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首页> 外文期刊>Journal of advances in management research >Socially responsible investing: performance evaluation of BRICS nations
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Socially responsible investing: performance evaluation of BRICS nations

机译：社会责任投资：金砖公司的绩效评估

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Purpose - The study aims to contribute towards the sustainable development of financial systems, by testing the performance of socially responsible investing alternatives in emerging BRICS countries. The study outcomes give us an insight into viability of responsible financial decisions in contrast with the conventional style of investing. Design/methodology/approach - The authors examine the performance of socially responsible indices of BRICS nations vis-a-vis respective conventional market indices using various risk-adjusted measures and conditional volatility measures. We further segregate the 12-year study period to crisis and non-crisis period particular to the respective country, as well as a common global financial crisis period to analyze the impact of market conditions in BRICS nations and observe the performance using dummy regression analysis. Conditional volatility of the stochastic index series is measured using ARCH-GARCH analysis. Fama Decomposition Model helps rank the index performance through the sub-periods. Findings - Fama Decomposition Model helps us observe that while Brazil secures a position in top rankers consistently, it is India that ranks top during crisis period. With evidence of outperformance in terms of risk-return by SRI indices of BRICS countries through the overall period as well as through different market conditions, our study contributes to the positive literature on socially responsible investing. Research limitations/implications - The study explores performance of SRI in BRICS and finds evidence of the sustainable investment to be non-penalizing to the investor, even as the performance trend remain distinct in the countries with same level of development. It has implications for the investors and asset managers to include responsible stocks, while for the companies and regulatory bodies to unite for better reporting and disclosures. Given the broad implications, future research is required to link the impact of various cultural, legislative and demographic factors on the level and performance of the socially responsible investment in BRICS nations. Practical implications - The current study evaluating and comparing performances of the socially responsible investments in BRICS nations puts forth following implications for the different sectors of the society, especially in emerging countries: (1) BRICS organization - The association of five economic giants, having significant influence over global as well as regional affairs, can aim to orient the countries' efforts towards collective sustainable development by designing uniform SRI framework. (2) Investors - In the globalization era, the investor can gain from ethical cross border investments to diversification and country benefits. (3) Companies and regulatory bodies - Only voluntary or mandatory unified efforts, to provide accurate and consistent disclosures, can upscale the mediocre growth trends of sustainable investing in emerging economies. (4) Asset Managers - Call of greater role in educating, warding off inhibitions related to RI. Originality/value - This is to certify that the research paper submitted by us is an outcome of our independent and original work. We have duly acknowledged all the sources from which the ideas and extracts have been taken. The project is free from any plagiarism and has not been submitted elsewhere for publication.
机译：目的 - 该研究旨在通过测试新兴金牌国家的社会责任投资替代品的表现，为金融系统的可持续发展有所促进。该研究结果使我们熟悉负责任的财务决策的可行性与传统的投资风格相比。设计/方法/方法 - 作者审查了使用各种风险调整的措施和条件波动措施的资本协调型传统市场指数的社会负责指数的表现。我们进一步将12年的研究期间分离为各国的危机和非危机期间，以及共同的全球金融危机期，以分析市场条件在国内国家的影响，并观察使用虚拟回归分析的绩效。使用Arch-Garch分析测量随机指数系列的条件波动性。 FAMA分解模型有助于通过子周期排列索引性能。调查结果 - Fama分解模型有助于我们观察，虽然巴西在始终如一地保护顶级排名局的职位，但印度在危机期间排名第一。通过整体期间，通过不同的市场条件，通过整体期间的SRI指数的风险回报率表现出的证据，我们的研究有助于对社会负责投资的积极文学。研究局限/影响 - 研究探讨了斯里的斯里士的表现，发现可持续投资的证据是不惩罚投资者，即使由于在具有相同发展程度的国家仍然存在明显。它对投资者和资产管理人员有影响，包括负责任的股票，同时为公司和监管机构联合起来以获得更好的报告和披露。鉴于广泛的含义，未来的研究是必要的，将各种文化，立法和人口统计因素的影响联系起来对资助国家社会负责任投资的水平和表现。实际意义 - 目前的研究评估和比较金砖国家对社会负责任投资的表演对社会不同部门的影响，特别是在新兴国家：（1）金砖组织 - 五个经济巨头的协会，具有重要意义对全球和区域事务的影响，可以通过设计统一的SRI框架来旨在使各国对集体可持续发展的努力。 （2）投资者 - 在全球化时代，投资者可以从道德跨境投资中获得多样化和国家的利益。 （3）公司和监管机构 - 只有自愿或强制性统一努力，提供准确和一致的披露，可以高档可持续投资的平庸增长趋势。 （4）资产管理人员 - 在教育中提出更大的作用，避免与RI相关的抑制。原创性/价值 - 这是为了证明我们提交的研究文件是我们独立和原创作品的结果。我们已正式承认已采取思想和提取的所有来源。该项目没有任何抄袭，尚未在其他地方提交出版物。

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