The End of South African Sanctions, Institutional Ownership, and the Stock Price Performance of Boycotted Firms
研究了南非抵制期间被针对的公司，发现制裁结束后这些公司的机构持股比例增长更快，且股票表现优于市场，证明了社会责任投资对股价的正面影响。
The authors studied the impact of social-ethical investing on firms targeted during the South African boycott. Findings indicate that the average percentage of institutional ownership of the stocks of the firms with equity interests in South Africa increased at a significantly greater rate than the rest of the market following the end of sanctions. Using event study methodology, the authors find that these stocks significantly outperform the market in this period. This study provides evidence of the stockmark et impact of social-ethical investing and of a positive relationship between corporate social performance and corporate financial performance as measured in stockmarket returns.