메뉴 건너뛰기




Volumn 63, Issue 2, 2006, Pages 131-148

The financial performance of a socially responsible investment over time and a possible link with corporate social responsibility

Author keywords

Corporate social performance; Corporate social responsibility; Ethical investment; Learning by doing; Mutual funds; Socially responsible investment

Indexed keywords


EID: 29644445471     PISSN: 01674544     EISSN: 15730697     Source Type: Journal    
DOI: 10.1007/s10551-005-2410-7     Document Type: Article
Times cited : (91)

References (79)
  • 1
    • 0016355478 scopus 로고
    • A new look at statistical model identification
    • Akaike, H.: 1974, 'A New Look at Statistical Model Identification', IEEE Transactions on Automatic Control AC-19, 716-723.
    • (1974) IEEE Transactions on Automatic Control , vol.AC-19 , pp. 716-723
    • Akaike, H.1
  • 2
    • 84962698725 scopus 로고
    • The economic implications of learning by doing
    • Arrow, K.: 1962, 'The Economic Implications of Learning by Doing', Review of Economic Studies 29, 155-073.
    • (1962) Review of Economic Studies , vol.29 , pp. 155-173
    • Arrow, K.1
  • 3
    • 84858529010 scopus 로고    scopus 로고
    • International evidence on ethical mutual fund performance and investment style
    • Social Investment Forum Moskowitz Prize. [Accessed 19 August 2003]
    • Bauer, R., Koedijk, K. and Otten, R.: 2002, 'International Evidence on Ethical Mutual Fund Performance and Investment Style', [WWW] Winner, Social Investment Forum Moskowitz Prize. Available at: http://www.socialinvest.org/ areas/research/Moskowitz/winning_papers.htm [Accessed 19 August 2003].
    • (2002) [WWW] Winner
    • Bauer, R.1    Koedijk, K.2    Otten, R.3
  • 4
    • 58149138006 scopus 로고    scopus 로고
    • Canadian ethical mutual funds: Performance and investment style analysis in a multifactor framework
    • Limburg Institute of Financial Economics, Maastricht University. The Netherlands. [Accessed 22 October 2004]
    • Bauer, R., Derwall, J. and Otten, R.: 2003a, 'Canadian Ethical Mutual Funds: Performance and Investment Style Analysis in a Multifactor Framework', [WWW] Working Paper 03-001, Limburg Institute of Financial Economics, Maastricht University. The Netherlands. Available at: http://www.fdewb.unimaas.nl/finance/ workingpapers/ [Accessed 22 October 2004].
    • (2003) [WWW] Working Paper , vol.3 , Issue.1
    • Bauer, R.1    Derwall, J.2    Otten, R.3
  • 5
    • 84858518489 scopus 로고    scopus 로고
    • Ethical investing in Australia: Is there a financial penalty?
    • Limburg Institute of Financial Economics, Maastricht University, The Netherlands. [Accessed 22 October 2004]
    • Bauer, R., Otten, R. and Rad, A. T.: 2003b, 'Ethical Investing in Australia: Is There a Financial Penalty?', [WWW] Working Paper 03-031, Limburg Institute of Financial Economics, Maastricht University, The Netherlands. Available at: http://www.fdewb.unimaas.n1/finance/workingpapers/ [Accessed 22 October 2004].
    • (2003) [WWW] Working Paper , vol.3 , Issue.31
    • Bauer, R.1    Otten, R.2    Rad, A.T.3
  • 6
    • 0002523870 scopus 로고
    • A note on performance evaluation
    • Graduate School of Business, Stanford University
    • Bhattacharya, S. and Pfleiderer, P.: 1983, 'A Note on Performance Evaluation', Technical Report No. 714, Graduate School of Business, Stanford University.
    • (1983) Technical Report No. 714 , vol.714
    • Bhattacharya, S.1    Pfleiderer, P.2
  • 7
    • 0347651166 scopus 로고    scopus 로고
    • Socially screened portfolios: An attribution analysis of relative performance
    • Bibartolomeo, D. and L. Kurtz: 1996, 'Socially Screened Portfolios: An Attribution Analysis of Relative Performance', The Journal of Investing 5(3), 35-41.
    • (1996) The Journal of Investing , vol.5 , Issue.3 , pp. 35-41
    • Bibartolomeo, D.1    Kurtz, L.2
  • 8
    • 0002914514 scopus 로고    scopus 로고
    • Mutual fund performance: Evidence from the UK
    • Blake, D. and A. Timmermann: 1998, 'Mutual Fund Performance: Evidence from the UK', European Finance Review 2, 57-77.
