Corporate Social Responsibility Reporting
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Peer reviewed
Abstract
Abstract
The current study objective is to analyze the crisis resilience of the socially responsible investments by comparing the performance of Socially Responsible (SR) funds and Conventional funds before and after the onset of COVID-19 in an emerging economy.The sample consists of Indian SR funds and matched conventional peers on the basis of their age, type and investment style.Performance was evaluated using absolute return analysis, and various risk-adjusted performance measures namely, Sharpe ratio, Treynor ratio, Jensen's alpha, and Carhart's fourfactor model.Absolute return analysis found no performance difference between the SR funds and conventional peers.Contrarily, the results of risk-adjusted measures indicated the outperformance of SR funds compared to conventional counterparts, especially in the post-Covid-19 period.This outperformance can be because these SR funds invest in companies having good ESG scores.This research has implications for Indian retail investors, companies, institutional investors/AMCs, policymakers, and regulators.The results indicating outperformance of SR funds will be a motivating factor for retail investors to include ethical/ESG choices in their investment decisions.This research contributes to sustainable finance literature by analyzing the crisis resilience of socially responsible funds compared to conventional funds in emerging economy and this makes the study novel.The growth in the number of Indian SR funds in the year 2020-21 also warrants the performance appraisal of these funds.
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@article{Jonwall2026Crisis,
title = {Crisis Resilience of Socially Responsible Investments: Evidence From an Emerging Market},
author = {Renu Jonwall and Seema Gupta and Shuchi Pahuja},
journal = {Corporate Governance Insight},
year = {2026},
doi = {10.58426/cgi.v8.i1.2026.50-69},
url = {https://doi.org/10.58426/cgi.v8.i1.2026.50-69}
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