{"id":"https://openalex.org/W2000949391","doi":"https://doi.org/10.1016/j.jbankfin.2014.06.027","title":"Does it pay to be ethical? Evidence from the FTSE4Good","display_name":"Does it pay to be ethical? Evidence from the FTSE4Good","publication_year":2014,"publication_date":"2014-07-08","ids":{"openalex":"https://openalex.org/W2000949391","doi":"https://doi.org/10.1016/j.jbankfin.2014.06.027","mag":"2000949391"},"language":"en","primary_location":{"id":"doi:10.1016/j.jbankfin.2014.06.027","doi":"https://doi.org/10.1016/j.jbankfin.2014.06.027","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbankfin.2014.06.027","pdf_url":"https://www.sciencedirect.com/science/article/pii/S0378426614002428/pdf","source":{"id":"https://openalex.org/S2876017","display_name":"Journal of Banking & Finance","issn_l":"0378-4266","issn":["0378-4266","1872-6372"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Banking & Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://www.sciencedirect.com/science/article/pii/S0378426614002428/pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5029513685","display_name":"Yacine Belghitar","orcid":"https://orcid.org/0000-0001-7996-2891","observed_orcids":["https://orcid.org/0000-0001-7996-2891"]},"institutions":[{"id":"https://openalex.org/I82284825","display_name":"Cranfield University","ror":"https://ror.org/05cncd958","country_code":"GB","type":"education","lineage":["https://openalex.org/I82284825"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Yacine Belghitar","raw_affiliation_strings":["Cranfield School of Management, Bedford MK43 0AL, United Kingdom"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Cranfield School of Management, Bedford MK43 0AL, United Kingdom","institution_ids":["https://openalex.org/I82284825"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5030988693","display_name":"Ephra\u00efm Clark","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I60488453","display_name":"Middlesex University London","ror":"https://ror.org/01rv4p989","country_code":"GB","type":"education","lineage":["https://openalex.org/I60488453"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Ephraim Clark","raw_affiliation_strings":["Middlesex University Business School, Department of Accounting & Finance, London NW4 4BT, United Kingdom"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Middlesex University Business School, Department of Accounting & Finance, London NW4 4BT, United Kingdom","institution_ids":["https://openalex.org/I60488453"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5025496793","display_name":"Nitin Deshmukh","orcid":"https://orcid.org/0000-0003-2038-8930","observed_orcids":["https://orcid.org/0000-0003-2038-8930"]},"institutions":[{"id":"https://openalex.org/I60488453","display_name":"Middlesex University London","ror":"https://ror.org/01rv4p989","country_code":"GB","type":"education","lineage":["https://openalex.org/I60488453"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Nitin Deshmukh","raw_affiliation_strings":["Middlesex University Business School, Department of Accounting & Finance, London NW4 4BT, United Kingdom"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Middlesex University Business School, Department of Accounting & Finance, London NW4 4BT, United Kingdom","institution_ids":["https://openalex.org/I60488453"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5025496793"],"corresponding_institution_ids":["https://openalex.org/I60488453"],"apc_list":{"value":3340,"currency":"USD","value_usd":3340},"apc_paid":{"value":3340,"currency":"USD","value_usd":3340},"fwci":20.4758,"has_fulltext":true,"cited_by_count":124,"citation_normalized_percentile":{"value":0.98883652,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":98,"max":100},"biblio":{"volume":"47","issue":null,"first_page":"54","last_page":"62"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.5791000127792358,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.5791000127792358,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.2833999991416931,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.12430000305175781,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/socially-responsible-investment","display_name":"socially responsible