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    Are Ethical Investments Good?

    Access Status
    Fulltext not available
    Authors
    Chow, G.
    Durand, Robert
    Koh, S.
    Date
    2014
    Type
    Journal Article
    
    Metadata
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    Citation
    Chow, G. and Durand, R. and Koh, S. 2014. Are Ethical Investments Good? Australian Journal of Management. 39 (4): pp. 645-665.
    Source Title
    Australian Journal of Management
    DOI
    10.1177/0312896213516327
    ISSN
    0312-8962
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/4286
    Collection
    • Curtin Research Publications
    Abstract

    Our study considers whether ethical investments are also good investments. In contrast with previous studies, we utilize long-run event study methodology to examine abnormal returns associated with firms being included in, and dropped from, the MSCI KLD400 Social Index (MSCIKLD400). We find that there are positive and statistically significant long-run abnormal returns for firms being included in the MSCI KLD400. These abnormal returns are associated with higher shareholdings by institutional investors (who are subject to higher public scrutiny), higher analyst coverage and higher growth opportunities.

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