Socially Responsible Finance: How to Optimize Impact
成果类型：
Article
署名作者：
Landier, Augustin; Lovo, Stefano
署名单位：
Hautes Etudes Commerciales (HEC) Paris
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhae055
发表日期：
2024
页码：
1211
关键词：
摘要：
Can a socially responsible fund (SRF) improve social welfare while maximizing assetsunder management? We consider a two-sector model integrating financial intermediation,emissions' negative externalities, and investors' social preferences with regard to valuealignment and impact. In scenarios with a high proportion of value-aligned investors,the SRF invests in clean sectors and compels recipients companies to use low-emissionsuppliers from the polluting sector, which appeals to both investor types. Alternatively, theSRF adopts a dual-fund approach, with one fund targeting clean sectors for value-alignedinvestors and another focusing on reducing direct emissions in polluting sectors to attractimpact investors.
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