Abstract and Main Conclusion: This paper investigates whether market players appreciate socially responsible firms better than conventional ones with the view on corporate social responsibility factors.
Using a sample portfolio consisting of Japanese equities included in the FTSE4Good Index2, the paper estimates that the risk-adjusted performance is positive at a statistically significant level by applying regression analysis over the period 2001–2010 which includes the recent financial crises. Furthermore, robustness tests are performed by considering style biases, etc.
http://bdti.mastertree.jp/f/gqa1wsj6
On behalf of Nikko Financial Intelligence, Inc. (Kan Nakajima)
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