1. Performance of ethical and conventional investment funds: comparison and contingencies
- Author
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Aziz Hmioui, Badr Bentalha, Lhoussaine Alla, Ecole Nationale de Commerce et de Gestion De Fès (ENCGF), Université Sidi Mohamed Ben Abdellah (USMBA), and École nationale des sciences appliquées de Fès = National School of Applied Sciences of Fez (ENSAF)
- Subjects
Strategy and Management ,SRI ,ethical UCITS ,Sharpe index ,socially responsible investment ,[QFIN.CP]Quantitative Finance [q-fin]/Computational Finance [q-fin.CP] ,JEL: G - Financial Economics ,JEL: G - Financial Economics/G.G2 - Financial Institutions and Services ,JEL: G - Financial Economics/G.G3 - Corporate Finance and Governance ,financial performance ,Socially responsible investment ,0502 economics and business ,ethical investment funds ,Business and International Management ,risk ,Finance ,[QFIN.GN]Quantitative Finance [q-fin]/General Finance [q-fin.GN] ,Focus (computing) ,Financial performance ,[QFIN]Quantitative Finance [q-fin] ,business.industry ,Sharpe ratio ,05 social sciences ,financial profitability ,Investment (macroeconomics) ,ethics ,ethical investment ,Ethical investment ,business ,050203 business & management - Abstract
International audience; A number of recent works have dealt with ethical investment funds, with a greater focus on the mechanisms by which these funds operate or are profitable. These studies have very rarely focused on their performance. The purpose of this paper is therefore to compare ethical and standard or conventional investment funds in terms of performance, focusing on the case of equity funds in Morocco and using the Sharpe index as a method of assessment. Overall, the statistical study shows a reconciliation of the average returns of the two samples and a divergence in terms of performance and risk. Taken individually, ethical values are well positioned in terms of profitability and much less so in terms of performance. Finally, contingency factors allowed a better understanding of the differences within the ethical group, both in terms of profitability and financial performance, in this case age and size.
- Published
- 2021