One size does not fit all: Responsible investor motivation and investment performance

IF 8.3 2区 管理学 Q1 BUSINESS
Bert Scholtens, Fabian Willard
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引用次数: 0

Abstract

Most research in socially responsible investing is about how it influences financial performance. Hardly any study investigates how it affects responsibility. We investigate how different motives of responsible investors affect portfolio design and financial and nonfinancial performance of investments. We study financial, deontological, consequentialist, and expressive motivated responsible investors. The first seek to achieve financial outperformance by relying on environmental, social, and governance (ESG) information. The second avoid investing in controversial issues. The third seek to influence the most sustainable firms. The fourth try to enhance their own social identity by investing responsibly. We find that the specific motivation for socially responsible investing does not significantly affect financial performance. However, the motivation does have a substantial influence on the responsibility score of the portfolio. In particular, deontological portfolios underperform the universe regarding responsibility performance. This might reflect the origin of responsibility scoring where controversial firms usually invest more in responsibility than less controversial ones. The other portfolios all outperform the market. This has important lessons for responsible investment funds: they will need to find out about the motives of their investors to modify portfolio design when investing responsibly. “One size for all” is no option when targeting responsible investors.
不能一刀切:负责任的投资者动机与投资业绩
有关社会责任投资的大多数研究都是关于社会责任投资如何影响财务业绩的。很少有研究调查它如何影响责任。我们研究了责任投资者的不同动机如何影响投资组合设计以及投资的财务和非财务绩效。我们研究了财务型、义务型、结果型和表达型责任投资者。前者试图依靠环境、社会和治理(ESG)信息实现财务超额收益。第二类投资者避免投资有争议的问题。第三种寻求影响最具可持续性的企业。第四种人则试图通过负责任的投资来提高自身的社会认同感。我们发现,进行社会责任投资的具体动机并不会对财务业绩产生重大影响。但是,投资动机对投资组合的责任得分有很大影响。特别是,在责任表现方面,去道义投资组合的表现低于整体投资组合。这可能反映了责任评分的起源,即有争议的公司通常比争议较小的公司在责任方面投资更多。其他投资组合的表现均优于市场。这给责任投资基金带来了重要启示:它们需要了解投资者的动机,以便在进行责任投资时修改投资组合的设计。以负责任的投资者为目标,"一刀切 "是行不通的。
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来源期刊
CiteScore
17.20
自引率
16.30%
发文量
189
期刊介绍: Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.
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