Journal of Finance, Volume 72, Issue 6, December 2017

为何投资者持有社会责任型共同基金？

作者：Arno Riedl (Maastricht University)

Paul Smeets (Maastricht University)

摘要：为了理解为何投资者持有社会责任共同基金，我们将行政数据与激励实验中的调查反应和行为联系起来。结果发现，社会偏好和社会信号都解释了基于社会责任的投资（SRI）决策，而财务动机则不起作用。我们的样本中社会责任型投资者对SRI基金的预期收益低于传统基金，但支付的管理费用反而更高。这表明投资者为了贯彻自己的社会偏好的投资理念，而愿意放弃财务上的业绩表现。

Why Do Investors Hold Socially Responsible Mutual Funds?

Arno Riedl (Maastricht University), Paul Smeets (Maastricht University)

ABSTRACT

To understand why investors hold socially responsible mutual funds, we link administrative data to survey responses and behavior in incentivized experiments. We find that both social preferences and social signaling explain socially responsible investment (SRI) decisions. Financial motives play less of a role. Socially responsible investors in our sample expect to earn lower returns on SRI funds than on conventional funds and pay higher management fees. This suggests that investors are willing to forgo financial performance in order to invest in accordance with their social preferences.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/jofi.12547/full

翻译：秦秀婷