Socially Responsible Investment: A Multi-Criteria Decision Making Approach
Enrique Ballestero, Blanca Pérez-Gladish, Ana Garcia-Bernabeu
Springer, Nov 18, 2014 - Business & Economics - 301 pages
This book integrates socially responsible investment into modern portfolio theory from a multi-criteria perspective. Socially responsible investment is a “new deal” championed by the institutional investment and bank sectors, agents that influence mutual funds and other collective investment schemes and which fear that financial strategies without ethical constraints can harm sustainable growth and prosperity. The book shows how to combine financial criteria such as profitability and risk with non-financial criteria such as the protection of the ecosystem, responsible consumption of energy, and healthcare campaigns. The book’s first part presents critical issues in ethical investment, while the second explains in detail the application of goal programming techniques for SRI funds, illustrating their use in actual cases. Part three demonstrates how compromise programming can be applied in the contexts of portfolio selection and risk management. Finally, in its fourth part the book examines the application of other decision-making support methods like the Analytic Hierarchy Process (AHP) framework, the Reference Point Method, and soft computing techniques for portfolio selection.
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Alcoy analysis Analytic Hierarchy Process applied approach ARA coefficients assets Ballestero Business Ethics compromise programming computed considered constraints corporate social responsibility criterion dimensions economic efficient frontier efficient portfolios environment environmental ethical investment European Journal expected return financial performance fund invests fund managers fuzzy set goal programming impact of SP investing in companies investors Journal of Business Journal of Operational linear MACBETH MCDM measures of SP metric multicriteria objective obtained OE large Operational Research opportunity set optimization Pérez-Gladish portfolio selection problem profitability ranking Regression relationship between SP responsible mutual funds risk aversion sample screening shareholder resolutions Sharpe ratio social performance social responsibility degree Socially Responsible Investment socially responsible mutual solution SP and FP Spain SR-Investors stocks Table target theory Universidad de Oviedo utility function València variables variance Waddock and Graves