What is Different about Socially Responsible Funds? A Holdings-Based Analysis

Jacquelyn E. Humphrey; Geoffrey J. Warren; Junyan Boon

doi:10.1007/s10551-015-2583-7

What is Different about Socially Responsible Funds? A Holdings-Based Analysis

Jacquelyn E. Humphrey^*, Geoffrey J. Warren, Junyan Boon

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

38 Citations (Scopus)

Abstract

We provide a comprehensive analysis of differences between socially responsible investment (SRI) and conventional funds in terms of manager characteristics, performance and fund styles. We use holdings-based analysis to evaluate fund performance and style, which allows us to perform a more in-depth analysis than the extant literature. We find that SRI managers have longer tenure and are more likely to be a female. However, these differences do not result in any significant difference in the performance of SRI and conventional funds. Further, it is possible to find an SRI fund of any style, although these funds are under-represented in value styles.

Original language	English
Pages (from-to)	263-277
Number of pages	15
Journal	Journal of Business Ethics
Volume	138
Issue number	2
DOIs	https://doi.org/10.1007/s10551-015-2583-7
Publication status	Published - 1 Oct 2016
Externally published	Yes

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title = "What is Different about Socially Responsible Funds? A Holdings-Based Analysis",

abstract = "We provide a comprehensive analysis of differences between socially responsible investment (SRI) and conventional funds in terms of manager characteristics, performance and fund styles. We use holdings-based analysis to evaluate fund performance and style, which allows us to perform a more in-depth analysis than the extant literature. We find that SRI managers have longer tenure and are more likely to be a female. However, these differences do not result in any significant difference in the performance of SRI and conventional funds. Further, it is possible to find an SRI fund of any style, although these funds are under-represented in value styles.",

keywords = "Manager skill, Mutual funds, Socially responsible investing",

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AB - We provide a comprehensive analysis of differences between socially responsible investment (SRI) and conventional funds in terms of manager characteristics, performance and fund styles. We use holdings-based analysis to evaluate fund performance and style, which allows us to perform a more in-depth analysis than the extant literature. We find that SRI managers have longer tenure and are more likely to be a female. However, these differences do not result in any significant difference in the performance of SRI and conventional funds. Further, it is possible to find an SRI fund of any style, although these funds are under-represented in value styles.

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KW - Socially responsible investing

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JO - Journal of Business Ethics

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What is Different about Socially Responsible Funds? A Holdings-Based Analysis

Abstract

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