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The link between SRI and financial performance: effects and moderators

Author

Listed:
  • Christophe Revelli

    (Euromed Marseille - École de management - Association Euromed Management - Marseille)

  • Jean-Laurent Viviani

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

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 metaanalysis '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.

Suggested Citation

  • Christophe Revelli & Jean-Laurent Viviani, 2013. "The link between SRI and financial performance: effects and moderators," Post-Print halshs-00869921, HAL.
    • Handle: RePEc:hal:journl:halshs-00869921
    DOI: 10.7202/1015403ar
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    Citations

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    Cited by:

    1. Graham McIntosh, 2016. "Socially Responsible Investment and Market Performance: The Case of Energy and Resource Firms," Cambridge Working Papers in Economics 1609, Faculty of Economics, University of Cambridge.
    2. Brzeszczyński, Janusz & Gajdka, Jerzy & Pietraszewski, Piotr & Schabek, Tomasz, 2022. "Has the risk of socially responsible investments (SRI) companies stocks changed in the COVID-19 period? International evidence," Finance Research Letters, Elsevier, vol. 49(C).
    3. Huang Tzu-Man & Zong Sijing, 2016. "Stock Performance of Socially Responsible Companies," Nang Yan Business Journal, Sciendo, vol. 5(1), pages 1-12, December.
    4. Jedynak Tomasz, 2017. "Is it Worth Being Good? – The Efficiency and Risk of Socially Responsible Investing in Light of Various Empirical Studies," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(3), pages 1-14, September.
    5. Heena Thanki & Sweety Shah & Harishchandra Singh Rathod & Ankit D. Oza & Dumitru Doru Burduhos-Nergis, 2022. "I Am Ready to Invest in Socially Responsible Investments (SRI) Options Only If the Returns Are Not Compromised: Individual Investors’ Intentions toward SRI," Sustainability, MDPI, vol. 14(18), pages 1-17, September.
    6. Press, Melea & Brzeszczyński, Janusz, 2022. "Do business models matter?," Finance Research Letters, Elsevier, vol. 48(C).
    7. Greg Filbeck & Timothy A. Krause & Lauren Reis, 2016. "Socially responsible investing in hedge funds," Journal of Asset Management, Palgrave Macmillan, vol. 17(6), pages 408-421, October.

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