Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 1, 2020 erstellt
Beschreibung:
Using micro-level data, we examine the impact of socially responsible investment (SRI) funds on corporate behavior. SRI funds select firms with lower pollution, more board diversity, higher employee satisfaction, and better workplace safety. Yet, both in the cross-section and using an exogenous shock to SRI capital, we find SRI funds do not significantly change firm behavior. Moreover, there is little evidence they try to impact firm behavior using shareholder proposals. Our results suggest SRI funds are not greenwashing, but they are impact washing. They invest in a portfolio consistent with their objective, but do not try to impact corporate conduct