负责任的投资：大学捐赠基金的成本和收益

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-08-09 DOI:10.1016/j.jfineco.2025.104151

George O. Aragon, Yuxiang Jiang, Juha Joenväärä, Cristian Ioan Tiu

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引用次数: 0

摘要

我们考察了责任投资（RI）政策在大学捐赠基金中的采用率。在面临利益相关者压力和依赖捐赠的大学中，采用率更高。政策采纳预测了更多的异常捐赠，总计占捐赠资产的12%，特别是来自“有社会意识”的捐赠者和媒体对气候变化高度关注的时期。在被收养后，大学也会有更多的学生申请。与非国际扶轮捐赠相比，国际扶轮捐赠有更大的管理成本、更大的回报波动性和类似的整体资产增长（捐赠加上净成本投资收益）。我们得出结论，RI政策是大学与其利益相关者之间最优契约的重要组成部分。

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Responsible investing: Costs and benefits for university endowment funds

We examine the adoption rates of responsible investment (RI) policies among university endowments. Adoption rates are higher among universities that face stakeholder pressure and are donation-dependent. Policy adoption predicts greater abnormal donations totaling 12 % of endowment assets, especially from “socially conscious” donors and during periods of higher media attention to climate change. Universities also experience greater student applications following adoptions. RI endowments have greater management costs, greater return volatility, and similar overall asset growth (donations plus net-of-cost investment income) compared to non-RI endowments. We conclude that RI policies are an important part of the optimal contract between universities and their stakeholders.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.