Do Responsible Investors Invest Responsibly?
نویسندگان
چکیده
Abstract We study whether institutional investors that sign the Principles for Responsible Investment (PRI), a commitment to responsible investing, exhibit better portfolio-level environmental, social, and governance (ESG) scores. Signatories outside of USA have superior ESG scores than nonsignatories, but US signatories at best similar ratings, worse if they underperformed recently, are retail-client facing, joined PRI late. do not improve portfolio companies after investing in them. Commercial motives, uncertainty about fiduciary duties, lower market maturity explain why US-domiciled follow through on their investment commitments.
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ژورنال
عنوان ژورنال: Review of Finance
سال: 2022
ISSN: ['1875-824X', '1572-3097']
DOI: https://doi.org/10.1093/rof/rfac064