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Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Funds
Abstract
"Socially responsible" investors favor certain companies over others according to criteria such as production of weapons or use of alternative energy sources. We find that socially responsible mutual funds do not earn statistically significant excess returns and that the performance of such mutual funds is not statistically different from the performance of conventional mutual funds.
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Citations
Cited by
Misery Loves Companies: Rethinking Social Initiatives by Business
Margolis, J. D., & Walsh, J. P. (2003) · Administrative Science Quarterly · doi:10.2307/3556659 · Cited by 5,130
Does corporate social responsibility affect the cost of capital?
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2011.02.007 · Cited by 3,465
Does the stock market fully value intangibles? Employee satisfaction and equity prices
Edmans, A. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.021 · Cited by 2,511
Barnett, M. L. (2007) · Academy of Management Review · doi:10.5465/amr.2007.25275520 · Cited by 2,060
Corporate goodness and shareholder wealth
Krüger, P. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.09.008 · Cited by 1,901
Metadata
- Authors
- Hamilton, S., Jo, H., & Statman, M.
- Venue
- Financial Analysts Journal
- Publisher
- Informa UK Limited
- Published
- 1993-11
- Volume
- 49
- Issue
- 6
- Pages
- 62-66
- ISSN
- 0015-198X (ISSN-L)
- 1938-3312
- OpenAlex
- W2127999994
- Cited by
- 861
- References
- 0
- FWCI
- 5.19
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Funds. https://app.cochat.ai/papers/10.2469/faj.v49.n6.62
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- Hamilton, S., Jo, H., & Statman, M. (1993). Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Funds. Financial Analysts Journal. https://doi.org/10.2469/faj.v49.n6.62
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
