambling 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
Forget, Elisabeth. "L'investissement éthique : analyse juridique." Thesis, Strasbourg, 2013. http://www.theses.fr/2013STRAA017.
Повний текст джерелаEthical 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
Ballout, Rami, and 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.
Повний текст джерелаAdolfssson, Alexander, and 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.
Повний текст джерелаSchilin, Roman. "Socially Responsible Investment (SRI) : does being social pay off?" Master's thesis, 2019. http://hdl.handle.net/10400.14/29296.
Повний текст джерелаO 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.
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.
Повний текст джерелаDissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
Arvidsson, Ulrica, and 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.
Повний текст джерелаdu, Plessis Ruschelle. "Performance of socially responsible investment funds in South Africa." Thesis, 2015. http://hdl.handle.net/10394/17040.
Повний текст джерелаAlves, 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.
Повний текст джерелаThe 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.
Moreira, Rui Miguel Almeida. "Performance evaluation of European SRI fixed-income funds." Master's thesis, 2019. http://hdl.handle.net/1822/61079.
Повний текст джерелаIn 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.
Nkomani, Sibusiso. "Corporate Social Responsibility and financial performance : the Johannesburg Stock Exchange top 100." Diss., 2013. http://hdl.handle.net/2263/26367.
Повний текст джерелаDissertation (MCom)--University of Pretoria, 2013.
Financial Management
unrestricted
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.
Повний текст джерелаMCom (Management Accountancy), North-West University, Potchefstroom Campus, 2015
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.
Повний текст джерелаIn 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.