Hedonic evaluation of the SRI label of mutual funds using matching methodology

Bilbao-Terol, Amelia; Otero, Susana Álvarez; Bilbao‐Terol, Celia; Cañal‐Fernández, Verónica

doi:10.1016/j.irfa.2017.06.003

Cited by 20 publications

(18 citation statements)

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“…According to the 2016 Global Sustainable Investment Review [1], in 2016 there were $22.89 trillion assets being professionally managed under SRI strategies in the world. Authors in Reference [2] conclude that the SRI label in the mutual fund industry is valued favorably by the market, which is an important factor that drives this growth, while authors in Reference [3] argue that social preference (instead of financial performance) is the primary factor for investors choosing SRI mutual funds.…”

Section: Introductionmentioning

confidence: 99%

Does Sustainability Score Impact Mutual Fund Performance?

et al. 2019

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Given that sustainable investing constitutes a major force across global financial markets, in 2016 Morningstar began reporting Morningstar Sustainability scores. We used the 2016, 2017 and 2018 scores to study the effects of socially responsible investments (SRI) on European equity fund performance. Sustainability scores impacted positively on performance, which was consistent with the idea that the mutual funds invested in companies with better scores generate better risk-adjusted and not-risk adjusted performance. We also tested the relation on mutual fund flows and risk. The sustainability score in the previous year is significant on the flows, so higher-rated funds receive a larger volume of funds. In terms of risk, the level of sustainability is negatively related to the value at risk (VaR) of the fund, supporting that higher scored mutual funds offer better protection against extreme losses.

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Section: Introductionmentioning

confidence: 99%

Does Sustainability Score Impact Mutual Fund Performance?

et al. 2019

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“…This situation is, of course, impossible, although matching methodologies give a suitable tool for solving the problem. These methodologies are useful non-parametric approaches for improving causal inferences in observational studies [29]. Stuart [30] (p. 1) defines "matching broadly to be any method that aims to equate (or 'balance') the distribution of covariates in the treated and control groups".…”

Section: Methodsmentioning

confidence: 99%

“…Each characteristic can be seen as a good of a special nature, since its price is not observed in the real markets. If the heterogeneous good or service "contains enough models with different combinations of characteristics in the market, it should be possible to estimate an implicit relationship that provides the price of any model with its characteristics" [29] (p. 215); this relationship being known as the hedonic price function.…”

Section: The Hedonic Price Modelmentioning

confidence: 99%

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Measuring the Economic Impact of a Voluntary Sustainable Tourism Certification

Bilbao-Terol

Bilbao‐Terol

2020

Sustainability

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This article contributes to the debate about whether the investment in tourism sustainability is economically profitable for firms. Specifically, using cross-sectional analysis, we explore the existence of a causal link between the possession of a voluntary sustainable certification, Eco-Management and Audit Scheme (EMAS), and the increase in the prices of hotel accommodation. For this, the hedonic price method is used. Prior to the hedonic estimation, the propensity score-matching methodology is applied in order to control for self-selection bias. The analysis is carried out for coastal hotels located in the southern area of Tenerife (Canary Islands, Spain) which merits attention as a typical mature sun and beach tourist destination. The study does not reveal any significant effects of sustainable certification on the prices of accommodations, which would appear to explain the low participation of establishments in the program. We conclude by providing some useful insights on measures aimed at improving related policies.

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“…Bilbao-Terol et al (2017) [41] 8 Spanish companies were chosen for their relevance in the Spanish stock market Data gathering took place in 2014.…”

Section: Romero Et Al (2016) [40] Three Higher Education Institutionsmentioning

confidence: 99%

Sustainable Development in the Economic, Environmental, and Social Fields of Ecuadorian Universities

2020

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This article considers universities as an important element to increase productivity and competitiveness, where sustainable development (SD) is a cornerstone aspect for their development because it promotes effective communication mechanisms. The aim of this research is to evaluate the management of category A and B universities in Ecuador, through the contents of their accountability reports. The method to be used is bibliographic, exploratory, analytical, and experimental, considering the indicators of the Global Reporting Initiative (GRI). The results show a lack of commitment from the analyzed higher education institutions when preparing accountability reports in terms of sustainability criteria. Additionally, the category in which each university is placed does not guarantee effective disclosure of information to the point that some category B universities have a higher percentage of revealed data than their A category peers. Similarly, the results also suggest proposing plans of action for policymakers to create standards for socially responsible annual reports to respond to the “triple bottom line” criteria approach, as well as establishing guidelines for the correct dissemination and disclosure of information. The originality of this work lies in analyzing the social responsibility practices in Ecuadorian universities by applying GRI indicators.

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Hedonic evaluation of the SRI label of mutual funds using matching methodology

Cited by 20 publications

References 54 publications

Does Sustainability Score Impact Mutual Fund Performance?

Does Sustainability Score Impact Mutual Fund Performance?

Measuring the Economic Impact of a Voluntary Sustainable Tourism Certification

Sustainable Development in the Economic, Environmental, and Social Fields of Ecuadorian Universities

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