ScholarWorks@숙명여자대학교

초록

Socially responsible investment (SRI) differs from the general financial investment by applying not only financial but also moral, social and environmental performance criteria in making investment decisions. And thus we rationally expect that SRI investors are less sensitive to SRI financial performance than others in retail funds are. The empirical results show that SRI funds has the different sensitivity between fund performance and fund flow from that of the general mutual funds, and the sensitivity of SRI funds is asymmetric in that the fund flows of SRI are more sensitive when the fund performance is good, as following Bollen(2007). However the interaction between the volatility of the SRI fund performance and fund flows is not significant.

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