Gibson et al (2020)

Gibson, Rajna, Simon Glossner, Philipp Krueger, Pedro Matos, and Tom Steffen. “Responsible Institutional Investing Around the World.” Swiss Finance Institute Research Paper No. 20-13, 2020.

From the author’s abstract:

“We document that institutions that publicly commit to responsible investing exhibit better environmental, social, and governance (ESG) portfolio-level scores ("footprints") but this is not the case for US-domiciled institutions. In fact, US investors that committed but only partially implement ESG strategies (e.g., screening, integration, engagement) exhibit worse ESG footprints than uncommitted investors, consistent with some "greenwashing." Finally, we document that responsible investing does not enhance portfolio returns but reduces risk..”

LK comment: Strong paper.

Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3525530