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Socially responsible investing (SRI): From mainstream to margin?

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  • Revelli, Christophe

Abstract

This article discusses the place of ethics within socially responsible investing (SRI) and tries to understand whether the debate about the spread of SRI strategies for all asset management practices (SRI mainstreaming) is necessary for SRI development. We conclude that the mainstreaming of SRI in global investment funds has transformed the original goal of “making good” into a quest for profitability. We also add that SRI must place ethics at the center of the debate in order to regain the primary virtuous logic it had when it was still part of a “margin” or niche market.

Suggested Citation

  • Revelli, Christophe, 2017. "Socially responsible investing (SRI): From mainstream to margin?," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 711-717.
    • Handle: RePEc:eee:riibaf:v:39:y:2017:i:pb:p:711-717
    DOI: 10.1016/j.ribaf.2015.11.003
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    References listed on IDEAS

    as
    1. Christophe Revelli & Jean-Laurent Viviani, 2015. "Financial performance of socially responsible investing (SRI): what have we learned? A meta-analysis," Post-Print halshs-01141295, HAL.
    2. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, March.
    3. Orith Azoulay & Vincent Zeller, 2006. "ISR : stratégie de « niche » ou « mainstream »?," Revue d'Économie Financière, Programme National Persée, vol. 85(4), pages 191-208.
    4. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
    5. Sirkku Hellsten & Chris Mallin, 2006. "Are ‘Ethical’ or ‘Socially Responsible’ Investments Socially Responsible?," Journal of Business Ethics, Springer, vol. 66(4), pages 393-406, July.
    6. César de Brito, 2006. "ISR : comment les critères extra-financiers impactent les objectifs de gestion ?," Revue d'Économie Financière, Programme National Persée, vol. 85(4), pages 151-170.
    7. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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