Do Responsible Investors Invest Responsibly?

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2022-09-21 DOI:10.1093/rof/rfac064

Rajna Gibson Brandon, Simon Glossner, Philipp Krueger, Pedro Matos, Tom Steffen

引用次数: 0

Abstract

We study whether institutional investors that sign the Principles for Responsible Investment (PRI), a commitment to responsible investing, exhibit better portfolio-level environmental, social, and governance (ESG) scores. Signatories outside the US have superior ESG scores than non-signatories, but US signatories have at best similar ESG ratings, and worse scores if they have underperformed recently, are retail-client facing, and joined the PRI late. US signatories do not improve the ESG scores of portfolio companies after investing in them. Commercial motives, uncertainty about fiduciary duties, and lower ESG market maturity explain why US-domiciled PRI signatories do not follow through on their responsible investment commitments.

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负责任的投资者负责投资吗?

我们研究了签署负责任投资原则(PRI)的机构投资者是否表现出更好的投资组合层面的环境、社会和治理(ESG)得分。美国以外的签署国的ESG得分高于非签署国，但美国签署国的ESG评级充其量也差不多，如果它们最近表现不佳、面向零售客户、加入PRI的时间较晚，则得分更低。美国签署国在对投资组合公司进行投资后，并未提高它们的ESG分数。商业动机、受托责任的不确定性，以及ESG市场成熟度较低，解释了为何在美国注册的PRI签署方不履行其负责任的投资承诺。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.