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La performance de l'ISR

Author

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  • Wim Vermeir
  • Catherine Friedrich

Abstract

[eng] Performance on the SRI market . Often linked to the only ethical management, SRI doesn’t concern only moral values. As for quite other investment, the optimization of the return/risk ratio is the main purpose. The question is to know how extra-financial criteria contribute to the return of investments. First, the authors differentiate different forms of this asset management and consider their possible consequences on the risk/return ratio. Then, they present results of academic surveys concerning link between extra-financial criteria in the asset management and the financial performance of portfolios. Finally, the authors describe two recent analyses : the one on the sustainable criteria in comparison with their traditional counterparts and the other one on the impact of the social responsibility of firms on financial performance. . JEL classification : G11, M14 [fre] Souvent assimilé à tort à la seule gestion éthique, l’ISR ne s’en tient pas qu’aux valeurs morales. Comme pour tout autre placement, l’optimisation du rapport rendement/risque est de mise. La question est de savoir dans quelle mesure la satisfaction de critères extra-financiers par les entreprises contribue à l’appréciation des rendements des placements. Les auteurs distinguent tout d’abord les différentes formes que revêt ce style de gestion et appréhendent les conséquences possibles sur le couple risque/rendement. Puis, ils rappellent les résultats de travaux académiques déjà publiés concernant le lien entre l’existence de critères extra-financiers dans la gestion d’actifs et la performance financière des portefeuilles. Enfin, les auteurs détaillent deux analyses récentes : l’une sur le comportement des indices durables par rapport à leurs homologues traditionnels et l’autre sur l’impact des différents thèmes de la responsabilité sociale des entreprises sur la performance financière. . Classification JEL : G11, M14

Suggested Citation

  • Wim Vermeir & Catherine Friedrich, 2006. "La performance de l'ISR," Revue d'Économie Financière, Programme National Persée, vol. 85(4), pages 107-120.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_85_4_4145
    DOI: 10.3406/ecofi.2006.4145
    Note: DOI:10.3406/ecofi.2006.4145
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    References listed on IDEAS

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    1. Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
    2. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance and Equity Prices," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 107-156.
    3. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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