PL EN


2014 | 186 cz 2 | 301-309
Article title

Efektywność społecznie odpowiedzialnych inwestycji finansowych europejskiego sektora asset management

Authors
Content
Title variants
EN
The Efficiency of Socially Responsible Investments Managed by the European Asset Management Companies
Languages of publication
PL
Abstracts
EN
The noticeable growth of socially responsible investment provokes a discussion on the effects of application of the ethical, social and environmental criteria in the investment portfolios creation process. The research problems associated with it can be described as follows: Do the social, ethical and environmental criteria impact on the financial efficiency of managed funds? Do they enhance the opportunities for higher returns? The aim of the study was to evaluate the effectiveness of socially responsible equity funds managed by the European asset management companies. The author made comparisons of the socially responsible equity funds with the similar group of the conventional managed funds. There were used a conditional five factor model of regression to estimate the parameters of efficiency and risk. The results indicate that differences in the fund efficiency are not statistically significant. Taking into account the investment styles, both groups of funds have a similar exposure to risk factors.
Year
Volume
Pages
301-309
Physical description
Contributors
author
References
  • Bollen N.P.: Mutual Fund Attributes and Investor Behavior. "J. Financial Quant. Anal." 2007, Vol. 42.
  • Carhart M.: On Persistence in Mutual Fund Performance. "Journal of Finance" 1997, Vol. 52.
  • Dziawgo L.: Zielony rynek finansowy. Ekologiczna ewolucja rynku finansowego. PWE, Warszawa 2010.
  • Fauzi H., Idris K.M.: The Relationship of CSR and Financial Performance: New Evidence from Indonesian Companies. "Issues in Social and Environmental Accounting" 2009, Vol. 3, No. 1.
  • Kakabadse N.K., Rozuel C., Lee-Davies L.: Corporate Social Responsibility and Stakeholder Approach: A Conceptual Review. Inderscience Enterprises Ltd, 2005.
  • Markowitz H.: Portfolio Selection. "The Journal of Finance" 1952, Vol. 7, No. 1.
Document Type
Publication order reference
Identifiers
ISSN
2083-8611
YADDA identifier
bwmeta1.element.desklight-78d939e0-da74-40b0-b9e0-a08e947e6c40
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