The performance of socially responsible investments: A meta-analysis

Research output: Contribution to journalResearch articleContributedpeer-review



In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). We find that, on average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, we find that global SRI portfolios outperform regional subportfolios. Moreover, high-quality publications, publications in finance journals and authors who publish more frequently on SRI are all less likely to report SRI outperformance. In particular, we find that including more factors in a capital market model reduces the likelihood that a study will find SRI outperformance.


Original languageEnglish
Pages (from-to)1012-1061
Number of pages50
Journal European financial management : the journal of the European Financial Management Association
Issue number2
Publication statusPublished - Mar 2024

External IDs

Scopus 85161997003
WOS 001009724100001
ORCID /0000-0002-0576-7759/work/142239317


Research priority areas of TU Dresden

DFG Classification of Subject Areas according to Review Boards

Subject groups, research areas, subject areas according to Destatis


  • environmental social governance, ESG, meta-analysis, socially responsible investment, SRI, Esg, Socially responsible investment, Sri, Environmental social governance, Meta-analysis

Library keywords