    • (1998) European Finance Review , vol.2 , pp. 57-77
    • Blake, D.1    Timmermann, A.2
  • 9
    • 42449156579 scopus 로고
    • Generalised autoregressive conditional heteroskedasticity
    • Bollerslev, T.: 1986, 'Generalised Autoregressive Conditional Heteroskedasticity', Journal of Econometrics 31, 307-327.
    • (1986) Journal of Econometrics , vol.31 , pp. 307-327
    • Bollerslev, T.1
  • 11
    • 79958250735 scopus 로고    scopus 로고
    • Socially responsible investment: A statistical analysis of returns
    • Bank Sarasin & Cie, Sustainable Investment, Basel. [Accessed 22 October 2004]
    • Butz, C. and Plattner, A.: 2000, 'Socially Responsible Investment: A Statistical Analysis of Returns', [WWW] Sarasin Basic Report, Bank Sarasin & Cie, Sustainable Investment, Basel. Available at: http://www.c4c.ch/ publications/Sri2000.pdf [Accessed 22 October 2004].
    • (2000) [WWW] Sarasin Basic Report
    • Butz, C.1    Plattner, A.2
  • 13
    • 0002116372 scopus 로고
    • The development of ethical investment products
    • A.R. Prindl and B. Prodhan (eds.), (Blackwell Publishers)
    • Cowton, C.: 1994, 'The Development of Ethical Investment Products', in A.R. Prindl and B. Prodhan (eds.), The Association of Corporate Treasurers Guide to Ethical Conflicts in Finance (Blackwell Publishers), pp. 213-232.
    • (1994) The Association of Corporate Treasurers Guide to Ethical Conflicts in Finance , pp. 213-232
    • Cowton, C.1
  • 14
    • 4043057849 scopus 로고    scopus 로고
    • An empirical examination of institutional investor preferences for corporate social performance
    • Cox, P., S. Brammer and A. Millington: 2004, 'An Empirical examination of Institutional Investor Preferences for Corporate Social Performance', Journal of Business Ethics 52(1), 27-43.
    • (2004) Journal of Business Ethics , vol.52 , Issue.1 , pp. 27-43
    • Cox, P.1    Brammer, S.2    Millington, A.3
  • 15
    • 0034179055 scopus 로고    scopus 로고
    • The financial performance of ethical investment trusts: An Australian perspective
    • Cummings, L. S.: 2000, 'The Financial Performance of Ethical Investment Trusts: An Australian Perspective', Journal of Business Ethics 25(1), 79-92.
    • (2000) Journal of Business Ethics , vol.25 , Issue.1 , pp. 79-92
    • Cummings, L.S.1
  • 16
    • 17144400023 scopus 로고
    • Does social screening affect portfolio performance?
    • Diltz, D. J.: 1995, 'Does Social Screening Affect Portfolio Performance?', Journal of Investing 4(1), 64-69.
    • (1995) Journal of Investing , vol.4 , Issue.1 , pp. 64-69
    • Diltz, D.J.1
  • 18
    • 0000051984 scopus 로고
    • Autoregressive conditional heteroskedasticity with estimates of the variance of UK inflation
    • Engle, R. F.: 1982, 'Autoregressive Conditional Heteroskedasticity with Estimates of the Variance of UK Inflation', Econometrica 50, 987-1008.
    • (1982) Econometrica , vol.50 , pp. 987-1008
    • Engle, R.F.1
  • 19
    • 0001264648 scopus 로고
    • Estimating time-varying risk premia in the term structure: The ARCH-M model
    • Engle, R .F., D. M. Lilien and R.P. Robins: 1987, 'Estimating Time-Varying Risk Premia in the Term Structure: The ARCH-M Model', Econometrica 55, 391-407.
    • (1987) Econometrica , vol.55 , pp. 391-407
    • Engle, R.F.1    Lilien, D.M.2    Robins, R.P.3
  • 20
    • 84993924779 scopus 로고
    • Components of investment performance
    • Fama, E.: 1972, 'Components of Investment Performance', Journal of Finance 27, 551-568.
    • (1972) Journal of Finance , vol.27 , pp. 551-568
    • Fama, E.1
  • 22
    • 23944436627 scopus 로고    scopus 로고
    • [WWW] Wharton School, University of Pennsylvania. [Accessed 22 October 2004]
    • Geczy, C.C., Stambaugh, R.F. and Levin, D.: 2003, 'Investing in Socially Responsible Mutual Funds', [WWW] Wharton School, University of Pennsylvania. Available at: http://finance.wharton.upenn.edu/~stambaug/sri.pdf [Accessed 22 October 2004].
