L'investissement durable : analyse des fonds socialement responsables et conventionnels sous différents états du marché

Abstract

In recent years, we have seen a particular interest for the socially responsible investment. Previous studies regarding the relationship between ethics and finance provide no clear evidence about the performance of SRI and conventional funds. This paper investigates the performance, the risk factors and the managerial abilities for german SRI funds and german conventional funds over the period 2004-2019. Our result show that SRI fund outperform the traditional ones for both the crisis and non crisis periods. Furthermore, we find that SRI funds perform using positive screening perform well compare to funds using both positive and negative screening. Regarding the risk factors, we conclude that they are state-dependent. Finally, we observe that there is no difference for selectivity.