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01). To  tal in  vest  ment sur  passed $2 tril  lion bythe end of the mil  len  nium, with as  sets in so  cially re  spon  si  ble mu  tual funds (SRMF) reach  -ing about $1.5 tril  lion (Stone, 2000).  More re  cent his  tory not  with  stand  ing, the use of SRI pre  dates the in  vest  ment strate  -gies of the baby-  boom gen  era  tion. For ex  am  ple, some in  ves  tors at the turn of the pre  vi  ouscen  tury stayed away from firms in  volved with “sin” prod  ucts such as al  co  hol, to  bacco, and gam  bling (Sauer, 1997).

By the 1940s, SRI in  creas  ingly be  came visi  ble when gov  ern  mentagen cies and un ions shunned  in vest ment op por tu ni ties  in or gani za tions deemed  to haveun fair  la bor prac tices (Mar tin, 1986). SRI also ex pe ri enced sig nifi cant ex pan sion dur ingthe tur  bu  lent por  tion of the 1970s as a con  se  quence of the Viet  nam War, ur  ban strife, andApart  heid. Its modern-  day growth was com  plete as so  cially re  spon  si  ble in  ves  tors en  larged their  con cerns  to  en com pass  the  en vi ron ment,  weap ons  pro duc tion,  prod uct  safety,women’s is  sues, and the lo  cal com  mu  nity (Mar  tin, 1986; Sauer, 1997).  Hamil  ton, Jo, and Stat  man (1993, p. 65) aptly de  scribe SRI as a way for in  di  vid  ualin  ves  tors to in  te  grate “money into one’s self and into the self one wishes to be  come.” As are  sult, so  cially re  spon  si  ble in  ves  tors se  lect stocks or mu  tual funds that are con  so  nant withtheir core val  ues, hop  ing to send a posi  tive sig  nal to ame  na  ble or  gani  za  tions and a dis  tresssig  nal to com  pa  nies out of com  pli  ance. All the same, share  hold  ers still de  mand an ac  cept  -able gain on their in  vest  ments over time.

As Mar  tin (1986, p.33) notes, “No one wants toin  vest in any  thing that’s mor  ally ir  re  spon  si  ble. But peo  ple want to make money. Youwon’t get that many do-  gooders to in  vest if they can  not make a fair re  turn.”The re  main  der of this pa  per is or  gan  ized as fol  lows. The sub  se  quent sec  tion pres  ents a lit era ture re view that ex am ines theo reti cal ra tion ales to guide so cially re spon si ble in ves  -tor be hav ior, so cial re spon si bil ity screens em ployed by in ves tors and fund man ag ers, andre  search on the per  form  ance of so  cially re  spon  si  ble port  fo  lios. The next sec  tion con  tains abrief nar  ra  tive of the method used to se  lect the in  di  vid  ual so  cially re  spon  si  ble firms thatform the ba  sis of com  pari  son in this study. Then, d本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。