Articlebronze2022

Do Responsible Investors Invest Responsibly?

Rajna Gibson Brandon · Simon Gloßner · Philipp Krueger · Pedro P. Matos · Tom Steffen

237 citations0/0 files storedEuropean Finance Review

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Corporate Social Responsibility Reporting Financial Markets and Investment Strategies Sustainable Finance and Green Bonds

Abstract

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 the USA have superior ESG scores than nonsignatories, but US signatories have at best similar ESG ratings, and worse scores if they have underperformed recently, are retail-client facing, and joined the PRI late. US signatories do not improve the ESG scores of portfolio companies after investing in them. Commercial motives, uncertainty about fiduciary duties, and lower ESG market maturity explain why US-domiciled PRI signatories do not follow through on their responsible investment commitments.

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References

2022Aggregate Confusion: The Divergence of ESG Ratings 2019Do Investors Care about Carbon Risk?2019The Importance of Climate Risks for Institutional Investors 2009The price of sin: The effects of social norms on markets 2018Do institutional investors drive corporate social responsibility? International evidence 2007The Colors of Investors' Money: The Role of Institutional Investors Around the World 2017Why and How Investors Use ESG Information: Evidence from a Global Survey 2009How Active Is Your Fund Manager? A New Measure That Predicts Performance

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