The DOI matches its Crossref record; 73 of the 74 references it cites were found in a registry or an index.
Why Do Investors Hold Socially Responsible Mutual Funds?
Open accessAbstract
To understand why investors hold socially responsible mutual funds, we link administrative data to survey responses and behavior in incentivized experiments. We find that both social preferences and social signaling explain socially responsible investment (SRI) decisions. Financial motives play less of a role. Socially responsible investors in our sample expect to earn lower returns on SRI funds than on conventional funds and pay higher management fees. This suggests that investors are willing to forgo financial performance in order to invest in accordance with their social preferences.
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“First, retail SRI demand is often driven by pro-social preferences (see Riedl and Smeets (2017)), rather than explicit public commitments to ESG often made by institutional investors.”
From Sustainability Preferences Under Stress: Evidence from COVID-19 (2020) · cites this paper as Riedl and Smeets (2017)
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“All of this makes institutions less likely to turn away from sustainable investments during market turbulence and economic downturns, compared to retail investors.”
From Sustainability Preferences Under Stress: Evidence from COVID-19 (2020) · cites this paper as Riedl and Smeets (2017)
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Cites
A Theory of Fairness, Competition, and Cooperation
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Understanding Social Preferences with Simple Tests
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“2 For instance, Fabozzi, Ma and Oliphant (2008) and Hong and Kacperczyk (2009) find that divesting from ‘sin’ industries that involve weapons, tobacco, alcohol or gambling is costly because these companies tend to perform better than ‘non-sin’ companies.”
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Flagged first, then by citations
1 of the 74 references couldn’t be matched to a known paper.
Research works printed but not linked: 1
- Selten Reinhard, 1967, Beiträge zur experimentellen Wirtschaftsforschung
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ESG and financial performance: aggregated evidence from more than 2000 empirical studies
Friede, G., Busch, T., & Bassen, A. (2015) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2015.1118917 · Cited by 6,278
The Importance of Climate Risks for Institutional Investors
Krueger, P., Sautner, Z., & Starks, L. T. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz137 · Cited by 3,034
Sustainable investing in equilibrium
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2020.12.011 · Cited by 2,226
Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows
HARTZMARK, S. M., & SUSSMAN, A. B. (2019) · The Journal of Finance · doi:10.1111/jofi.12841 · Cited by 1,711
The effect of pro-environmental preferences on bond prices: Evidence from green bonds
Zerbib, O. D. (2019) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2018.10.012 · Cited by 1,379
Metadata
- Authors
- RIEDL, A., & SMEETS, P.
- Affiliations
- Heidelberg University (DE)
- Maastricht University (NL)
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2017-09-14
- Volume
- 72
- Issue
- 6
- Pages
- 2505-2550
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2754962058
- Cited by
- 1,378
- References
- 74
- Citations by year
- 2026: 201 · 2025: 221 · 2024: 251 · 2023: 201 · 2022: 171 · 2021: 132 · 2020: 98 · 2019: 59 · 2018: 26 · 2017: 12
- FWCI
- 77.43
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- The Journal of Finance (publishedVersion)
- Research Publications (Maastricht University) (submittedVersion, other-oa)
- Funders
- Stiftelsen för Miljöstrategisk Forskning
- Nederlandse Organisatie voor Wetenschappelijk Onderzoek (016.Veni.175.019, 016.Veni, 451-16-005)
- University of California, San Diego
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
- Keywords
- socially responsible investment, socially responsible mutual funds, social preferences, social signaling, investor behavior, mutual fund returns, management fees, financial motives, behavioral finance
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