The performance of socially responsible investments: A meta‐analysis
通过元分析发现，社会责任投资平均而言既不优于也不劣于市场组合，但全球组合优于区域组合；高质量期刊和金融期刊上的研究更少报告超额收益。
Abstract In this article, we use a meta‐analysis to examine the performance of socially responsible investing (SRI). We find that, on average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, we find that global SRI portfolios outperform regional subportfolios. Moreover, high‐quality publications, publications in finance journals and authors who publish more frequently on SRI are all less likely to report SRI outperformance. In particular, we find that including more factors in a capital market model reduces the likelihood that a study will find SRI outperformance.