    • (2003) Investing in Socially Responsible Mutual Funds
    • Geczy, C.C.1    Stambaugh, R.F.2    Levin, D.3
  • 23
    • 84993601065 scopus 로고
    • On the relation between the expected value and the volatility of the normal excess return in stocks
    • Glosten, L.R., R. Jagannathan and D. Runkle: 1993, 'On the Relation between the Expected Value and the Volatility of the Normal Excess Return in Stocks', Journal of Finance 48, 1779-1801.
    • (1993) Journal of Finance , vol.48 , pp. 1779-1801
    • Glosten, L.R.1    Jagannathan, R.2    Runkle, D.3
  • 25
    • 0347651178 scopus 로고    scopus 로고
    • Ethical unit trust financial performance: Small company effects and fund size effects
    • Gregory, A., J. Matatko and R. G. Luther: 1997, 'Ethical Unit Trust Financial Performance: Small Company Effects and Fund Size Effects', Journal of Business Finance and Accounting 24(5), 705-726.
    • (1997) Journal of Business Finance and Accounting , vol.24 , Issue.5 , pp. 705-726
    • Gregory, A.1    Matatko, J.2    Luther, R.G.3
  • 28
    • 22544452456 scopus 로고    scopus 로고
    • Is there a cost to being socially responsible in investing?
    • Guerard, J. D., Jr.: 1997, 'Is There a Cost to Being Socially Responsible in Investing?', Journal of Forecasting 16, 31-36.
    • (1997) Journal of Forecasting , vol.16 , pp. 31-36
    • Guerard Jr., J.D.1
  • 29
    • 4043125968 scopus 로고    scopus 로고
    • Financial markets: A tool for social responsibility?
    • Haigh, M. and J. Hazelton: 2004, 'Financial Markets: A Tool For Social Responsibility?', Journal of Business Ethics 52(1), 59-71.
    • (2004) Journal of Business Ethics , vol.52 , Issue.1 , pp. 59-71
    • Haigh, M.1    Hazelton, J.2
  • 30
    • 0002878373 scopus 로고
    • Doing well while doing good? the investment performance of socially responsible mutual funds
    • November/December
    • Hamilton, S., Jo, H. and Statman, M.: 1993, 'Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Funds', Financial Analysts Journal, November/December.
    • (1993) Financial Analysts Journal
    • Hamilton, S.1    Jo, H.2    Statman, M.3
  • 34
    • 0001309573 scopus 로고
    • On market timing and investment performance II: Statistical procedures for evaluating forecasting skills
    • Henriksson, R. D. and R. C. Merton: 1981, 'On Market Timing and Investment Performance II: Statistical Procedures for Evaluating Forecasting Skills', Journal of Business 54, 513-533.
    • (1981) Journal of Business , vol.54 , pp. 513-533
    • Henriksson, R.D.1    Merton, R.C.2
  • 36
    • 84858518343 scopus 로고    scopus 로고
    • [WWW] (ISIS Asset Management plc, 100 Wood Street, London EC2V 7AN). [Accessed 28 July 2004]
    • ISIS: 2004, 'Fund Factsheets: UK Growth and Income' [WWW] (ISIS Asset Management plc, 100 Wood Street, London EC2V 7AN). Available at: http://www.isisam.com/literature.asp?pageid=4.2.5 [Accessed 28 July 2004].
    • (2004) Fund Factsheets: UK Growth and Income
  • 37
    • 84980098839 scopus 로고
    • Risk, the pricing of capital assets, and the evaluation of investment portfolios
    • April
    • Jensen, M. C.: 1969, 'Risk, The Pricing of Capital Assets, and the Evaluation of Investment Portfolios', Journal of Finance, April.
    • (1969) Journal of Finance
    • Jensen, M.C.1
  • 40
    • 0141766930 scopus 로고    scopus 로고
    • UK investment trusts: Performance, timing and selectivity
    • Leger, L. A.: 1997, 'UK Investment Trusts: Performance, Timing and Selectivity', Applied Economics Letters 4, 207-210.
    • (1997) Applied Economics Letters , vol.4 , pp. 207-210
    • Leger, L.A.1
  • 41
    • 0034164697 scopus 로고    scopus 로고
    • Support for investor activism among UK ethical investors
    • Lewis, A. and C. Mackenzie: 2000, 'Support For Investor Activism Among UK Ethical Investors', Journal of Business Ethics 24(3), 215-222.