investment","score":0.890999972820282},{"id":"https://openalex.org/keywords/ftse4good","display_name":"FTSE4Good","score":0.8019999861717224},{"id":"https://openalex.org/keywords/risk-adjusted-returns","display_name":"risk-adjusted returns","score":0.5540000200271606}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7282851934432983},{"id":"https://openalex.org/C122342681","wikidata":"https://www.wikidata.org/wiki/Q330828","display_name":"Skewness","level":2,"score":0.7246689796447754},{"id":"https://openalex.org/C33252445","wikidata":"https://www.wikidata.org/wiki/Q3713315","display_name":"Stochastic dominance","level":2,"score":0.682100772857666},{"id":"https://openalex.org/C2777382242","wikidata":"https://www.wikidata.org/wiki/Q6017816","display_name":"Index (typography)","level":2,"score":0.5833591222763062},{"id":"https://openalex.org/C196083921","wikidata":"https://www.wikidata.org/wiki/Q7915758","display_name":"Variance (accounting)","level":2,"score":0.5553337335586548},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5360650420188904},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.5298286080360413},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.5179897546768188},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.37401092052459717},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3513699769973755},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.12825945019721985},{"id":"https://openalex.org/C136764020","wikidata":"https://www.wikidata.org/wiki/Q466","display_name":"World Wide Web","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1016/j.jbankfin.2014.06.027","doi":"https://doi.org/10.1016/j.jbankfin.2014.06.027","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbankfin.2014.06.027","pdf_url":"https://www.sciencedirect.com/science/article/pii/S0378426614002428/pdf","source":{"id":"https://openalex.org/S2876017","display_name":"Journal of Banking & Finance","issn_l":"0378-4266","issn":["0378-4266","1872-6372"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Banking & Finance","raw_type":"journal-article"},{"id":"pmh:oai:eprints.mdx.ac.uk:15394","doi":null,"is_oa":false,"landing_page_url":"https://eprints.mdx.ac.uk/15394/8/1-s2.0-S0378426614002428-main.pdf","pdf_url":"https://eprints.mdx.ac.uk/15394/8/1-s2.0-S0378426614002428-main.pdf","source":{"id":"https://openalex.org/S4306400025","display_name":"Middlesex University Research Repository (Middlesex University Of London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I60488453","host_organization_name":"Middlesex University London","host_organization_lineage":["https://openalex.org/I60488453"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":"","raw_type":"Article"},{"id":"pmh:oai:eprints.mdx.ac.uk:17104","doi":null,"is_oa":false,"landing_page_url":"http://eprints.mdx.ac.uk/17104/1/Does%20it%20pay%20to%20be%20Ethical%20-%20JBF%20-%2019May%202014-1.pdf","pdf_url":"http://eprints.mdx.ac.uk/17104/1/Does%20it%20pay%20to%20be%20Ethical%20-%20JBF%20-%2019May%202014-1.pdf","source":{"id":"https://openalex.org/S4306400025","display_name":"Middlesex University Research Repository (Middlesex University Of London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I60488453","host_organization_name":"Middlesex University London","host_organization_lineage":["https://openalex.org/I60488453"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":"","raw_type":"Article"},{"id":"pmh:oai:RePEc:eee:jbfina:v:47:y:2014:i:c:p:54-62","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S0378426614002428","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:dspace.lib.cranfield.ac.uk:1826/14817","doi":null,"is_oa":true,"landing_page_url":"http://dspace.lib.cranfield.ac.uk/handle/1826/14817","pdf_url":null,"source":{"id":"https://openalex.org/S4306401778","display_name":"CERES (Cranfield University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I82284825","host_organization_name":"Cranfield University","host_organization_lineage":["https://openalex.org/I82284825"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"}],"best_oa_location":{"id":"doi:10.1016/j.jbankfin.2014.06.027","doi":"https://doi.org/10.1016/j.jbankfin.2014.06.027","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbankfin.2014.06.027","pdf_url":"https://www.sciencedirect.com/science/article/pii/S0378426614002428/pdf","source":{"id":"https://openalex.org/S2876017","display_name":"Journal of Banking & Finance","issn_l":"0378-4266","issn":["0378-4266","1872-6372"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Banking & Finance","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2000949391.pdf","grobid_xml":"https://content.openalex.org/works/W2000949391.grobid-xml"},"referenced_works_count":45,"referenced_works":["https://openalex.org/W1498782380","https://openalex.org/W1963593775","https://openalex.org/W1975011293","https://openalex.org/W1983978936","https://openalex.org/W1986932147","https://openalex.org/W2003492867","https://openalex.org/W2006811132","https://openalex.org/W2018459514","https://openalex.org/W2037607431","https://openalex.org/W2048489440","https://openalex.org/W2055846326","https://openalex.org/W2072656291","https://openalex.org/W2073928172","https://openalex.org/W2076209196","https://openalex.org/W2080447708","https://openalex.org/W2081590456","https://openalex.org/W2086273191","https://openalex.org/W2090041986","https://openalex.org/W2093911339","https://openalex.org/W2103293923","https://openalex.org/W2109556162","https://openalex.org/W2110521063","https://openalex.org/W2111448954","https://openalex.org/W2113102240","https://openalex.org/W2113511559","https://openalex.org/W2121372213","https://openalex.org/W2127999994","https://openalex.org/W2136120210","https://openalex.org/W2140814689","https://openalex.org/W2192201279","https://openalex.org/W2485248876","https://openalex.org/W2524085542","https://openalex.org/W3121353771","https://openalex.org/W3122074755","https://openalex.org/W3122123991","https://openalex.org/W3122187992","https://openalex.org/W3123009431","https://openalex.org/W3123774229","https://openalex.org/W3124583615","https://openalex.org/W3125246470","https://openalex.org/W3125881449","https://openalex.org/W3163979064","https://openalex.org/W4241584625","https://openalex.org/W4285719527","https://openalex.org/W6679135707"],"related_works":["https://openalex.org/W3045604307","https://openalex.org/W7000010943","https://openalex.org/W7018515492","https://openalex.org/W7128410634","https://openalex.org/W2604810423","https://openalex.org/W2164993793","https://openalex.org/W36869317","https://openalex.org/W7032869476","https://openalex.org/W1593603525","https://openalex.org/W2345413499"],"abstract_inverted_index":{"The":[0],"empirical":[1],"mean\u2013variance":[2],"evidence":[3,53],"comparing":[4],"the":[5,23,28,31,95,98,107,112,117,132,141],"performance":[6],"of":[7,33,69,80,131],"Socially":[8],"Responsible":[9],"Investments":[10],"(SRI)":[11],"and":[12,92,110,126,143],"conventional":[13,81,118,144],"investments":[14],"suggests":[15],"that":[16,54],"there":[17,55],"is":[18,56],"no":[19],"significant":[20],"difference":[21],"between":[22],"two.":[24],"This":[25],"paper":[26],"re-examines":[27],"problem":[29],"in":[30,97,116],"context":[32],"Marginal":[34],"Conditional":[35],"Stochastic":[36],"Dominance":[37],"(MCSD),":[38],"which":[39],"can":[40],"accommodate":[41],"any":[42],"return":[43],"distribution":[44],"or":[45],"concave":[46],"utility":[47],"function.":[48],"Our":[49],"results":[50],"provide":[51],"strong":[52],"a":[57],"financial":[58],"price":[59],"to":[60,114],"be":[61],"paid":[62],"for":[63],"socially":[64,70],"responsible":[65,71],"investing.":[66],"Indices":[67],"composed":[68,79],"firms":[72,82,96],"are":[73],"MCSD":[74,139],"dominated":[75],"by":[76,86,90,105],"trademarked":[77],"indices":[78,87,134,145],"as":[83,85],"well":[84],"carefully":[88],"matched":[89],"size":[91],"industry":[93],"with":[94],"SRI":[99,108,142],"indices.":[100],"Zero":[101],"cost":[102],"portfolios":[103],"created":[104],"shorting":[106],"index":[109,119],"using":[111],"proceeds":[113],"invest":[115],"generate":[120],"higher":[121,127],"average":[122],"returns,":[123],"lower":[124],"variance":[125],"skewness":[128],"than":[129],"either":[130],"two":[133],"standing":[135,146],"alone.":[136,147],"They":[137],"also":[138],"dominate":[140]},"counts_by_year":[{"year":2026,"cited_by_count":6},{"year":2025,"cited_by_count":7},{"year":2024,"cited_by_count":17},{"year":2023,"cited_by_count":14},{"year":2022,"cited_by_count":13},{"year":2021,"cited_by_count":11},{"year":2020,"cited_by_count":15},{"year":2019,"cited_by_count":15},{"year":2018,"cited_by_count":6},{"year":2017,"cited_by_count":7},{"year":2016,"cited_by_count":8},{"year":2015,"cited_by_count":5}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}