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”Socially Responsible Investment” samhällsnytta vs avkastning: En komparativ studie om hur SRI-fonder presterar i förhållande till konventionella fonder under en finanskris
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies.
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies.
2017 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Syfte: Arbetets syfte är attundersöka hur svenska fonder med avseende på “Socially Responsible Investment” presterar jämfört med svenska konventionella fonder under en finanskris.

Metod: Studien har varit av kvantitativ karaktär, där en komparativ forskningsdesign har utgjort grunden för undersökningen. Vi har samlat in sekundärdata under en sexårsperiod, från 2007-01-01 till och med 2012-12-31, för att kunna undersöka hur de två fondgrupperna presterade både under finanskris och efteråt. För att jämföra fonderna konstrueradevi två lika viktade portföljer, varpå vi beräknade portföljernas riskjusterade avkastning, utifrån tre olika mått, som vi ställde mot varandra för att kunna se hur SRI-fonderna presterade jämfört med de konventionella fonderna.

Resultat och slutsats: Vårt resultat visar att konventionella fonder hade varit att föredra under finanskrisen utifrån den faktiska avkastningen. Om vi däremot justerar avkastningen efter risk, vilket blir mer rättvist, uppvisade SRI-portföljen högre riskjusterad avkastning på samtliga tre mått, såväl under finanskrisen som under perioden utan finanskris. Vi drar således slutsatsen att SRI-fonder presterar bättre än konventionella fonder under en finanskris.

Förslag till fortsatt forskning: Förslag till vidare forskning kan vara att göra forskningen ännu mer omfattande och beräkna riskjusterad avkastning under fler kriser, eller att göra en liknande studie för respektive land i Norden och sedan jämföra för att se hur de nordiska ländernas SRI-fonder presterar i förhållande till varandra.

Uppsatsens bidrag: Studien ger ett unikt teoretiskt bidrag om att svenska SRI-fonder genererar en högre riskjusterad avkastning än svenska konventionella under finanskris, menäven under perioden utan finanskris. Praktiskt bidrag är huvudsakligen att svenska investerare som vill tänka hållbart och etiskt i sina investeringar inte behöver ge upp avkastning i utbyte mot samhällsnytta.

Abstract [en]

Title: ”Socially Responsible Investment” Social benefit vs returns–a comparative studyof how SRI-funds perform in comparison to conventional funds during a financial crisis.

Aim: The aim of this thesis is to investigate how Swedish SRI-funds perform in comparison to Swedish conventional funds, during a financial crisis.

Method: This thesis has been of a quantitative nature, in which a comparative research design has been the foundation of our investigation. We have collected secondary data for a six-year period, starting from 2007-01-01 through 2012-12-31, to investigate how the two fund categories performed, both during and afterwards. In order to compare the funds we designed two equilibrium portfolios, and then we calculated the portfolio’s risk-adjusted returns, based on three different measures we opposed to see how the SRI-funds performed compared to conventional funds.

Results and conclusions: Our results show that conventional funds had been preferable during the financial crisis based on actual returns. On the other hand, if we adjust the return on risk, which becomes fairer, the SRI-portfolio showed higher risk-adjusted return on all three measures, both during the financial crisis and during the period without a financial crisis. We therefore conclude that SRI-portfolios succeeded to perform better than conventional funds during financial crisis.

Suggestions for future research: Proposals for further research can be to make the research even more comprehensive and calculate risk-adjusted returns during more financial crises, orto conduct a similar study for the Nordic countries, and then compare to see how the SRI-funds in the Nordic countries perform in comparison to each other.

Contribution of the thesis: This thesis provides a unique theoretical contribution that Swedish SRI-funds generate a higher risk-adjusted return than Swedish conventional funds during a financial crisis, but also during the period without a financial crisis. Practical contribution is mainly that Swedish investors who want to combine sustainability and ethics with their investments doesn’t have to give up returns in exchange for social benefits.

Place, publisher, year, edition, pages
2017. , 69 p.
Keyword [en]
SRI, Socially Responsible Investment, Mutual funds, Fund performance, Financial crisis
Keyword [sv]
SRI, Socially Responsible Investment, Aktiefond, Fondprestation, Finanskris
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hig:diva-24472OAI: oai:DiVA.org:hig-24472DiVA: diva2:1113432
Subject / course
Business administration
Educational program
Business administration
Supervisors
Examiners
Available from: 2017-07-03 Created: 2017-06-21 Last updated: 2017-07-03Bibliographically approved

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Citation style
  • apa
  • harvard1
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