    • (2000) Journal of Business Ethics , vol.24 , Issue.3 , pp. 215-222
    • Lewis, A.1    Mackenzie, C.2
  • 42
    • 29644436352 scopus 로고    scopus 로고
    • Green and ethical investment: Can it make a difference?
    • Warhurst, A. (ed.), (Macmillan, New York)
    • Lewis, A. and Mackenzie, C.: 2000b, 'Green and Ethical Investment: Can It Make a Difference?', in: Warhurst, A. (ed.), Towards an Environment Research Agenda (Macmillan, New York).
    • (2000) Towards An Environment Research Agenda
    • Lewis, A.1    Mackenzie, C.2
  • 43
    • 84980100064 scopus 로고
    • Security prices, risk and maximal gains from diversification
    • Lintner, J.: 1965a, 'Security Prices, Risk and Maximal Gains From Diversification', Journal of Finance 20, 587-615.
    • (1965) Journal of Finance , vol.20 , pp. 587-615
    • Lintner, J.1
  • 44
    • 0003114587 scopus 로고
    • The valuation of risky assets and the selection of risky investments in stock portfolios and capital budgets
    • Lintner, J.: 1965b, 'The Valuation of Risky Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets', Review of Economics and Statistics 47, 13-37.
    • (1965) Review of Economics and Statistics , vol.47 , pp. 13-37
    • Lintner, J.1
  • 45
    • 0001873471 scopus 로고
    • The performance of ethical unit trusts: Choosing an appropriate benchmark
    • Luther, R. G. and J. Matatko: 1994, 'The Performance of Ethical Unit Trusts: Choosing an Appropriate Benchmark', British Accounting Review 26, 77-89.
    • (1994) British Accounting Review , vol.26 , pp. 77-89
    • Luther, R.G.1    Matatko, J.2
  • 49
    • 0347569255 scopus 로고    scopus 로고
    • Misery loves companies: Rethinking social initiatives by business
    • Margolis, J.D. and J.P. Walsh: 2003, 'Misery Loves Companies: Rethinking Social Initiatives By Business', Administrative Science Quarterly 48(2), 268-305.
    • (2003) Administrative Science Quarterly , vol.48 , Issue.2 , pp. 268-305
    • Margolis, J.D.1    Walsh, J.P.2
  • 50
    • 84858527728 scopus 로고    scopus 로고
    • [WWW] [Accessed 2 July 2004]. Martin Currie Unit Trusts Ltd., Edinburgh
    • Martin Currie Ltd.: 2004, 'Annual Report: Martin Currie Investment Funds', [WWW] available at: http://www.martincurrie.com/oeic/index/income/ [Accessed 2 July 2004]. Martin Currie Unit Trusts Ltd., Edinburgh.
    • (2004) Annual Report: Martin Currie Investment Funds
  • 52
    • 84992956505 scopus 로고    scopus 로고
    • Socially responsible investment, information and the myth of underperformance
    • Mill, G.A. and L. Holland: 2005, 'Socially Responsible Investment, Information and the Myth of Underperformance', Social Responsibility Journal 1(1-2), 91-98.
    • (2005) Social Responsibility Journal , vol.1 , Issue.1-2 , pp. 91-98
    • Mill, G.A.1    Holland, L.2
  • 53
    • 0001238604 scopus 로고
    • Equilibrium in a capital asset market
    • Mossin, J.: 1966, 'Equilibrium in a Capital Asset Market', Econometrica 35, 768-783.
    • (1966) Econometrica , vol.35 , pp. 768-783
    • Mossin, J.1
  • 54
    • 0000641348 scopus 로고
    • Conditional heteroskedasticity in asset returns: A new approach
    • Nelson, D.B.: 1991, 'Conditional Heteroskedasticity in Asset Returns: A New Approach', Econometrica 59, 347-370.
    • (1991) Econometrica , vol.59 , pp. 347-370
    • Nelson, D.B.1
  • 55
    • 84858527097 scopus 로고    scopus 로고
    • [WWW]. [Accessed 27 May 2005]
    • Norwegian Ministry of Finance: 2005, 'The Norwegian Government Petroleum Fund' [WWW]. Available at: http://odin.dep.no/fin/english/topics/p10001617/bn. html [Accessed 27 May 2005].
