Fondi SRI e COVID-19: eticità e performance possono coesistere?
Keywords:
SRI, COVID, COVID-19, performance, investimenti eticiAbstract
L’articolo analizza le caratteristiche dei fondi SRI e l’incidenza dell’attuale variazione di mercato dovuto al Covid. L’Investimento Sostenibile e Responsabile o Sustainable and Responsible Investment (SRI) mira a creare valore per l’investitore e per la società nel suo complesso attraverso una strategia di investimento orientata al medio-lungo periodo che, nella valutazione di imprese e istituzioni, integra l’analisi finanziaria con quella ambientale, sociale e di buon governo. L’etica finanziaria associata a questi fondi di investimento potrebbe essere particolarmente adatta in periodi particolari di crisi. L’articolo indaga sul comportamento delle performance dei prodotti SRI e in particolare sulla reazione degli investimenti “etici” alla recente turbolenza nei mercati finanziari dovuta alle misure di contenimento dell’epidemia da COVID-19. L’analisi condotta evidenzia come l’eticità e performance possono coesistere e che il fattore etico non è un mero onere aggiuntivo per l’investitore come invece sostenuto da Hylton (Hylton, 1992).
Downloads
References
Aberdeen Standard Investments. (2020). Insights & Thinking Aloud www.aberdeenstandard.com/en/insights-thinking-aloud
Akerlof, G. A., & Kranton, R. E. (2000). Economics and identity. The quarterly journal of economics, 115(3), 715–753.
Akerlof, G. A., & Kranton, R. E. (2005). Identity and the Economics of Organizations. Journal of Economic perspectives, 19(1), 9–32.
Barnett, M. L., & Salomon, R. M. (2006). Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance. Strategic management journal, 27(11), 1101–1122.
Bauer, R., Derwall, J., & Otten, R. (2007). The ethical mutual fund performance debate: New evidence from Canada. Journal of Business Ethics, 70(2), 111–124.
Bauer, R., Koedijk, K., & Otten, R. (2005). International evidence on ethical mutual fund performance and investment style. Journal of Banking & Finance, 29(7), 1751–1767.
Bauer, R., & Smeets, P. (2015). Social identification and investment decisions. Journal of Economic Behavior & Organization, 117, 121–134.
Benson, K. L., & Humphrey, J. E. (2008). Socially responsible investment funds: Investor reaction to current and past returns. Journal of Banking & Finance, 32(9), 1850–1859.
Borsa Italiana. (2020). Glossario. www.borsaitaliana.it/borsa/glossario
Burke, L. A., & Hutchins, H. M. (2007). Training transfer: An integrative literature review. Human resource development review, 6(3), 263–296.
Caramazza M. (2017). La reputazione aziendale. Cos’è e perché oggi è un asset strategico per il valore dell’impresa. 4cLegal. www.4clegal.com/hot-topic/reputazione-aziendale-cose-perche-oggi-asset-strategico-valore-dellimpresa
Clark, R. (1998). Anti-Social Investing. s Note in Dow Jones Investment Advisor.
Commissione Europea. (2011). Comunicazione del 25 ottobre 2011 (n. 681).
Commonfund Institute, (2018). What are the Differences Between SRI and ESG? www.commonfund.org/blog/what-are-the-differences-between-sri-and-esg
Consob. (2020). www.consob.it
Cortez, M. C., Silva, F., & Areal, N. (2009). The performance of European socially responsible funds. Journal of business ethics, 87(4), 573–588.
Cicerone, M.T. (44 a.C.). De Officiis
Geczy, C., Stambaugh, R. F., & Levin, D. (2005). Investing in socially responsible mutual funds. Available at SSRN 416380.
Gorbalenya, A. E., Baker, S. C., Baric, R., Groot, R. J. de, Drosten, C., Gulyaeva, A. A., Haagmans, B. L., Lauber, C., Leontovich, A. M., & Neuman, B. W. (2020). Severe acute respiratory syndrome-related coronavirus: The species and its viruses–a statement of the Coronavirus Study Group.
Gormsen, N. J., & Koijen, R. S. (2020). Coronavirus: Impact on stock prices and growth expectations. University of Chicago, Becker Friedman Institute for Economics Working Paper, 2020–22.
