Abstracts
Abstract
Over the last twenty years, the debate on financial performance of socially responsible investment (SRI) has not yielded a clear consensus, arguing mainly that there was no difference in performance between SRI and ‘conventional’ investment, although SRI could underperform or outperform in some cases. Our research, based on a meta-analysis ‘vote-counting’ approach of the empirical literature, allows us to observe that the effects of SRI on financial performance are multiple. Second, we conclude that the financial performance of SRI is radically changing according to the empirical methods employed by researchers.
Keywords:
- ethical investment,
- financial performance,
- socially responsible investment,
- SRI
Résumé
Au cours des vingt dernières années, le débat sur la performance financière de l’investissement socialement responsable (ISR) n’a pas généré de consensus clair, démontrant essentiellement qu’il n’existe pas de différence de performance entre ISR et investissement « conventionnel », bien que l’ISR puisse sous-performer ou surperformer dans certains cas. Notre recherche, basée sur une approche méta-analytique « vote-couting » de la littérature empirique, nous permet de constater que les effets de l’ISR sur la performance financière sont multiples. Nous concluons dans un second temps que la performance financière de l’ISR change radicalement selon les méthodes empiriques utilisées par les chercheurs.
Mots-clés :
- investissement éthique,
- performance financière,
- investissement socialement responsable,
- ISR
Resumen
En los últimos veinte años, el debate sobre el rendimiento financiero de la inversión socialmente responsable (ISR) no ha generado un consenso claro, lo que demuestra que no hubo ninguna diferencia esencial en el rendimiento entre el ISR y inversión « convencional », aunque puede ISR desempeño inferior o superan en algunos casos. Nuestra investigación, basada en un enfoque meta-analítico « vote-couting » de la literatura empírica, podemos ver que los efectos de ISR sobre los resultados financieros son numerosas. Llegamos a la conclusión de que en un segundo tiempo el desempeño financiero de los cambios ISR radicalmente dependiendo de los métodos empíricos utilizados por los investigadores.
Palabras clave:
- la inversión ética,
- el desempeño financiero,
- la inversión socialmente responsable,
- ISR
Appendices
Appendices
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