    • (2005) The Norwegian Government Petroleum Fund
  • 56
    • 0042090748 scopus 로고    scopus 로고
    • Corporate social and financial performance: A meta-analysis
    • Orlitzky, M., F.L. Schmidt and S.L. Rynes: 2003, 'Corporate Social and Financial Performance: A Meta-Analysis', Organisation Studies 24(3), 403-441.
    • (2003) Organisation Studies , vol.24 , Issue.3 , pp. 403-441
    • Orlitzky, M.1    Schmidt, F.L.2    Rynes, S.L.3
  • 57
    • 0037411989 scopus 로고    scopus 로고
    • The message and methods of ethical investment
    • O'Rourke, A.: 2003, 'The Message and Methods of Ethical Investment', Journal of Cleaner Production 11, 683-693.
    • (2003) Journal of Cleaner Production , vol.11 , pp. 683-693
    • O'Rourke, A.1
  • 58
    • 0030101104 scopus 로고    scopus 로고
    • The association between corporate social responsibility and financial performance: The paradox of social cost
    • Pava, M.L. and J. Krausz: 1996, 'The Association Between Corporate Social Responsibility and Financial Performance: The Paradox of Social Cost', Journal of Business Ethics 15, 321-357.
    • (1996) Journal of Business Ethics , vol.15 , pp. 321-357
    • Pava, M.L.1    Krausz, J.2
  • 59
    • 2142750835 scopus 로고    scopus 로고
    • Socially responsible investing and management style of mutual funds in the euronext stock markets
    • University of Groningen, Systems Organisations and Management Research Institute. [Accessed 22 October 2004]
    • Plantinga, A. and Scholtens, B.: 2001, 'Socially Responsible Investing and Management Style of Mutual Funds in the Euronext Stock Markets', [WWW] Research Report 01E17, University of Groningen, Systems Organisations and Management Research Institute. Available at: http://www.ub.rug.nl/eldoc/som/e/ 01E17/01E17.pdf [Accessed 22 October 2004].
    • (2001) [WWW] Research Report 01E17
    • Plantinga, A.1    Scholtens, B.2
  • 60
    • 0038034854 scopus 로고    scopus 로고
    • Making a difference or making a statement? Finance research and socially responsible investment
    • Rivoli, P.: 2003, 'Making a Difference or Making a Statement? Finance Research and Socially Responsible Investment', Business Ethics Quarterly 13(3), 271-288.
    • (2003) Business Ethics Quarterly , vol.13 , Issue.3 , pp. 271-288
    • Rivoli, P.1
  • 61
    • 13844256483 scopus 로고    scopus 로고
    • The business case for corporate sustainability: Literature review and research options
    • Salzmann, O., A. Ionescu-Somers and U. Steger: 2005, 'The Business Case for Corporate Sustainability: Literature Review and Research Options', European Management Journal 23(1), 27-36.
    • (2005) European Management Journal , vol.23 , Issue.1 , pp. 27-36
    • Salzmann, O.1    Ionescu-Somers, A.2    Steger, U.3
  • 62
    • 0031479181 scopus 로고    scopus 로고
    • The impact of social-responsibility screens on investment performance: Evidence from the domini 400 social index and domini equity mutual fund
    • Sauer, D.A.: 1997, 'The Impact of Social-Responsibility Screens on Investment Performance: Evidence From the Domini 400 Social Index and Domini Equity Mutual Fund', Review of Financial Economics 6(2), 137-150.
    • (1997) Review of Financial Economics , vol.6 , Issue.2 , pp. 137-150
    • Sauer, D.A.1
  • 63
    • 0141514181 scopus 로고    scopus 로고
    • Do socially responsible funds actually deliver what they promise? Bridging the gap between the promise and performance of socially responsible funds
    • Schepers, D.H. and S.P. Sethi: 2003, 'Do Socially Responsible Funds Actually Deliver What They Promise? Bridging the Gap Between the Promise and Performance of Socially Responsible Funds', Business and Society Review 108(1), 11-32.
    • (2003) Business and Society Review , vol.108 , Issue.1 , pp. 11-32
    • Schepers, D.H.1    Sethi, S.P.2
  • 64
    • 0345863432 scopus 로고    scopus 로고
    • Socially responsible investing in the United States
    • Schueth, S.: 2003, 'Socially Responsible Investing in the United States', Journal of Business Ethics 43(3), 189-194.
    • (2003) Journal of Business Ethics , vol.43 , Issue.3 , pp. 189-194
    • Schueth, S.1
  • 65
    • 0000120766 scopus 로고
    • Estimating the dimensions of a model
    • Schwarz, G.: 1978, 'Estimating the Dimensions of a Model', Annals of Statistics 6, 161-200.
