Društveno odgovorno ulaganje te primjena ekoloških, socijalnih i upravljačkih kriterija ulaganja

master's thesis

• Title (english): Socially responsible investing and implementation of environmental, social and governance criteria
• Author: Tihana Nađ
• Mentor: Lidija Dedi (mentor)
• Committee member: Silvije Orsag (predsjednik povjerenstva)
• Committee member: Denis Dolinar (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2020-09-22, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Osnovni cilj istraživanja ovog rada je pružiti bolji uvid u koncepte i strategije ulaganja pod nazivom društveno odgovorno ulaganje i primjena ekoloških, socijalnih i upravljačkih kriterija ulaganja. Iako iz sporednih strategija polako prelaze u dominantne „mainstream“ strategije, oba koncepta izazivaju nejasnoće i nedovoljno razumijevanje njihovih karakteristika, sličnosti i razlika od strane šire javnosti, zbog pojmovne nekonzistentnosti i ubrzanog razvoja ovog relativno novog područja.

Istraživanje je primarno provedeno analizom dostupne akademske i stručne literature, a zatim i analizom karakteristika i uspješnosti odabranih financijskih instrumenata korištenjem informacijsko-trgovinske platforme Bloomberg Terminal.

Društveno odgovorno ulaganje je koncept ulaganja koji svoje začetke ima u primjeni različitih religioznih i etičkih normi prilikom donošenja odluka o ulaganju, a podrazumijeva uključivanje nefinancijskih ciljeva ulaganja pored financijskog povrata, zatim poticanje društvene odgovornosti i pozitivne društvene promjene. Primjena ekoloških, socijalnih i upravljačkih kriterija u procesu donošenja odluka o ulaganju svoje korijene ima u tradicionalnom konceptu društveno odgovornog ulaganja, no ona se smatra modernijim pristupom, usmjerenim na povećanje profitabilnosti ulaganja kroz sveobuhvatniju analizu poduzeća i sektora, izvan isključivo financijskih kriterija te postaje dio temeljnog procesa analize u postupku donošenja odluka o ulaganju. Najveću rasprostranjenost strategije imaju u zemljama razvijenog svijeta, posebice Europi i SAD-u, uz dominaciju aktivno upravljanih otvorenih investicijskih fondova, kao proizvoda na koje se strategije primjenjuju. Iako se društveno odgovorno ulaganje smatra zastarjelim konceptom u odnosu na primjenu ekoloških, socijalnih i upravljačkih kriterija ulaganja, analiza uspješnosti po jednog odabranog financijskog instrumenta koji primjenjuju svaku od strategija na američkom dioničkom tržištu, pokazala je veći ostvareni financijski povrat za strategiju društveno odgovornog ulaganja, u promatranom periodu od posljednjih nekoliko godina.

Abstract (english)

The main objective in this paper is to provide a better insight into the concepts and strategies of socially responsible investing and the application of environmental, social and governance criteria in investing. Although they are slowly moving from secondary strategies to dominant mainstream strategies, both concepts cause ambiguity and insufficient understanding of their characteristics, similarities and differences by the general public, due to conceptual inconsistency and accelerated development of this relatively new area.

The research was primarily conducted by analyzing the available academic and professional literature, following with the characteristics and performance analysis of selected financial instruments using the information-trading platform Bloomberg Terminal.

Socially responsible investing is a concept of investing that has its origins in the application of various religious and ethical norms in investment decisions. In addition to financial return, socially responsible investing involves the inclusion of non-financial investment goals, encouraging social responsibility and positive social impact. Also, the implementation of environmental, social and governance criteria in the investment decision-making process has its roots in the traditional concept of socially responsible investing, but it is considered a more modern approach, aimed at increasing investment profitability through a more comprehensive analysis of companies and sectors, beyond purely financial criteria. Environmental, social and governance criteria is becoming a part of the fundamental analysis in the investment decision-making process. These strategies are most prevalent in the developed world, especially in Europe and the United States, with the dominance of actively managed open-end investment funds as the products to which the strategies are applied. Although socially responsible investing is considered an outdated concept compared to the application of environmental, social and governance investment criteria, the performance analysis of selected financial instrument applying separate strategies in the US stock market during the last several years showed a higher financial return for a socially responsible investment strategy.

• Keywords: društveno odgovorno ulaganje; primjena ekoloških; socijalnih i upravljačkih kriterija ulaganja; održivo ulaganje
• Keywords (english): socially responsible investing; SRI; environmental; social and governance criteria; ESG; sustainable investing
• Language: croatian
• URN:NBN: urn:nbn:hr:148:164437
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access; Embargo expiration date: 2021-03-24
• Created on: 2020-09-24 09:32:46