Grossman, B. R., & Sharpe, W. F. (1986). Financial implications of South African divestment. Financial Analysts Journal, 42(4), 15–29.
Gruppo di Lavoro sulla definizione di investimento sostenibile e responsabile. Forum per la Finanza Sostenibile. (2020). finanzasostenibile.it/attivita/definizione-di-investimento-sostenibile/
Gruppo Giovani Imprenditori—Confindustria Modena, Rabitti, F., Salda, E., Stella, M., & Setti, C. (2020). Responsabilità Sociale d’Impresa Guida di sintesi e Buone Pratiche locali. www.giovaniindustriali.mo.it.
Guerard Jr, J. B. (1997). Is there a cost to being socially responsible in investing? Journal of forecasting, 16(7), 475–490.
Hylton, M. O. (1992). Socially responsible investing: Doing good versus doing well in an inefficient market. Am. UL Rev., 42, 1.
Jensen, M. C. (1968). The performance of mutual funds in the period 1945-1964. The Journal of finance, 23(2), 389–416.
Kreander, N., Gray, R. H., Power, D. M., & Sinclair, C. D. (2005). Evaluating the performance of ethical and non-ethical funds: A matched pair analysis. Journal of Business Finance & Accounting, 32(7–8), 1465–1493.
Krosinsky, C. (2012a). Sustainable equity investing: The market-beating strategy. Sustainable Investing: The Art of Long-Term Performance, 19.
Krosinsky, C. (2012b). Sustainable equity investing: The market-beating strategy. Sustainable Investing: The Art of Long-Term Performance, 19.
Krosinsky, C., & Robins, N. (2012). Sustainable investing: The art of long-term performance. Routledge.
Kurtz, L., & DiBartolomeo, D. (1996). Socially screened portfolios: An attribution analysis of relative performance. Journal of Investing, 5(3), 35–41.
Locarno, A., & Zizza, R. (2020). Previsioni al tempo del Coronavirus.
Luther, R. G., & Matatko, J. (1994). The performance of ethical unit trusts: Choosing an appropriate benchmark. The British Accounting Review, 26(1), 77–89.
Luther, R. G., Matatko, J., & Corner, D. C. (1992). The Investment Performance of UK”Ethical”Unit Trusts. Accounting, Auditing & Accountability Journal, 5(4), 0–0.
Maslow, A. (1954). Hierarchy of human needs. Motivation and Personality.
Molteni M. (2020). Le performance aziendali connesse alla RSI, Università Cattolica del Sacro Cuore, Milano.
MSCI. (2020). www.msci.com
Nilsson, J. (2009). Segmenting socially responsible mutual fund investors. International Journal of Bank Marketing.
Rabitti, F., Salda, E., Stella, M., & Setti, C. (s.d.). Gruppo Giovani Imprenditori—Confindustria Modena www.giovaniindustriali.mo.it. 60.
Randolph, J. (2009). A guide to writing the dissertation literature review. Practical Assessment, Research, and Evaluation, 14(1), 13.
Renneboog, L., Ter Horst, J., & Zhang, C. (2006). Is ethical money financially smart? ECGI-Finance Working Paper, 117.
Rowley, J., & Slack, F. (2004). Conducting a literature review. Management research news.
Sauer, D. A. (1997). The impact of social-responsibility screens on investment performance: Evidence from the Domini 400 Social Index and Domini Equity Mutual Fund. Review of Financial Economics, 6(2), 137–149.
Schröeder, M. (2005). Is there a difference? The performance chcaracteristics of SRI Equity Indexes. Working paper, Mannheim: Center for European Economic Research.
Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425–442.
Silverman, D. (2013). Doing qualitative research: A practical handbook. SAGE publications limited.
Statman, M. (2006). Socially responsible indexes. The Journal of Portfolio Management, 32(3), 100–109.
Tajfel, H., Turner, J. C., Austin, W. G., & Worchel, S. (1979). An integrative theory of intergroup conflict. Organizational identity: A reader, 56, 65.
Turner, J. C., Brown, R. J., & Tajfel, H. (1979). Social comparison and group interest in ingroup favouritism. European journal of social psychology, 9(2), 187–204.
Published
How to Cite
Issue
Section
Copyright (c) 2020 European journal of volunteering and community-based projects
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
