Các quỹ có nên đầu tư vào các khoản đầu tư có trách nhiệm xã hội trong thời kỳ suy thoái?

Accounting Research Journal - Tập 23 Số 3 - Trang 254-266 - 2010
RichardCopp1, Michael L.Kremmer2, EduardoRoca2
1School of Accountancy, Queensland University of Technology, Brisbane, Australia
2Griffith Business School, Griffith University, Nathan, Australia

Tóm tắt

Mục đíchMục đích của bài báo này là để điều tra xem liệu đầu tư có trách nhiệm xã hội (SRI) có ít nhạy cảm hơn với sự suy thoái thị trường so với các khoản đầu tư truyền thống hay không; các hệ lụy pháp lý cho các nhà quản lý quỹ và những người ủy thác; và các cải cách lập pháp có thể để cho phép các quỹ truyền thống có nhiều cơ hội hơn để đầu tư vào SRI.Thiết kế/phương pháp nghiên cứu/cách tiếp cậnBài báo sử dụng mô hình thị trường để ước lượng beta trong 15 năm qua cho các quỹ SRI và các quỹ đầu tư truyền thống trong thời kỳ suy thoái kinh tế, khác biệt với các thời kỳ kinh tế "bình thường" (không suy thoái) hơn.Kết quảRủi ro beta của SRI, cả ở Úc và quốc tế, tăng nhiều hơn so với đầu tư truyền thống trong thời kỳ suy thoái kinh tế. Do đó, các nhà quản lý quỹ và người ủy thác truyền thống ở Úc có khả năng vi phạm nghĩa vụ trách nhiệm của họ nếu họ đầu tư dài hạn - hoặc giữ nguyên - trong các quỹ SRI trong thời kỳ suy thoái kinh tế, trừ khi có sự cải cách luật pháp liên quan.Giới hạn/ngụ ý nghiên cứuPhương pháp nghiên cứu giả định rằng alpha và beta trong mô hình thị trường là hằng số. Thứ hai, nó phân loại trạng thái của thị trường thành các điều kiện kinh tế "bình thường" và suy thoái bằng cách sử dụng các biến giả. Những kỹ thuật tinh vi hơn có thể được sử dụng trong các nghiên cứu tương lai.Ngụ ý thực tiễnLuật hiện hành sẽ ngăn cản các quỹ truyền thống đầu tư vào SRI. Nếu SRI được coi là mong muốn về mặt xã hội, các cải cách pháp luật hữu ích có thể bao gồm việc loại bỏ rõ ràng luật thông thường để cho phép các quỹ truyền thống đầu tư vào SRI; giới thiệu các khoản khấu trừ thuế 150% hoặc các khoản trợ cấp đầu tư cho SRI; và cho phép các quỹ con SRI nhận được trạng thái người nhận quà được khấu trừ từ Cơ quan Thuế Úc và các cơ quan thuế khác.Giá trị/độ độc đáoĐánh giá chính xác rủi ro trong các SRI là một lĩnh vực, mặc dù có những hệ lụy pháp lý nghiêm trọng, vẫn chưa được nghiên cứu thực nghiệm nghiêm ngặt.

Từ khóa


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