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The urge to act : a comparison of active and passive socially responsible investment funds in the United States

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Date
15/11/2018
Author
Chen, Xing
Scholtens, Bert
Keywords
Active versus passive fund performance
ETF
Funds
Socially responsible investing
United States
HJ Public Finance
Development
Strategy and Management
Management, Monitoring, Policy and Law
NDAS
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Abstract
Innovative finance vehicles are required to facilitate the transition towards a sustainable society. Here, we investigate two very successful innovations in the fund industry, namely, the index mutual funds and the passively managed exchange traded funds (ETFs). We study socially responsible investment funds in the US and particularly focus on their financial performance, cost of investing, and degree of active management. We do not find persuasive evidence that the actively managed funds perform better than their passively managed counterparts do. Furthermore, we find that some active SRI funds seem to operate as ‘closet indexers’ with a low degree of active management. We conclude that passively managed socially responsible funds have the potential to enrich the spectrum of financial products that may help advance the sustainability transition.
Citation
Chen , X & Scholtens , B 2018 , ' The urge to act : a comparison of active and passive socially responsible investment funds in the United States ' , Corporate Social Responsibility and Environmental Management , vol. 25 , no. 6 , pp. 1154-1173 . https://doi.org/10.1002/csr.1529
Publication
Corporate Social Responsibility and Environmental Management
Status
Peer reviewed
DOI
https://doi.org/10.1002/csr.1529
ISSN
1535-3958
Type
Journal article
Rights
Copyright © 2018 John Wiley & Sons, Ltd and ERP Environment. This work has been made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at: https://doi.org/10.1002/csr.1529
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  • University of St Andrews Research
URL
http://www.scopus.com/inward/record.url?scp=85056580763&partnerID=8YFLogxK
URI
http://hdl.handle.net/10023/20077

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