Desempenho de empresas socialmente responsáveis

Por Pedro Correia

Um artigo intitulado: Vice vs. Virtue Investing Around the World mostra que há pouca diferença no desempenho das ações de investimentos socialmente responsáveis e ações de firmas de entretenimento adulto, álcool, jogo, energia nuclear, tabaco e armas.

Segue o resumo:

In this paper, we empirically test the extent to which a portfolio of socially not responsible firms screened out of a market portfolio will trade at a discount. We create a set of global and domestic sin indexes consisting of 755 publicly traded socially not responsible stocks around the world belonging to a Sextet of Sin: adult entertainment, alcohol, gambling, nuclear power, tobacco, and weapons. We compare their stock market performance directly with a set of virtue comparables consisting of the most important international socially responsible investment indexes. We carefully establish which one of the theoretical predictions proposed by Rivoli (2003) prevails empirically. Employing a multi-factor performance measurement framework and recent boot-strap procedures for robust performance testing, we find no compelling evidence in the data that ethical and unethical screens lead to a significant difference in their financial performance.