    • (1978) Annals of Statistics , vol.6 , pp. 161-200
    • Schwarz, G.1
  • 66
    • 84980092818 scopus 로고
    • Capital asset prices: A theory of market equilibrium under conditions of risk
    • Sharpe, W.F.: 1964, 'Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk', Journal of Finance 19, 425-442.
    • (1964) Journal of Finance , vol.19 , pp. 425-442
    • Sharpe, W.F.1
  • 67
    • 84858520925 scopus 로고    scopus 로고
    • [WWW] [Accessed 28 July 2004]. Solus Funds, Manchester
    • Solus: 2004, 'UK Growth Fund', [WWW] available at: http://www.solusfunds. com/literature/uk~growth.pdf [Accessed 28 July 2004]. Solus Funds, Manchester.
    • (2004) UK Growth Fund
  • 69
    • 4043104761 scopus 로고    scopus 로고
    • The maturing of socially responsible investment: A review of the developing link with corporate social responsibility
    • Sparkes, R. and C.J. Cowton: 2004, 'The Maturing of Socially Responsible Investment: A Review of the Developing Link With Corporate Social Responsibility', Journal of Business Ethics 52(1), 45-57.
    • (2004) Journal of Business Ethics , vol.52 , Issue.1 , pp. 45-57
    • Sparkes, R.1    Cowton, C.J.2
  • 70
    • 0009333581 scopus 로고    scopus 로고
    • Socially responsible mutual funds (corrected)
    • Statman, M.: 2000, Socially Responsible Mutual Funds (corrected). Financial Analysts Journal, 56(3).
    • (2000) Financial Analysts Journal , vol.56 , Issue.3
    • Statman, M.1
  • 72
    • 38149144599 scopus 로고
    • Forecasting the volatility of currency exchange rates
    • Taylor, S.J.: 1986, 'Forecasting the Volatility of Currency Exchange Rates', International Journal of Forecasting 3, 159-170.
    • (1986) International Journal of Forecasting , vol.3 , pp. 159-170
    • Taylor, S.J.1
  • 73
    • 0003003546 scopus 로고    scopus 로고
    • The effect of socially activist investment policies on the financial markets: Evidence from the South African boycott
    • Teoh, S.H., I. Welch and C.P. Wazzan: 1999, 'The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence From the South African Boycott', Journal of Business 72(1), 25-89.
    • (1999) Journal of Business , vol.72 , Issue.1 , pp. 25-89
    • Teoh, S.H.1    Welch, I.2    Wazzan, C.P.3
  • 74
    • 0002332446 scopus 로고
    • How to rate management investment funds
    • January - February
    • Treynor, J.L.: 1965, 'How to Rate Management Investment Funds', Harvard Business Review, January - February.
    • (1965) Harvard Business Review
    • Treynor, J.L.1
  • 75
    • 0001739404 scopus 로고
    • Can mutual funds outguess the market?
    • Treynor, J.L. and K.K. Mazuy: 1966, 'Can Mutual Funds Outguess the Market?', Harvard Business Review 44(4), 131-136.
    • (1966) Harvard Business Review , vol.44 , Issue.4 , pp. 131-136
    • Treynor, J.L.1    Mazuy, K.K.2
  • 76
    • 4043069142 scopus 로고    scopus 로고
    • The impact of socially responsible investment on human resource management: A conceptual framework
    • Waring, P. and J. Lewer: 2004, 'The Impact of Socially Responsible Investment on Human Resource Management: A Conceptual Framework', Journal of Business Ethics 52(1), 99-108.
    • (2004) Journal of Business Ethics , vol.52 , Issue.1 , pp. 99-108
    • Waring, P.1    Lewer, J.2
  • 77
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix and a direct test for heteroskedasticity
    • White, H.: 1980, 'A Heteroskedasticity-Consistent Covariance Matrix and a Direct Test for Heteroskedasticity', Econometrica 48, 817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1
  • 78
    • 0000505077 scopus 로고
    • Stakeholder mismatching: A theoretical problem in empirical research on corporate social performance
    • Wood, D. J. and R. E. Jones: 1995, 'Stakeholder Mismatching: A Theoretical Problem in Empirical Research on Corporate Social Performance', International Journal of Organisational Analysis 3(3), 229-267.
    • (1995) International Journal of Organisational Analysis , vol.3 , Issue.3 , pp. 229-267
    • Wood, D.J.1    Jones, R.E.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.