Style and Performance of Dutch Socially Responsible Investment Funds

Scholtens, Bert

doi:10.3905/joi.2005.479390

Cited by 81 publications

(61 citation statements)

References 12 publications

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“…Most empirical studies in the finance literature show no statistically significant differences between the performance of SRI and conventional funds in many world markets (e.g., Bauer, Derwall, & Otten, 2006, 2007, Bauer et al, 2006Gregory & Whittaker, 2007;Leite & Cortez, 2014b;Scholtens, 2005;Statman, 2000), suggesting that the inclusion of ethical criteria in funds' investment policies seems to have no impact on performance. The vast majority of these studies, though, do not distinguish performance across different market states, despite recent evidence showing that conventional mutual funds perform differently across different market states.…”

Section: Literature Reviewmentioning

confidence: 97%

Performance of European socially responsible funds during market crises: Evidence from France

Leite

Cortez

2015

International Review of Financial Analysis

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Section: Literature Reviewmentioning

confidence: 97%

Performance of European socially responsible funds during market crises: Evidence from France

Leite

Cortez

2015

International Review of Financial Analysis

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“…As well as the UK, several studies have analysed other European markets. Scholtens (2005) investigates the performance of Dutch socially responsible funds and finds that, although these funds outperform conventional funds, the difference is not statistically significant.…”

Section: Review Of the Literaturementioning

confidence: 97%

The Performance of European Socially Responsible Funds

2008

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Recent years have witnessed an increasing growth in mutual funds that invest according to social criteria. As a consequence, the financial performance of these portfolios has attracted the interest of academics and practitioners. This paper investigates the performance of a sample of socially responsible mutual funds from seven European countries investing globally and/or in the European market. Using unconditional and conditional models, we assess the performance of these funds in comparison to conventional and socially responsible benchmark portfolios. The results show that European socially responsible funds present in general neutral performance in relation to both conventional and socially responsible benchmarks. However, performance estimates seem to be slightly higher when funds are evaluated in relation to socially responsible indices. Our results also show that socially responsible funds are more exposed to conventional than to socially responsible indices. Furthermore, conventional benchmarks are better able to explain fund returns than socially responsible benchmarks. These findings are robust to both unconditional and conditional models of performance. We also observe that conditional models lead to a slight improvement of performance estimates and to the explanatory power of the models, both when conventional and socially responsible benchmarks are considered. This is consistent with most previous empirical findings on conditional performance evaluation. Our results show that investors who wish to hold European funds can add social screens to their investment choices without compromising financial performance.

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“…It has an annual report with summary statistics about socially responsible savings and investments in the Netherlands. (Weperen 2006) Quantitative analyses of Dutch SRI are conducted by Brunia et al (2002) and Scholtens (2005). None of these studies, however, goes into the CSR performance of the financial institutions.…”

Section: The Case Of the Netherlandsmentioning

confidence: 99%

Financial and Social Performance of Socially Responsible Investments in the Netherlands

Scholtens

2007

Corporate Governance

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We analyse the performance of socially responsible investments in the Netherlands. It appears that the financial performance of the various types of socially responsible investments differs considerably. We construct a proxy for mutual funds' CSR policies and use information about the environmental and social impact of activities financed by "green" financial institutions. We find preliminary evidence that financial and CSR performance substantially differs per category of financial instrument analysed. In the Netherlands, tax policy significantly affects financial results and the government can affect the CSR impact of some financial instruments too. More coherent and consistent information about CSR is required to establish whether financial and social performance interact. Copyright (c) 2007 The Author; Journal compilation (c) 2007 Blackwell Publishing Ltd.

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Style and Performance of Dutch Socially Responsible Investment Funds

Cited by 81 publications

References 12 publications

Performance of European socially responsible funds during market crises: Evidence from France

Performance of European socially responsible funds during market crises: Evidence from France

The Performance of European Socially Responsible Funds

Financial and Social Performance of Socially Responsible Investments in the Netherlands

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