‘Best in class' socially responsible investment. The actual performance evaluation between the US and Europe

Burchi, Alberto; Włodarczyk, Bogdan

doi:10.1080/20430795.2020.1742012

Cited by 5 publications

(1 citation statement)

References 46 publications

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“…The existence of a core journal in sustainable finance and its leading position indicates the growing significance of sustainable finance and investment practices. The Journal of Sustainable Finance and Investment covers a range of topics, such as socially responsible investment, ESG ratings, clean energy, sustainable valuation, green bonds, climate risk management, and renewable energy (Aydın & Rainer, 2020; Burchi & Włodarczyk, 2020; D’Orazio & Löwenstein, 2020; Kanamura, 2020; Riedl, 2020; Wang et al, 2022; Yamahaki et al, 2020). However, recent research in the journal has focused on sustainable stock market indices, sustainable investing, and climate risk (Kaur & Chaudhary, 2022; Rubtsov & Shen, 2022; Shanmugam et al, 2022).…”

Section: Findings and Discussionmentioning

confidence: 99%

Understanding the Evolution of Environment, Social and Governance Research: Novel Implications From Bibliometric and Network Analysis

2022

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Given the scarcity of comprehensive review studies in the literature, this bibliometric analysis thrives on taking a scientific approach to delivering quantitative and qualitative information on the ever-evolving field of ESG. Utilizing the performance analysis and science mapping techniques which includes citation analysis, co-word analysis, the study reports a holistic overview of 693 (ESG) papers from 1991 to 2020. The paper aims to provide a unified perspective on the evolution and further identify future research directions in this field. The findings point to the most important countries, authors, studies, and top journals in this field. Results show that published articles on ESG gained momentum after 2006; however, an exponential rise is being observed in the past 5 years, with research focusing on sustainable finance, sustainable development, ESG, and CSR with themes extending to risk management, stakeholder engagement, and portfolio construction, among others. Furthermore, the research identifies how the practice of ESG reporting affects many variables such as financial performance, social performance, environmental performance, and sustainability score. The findings also indicate that the field of ESG is still evolving, with numerous unexplored themes. The work is novel and relevant on the pretext that it uses the Scopus and Web of Science databases for bibliometric mapping, whereas previous studies have used the Scopus database but have lacked a robust methodology, so the findings of this study provided strong support for identifying emerging paradigms in the ESG literature.

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Section: Findings and Discussionmentioning

confidence: 99%

Understanding the Evolution of Environment, Social and Governance Research: Novel Implications From Bibliometric and Network Analysis

2022

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The trade-off frontier for ESG and Sharpe ratio: a bootstrapped double-frontier data envelopment analysis

Boubaker¹,

Le²,

Manita³

et al. 2023

Ann Oper Res

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The trade-off between the returns and the risks associated with the stocks (i.e., the Sharpe ratio, SR) is an important measure of portfolio optimization. In recent years, the environmental, social, and governance (ESG) has increasingly proven its influence on stocks’ returns, resulting in the evolvement from a two-dimensional (i.e., risks versus returns) into a multi-dimensional setting (e.g., risks versus returns versus ESG). This study is the first to examine this setting in the global energy sector using a (slacks-based measures, SBM) ESG-SR double-frontier double-bootstrap (ESG-SR DFDB) by studying the determinants of the overall ESG-SR efficiency for 334 energy firms from 45 countries in 2019. We show that only around 11% of our sampled firms perform well in the multi-dimensional ESG-SR efficient frontier. The 2019 average (in)efficiency of the global energy sector was 2.273, given an efficient level of 1.000. Besides the differences in the firm’s input/output utilization (regarding their E, S, G, and SR values), we found that the firm- (e.g., market capitalization and board characteristics) and country-level characteristics (e.g., the rule of law) have positive impacts on their ESG-SR performance. Such findings, therefore, are essential not only to the (responsible) investors but also to managers and policymakers in those firms/countries.

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Impediments of social responsibility investment adoption system: a post-pandemic qualitative analysis

Shehzad,

Khan

2024

QRFM

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Purpose Ecological degradation is causing various medical hazards worldwide. Modern globalization is enhancing several polluting factors that cause ecosystem deterioration. This situation leads to the increasing significance of implementing green environmental practices. Previous studies emphasize various green concepts, mainly in finance, encouraging investors to make ethical and responsible decisions to promote clean ecological practices. But still, emerging concepts like socially responsible investment (SRI) require more understanding and acknowledgment, particularly in developing economies. Design/methodology/approach This study has focused on exploring the impediments to SRI-adopting practices. It is conducted in two phases. Initially, a systematic literature review was conducted to identify the hurdles in promoting SRI. Later, open-ended interviews from the active investors of Pakistan Stock Exchange Limited were executed to explore the barriers to implementing the SRI system. The responses were transcribed and tested through NVivo software. Findings The information extracted from the recorded statements was further classified into three themes: initial, subordinate and cluster, which provides an understanding of the identified factors. The findings suggest that the significant complications hindering SRI are a lack of regulatory framework, inadequate conceptual knowledge and limited resources. Practical implications The findings state that the identified impediments can help in developing a framework for successfully implementing SRI practices in emerging economies. It can strengthen the stakeholders' knowledge and suggest a guideline for investment decisions, providing them with socially, ethically and financially positive returns. Therefore, this study will inspire active and potential investors to adopt SRI practices, making the economic uplift certain. Originality/value This study will add value to the existing body of knowledge related to SRI and highlight the importance of SRI by suggesting it as a source to ensure sustainable green efficiency, particularly in the postpandemic era. It emphasizes the urgent need for a policy framework for effective investment decisions in emerging economies.

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‘Best in class' socially responsible investment. The actual performance evaluation between the US and Europe

Cited by 5 publications

References 46 publications

Understanding the Evolution of Environment, Social and Governance Research: Novel Implications From Bibliometric and Network Analysis

Understanding the Evolution of Environment, Social and Governance Research: Novel Implications From Bibliometric and Network Analysis

The trade-off frontier for ESG and Sharpe ratio: a bootstrapped double-frontier data envelopment analysis

Impediments of social responsibility investment adoption system: a post-pandemic qualitative analysis

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