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  • 2012 Summer: Volume 10, Issue 1
  • Reexamining Performance of Socially Responsible Firms

    • Tarek Zaher

    Use this link to view the PDF file: Reexamining Performance of Socially Responsible Firms

    Title:

    Reexamining Performance of Socially Responsible Firms

    Author(s):

    Tarek Zaher

    Publication Date:

    2012

    Journal Title:

    The Journal of Finance Issues

    Volume Number:

    10

    Issue Number:

    1

    Abstract:

    This study reexamines the controversy surrounding “Doing well while doing well/” debate within the investment literature. We retest whether investors who are dedicated to socially responsible investing will realize additional returns or will be penalized for their investment philosophy. We control for the size bias and sector concentration bias that were identified in previous studies. Our findings indicate that there is no difference in performance between the socially responsible firms and their conventional counterparts. The Investors who chose to invest in socially responsible firms will not earn additional return nor will be penalized. The findings also suggest that there is no difference in the performance of socially responsible and conventional firms over long periods versus short periods. Our findings also indicate that the constraints that are placed on an investment decision would lower or leave unchanged the maximum utility that an investor may obtain.

    First Page:

    22

    Last Page:

    31

    Total Pages:

    9