A study of the UJI reveals that socially responsible stock-market investment in Spain is equally efficient and safer‬‬



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## A study of the UJI reveals that socially responsible stock-market investment in Spain is equally efficient and safer‬‬ Spain is at the bottom of Europe in financial products with social and environmental sustainability criteria

12/01/2015 |
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* [![Mª Ángeles Fernández  inversio-responsable ma-fernandez](/com/noticies/2015/01/1q/inversio-responsable/ma-fernandez.jpg)](#)

Performing a socially responsible investment, which takes into account environmental, social and governance criteria in addition to the strictly financial ones, does not mean sacrificing stock returns, according to the study by the Sorges-Mercados Financieros group of the Universitat Jaume I, which reveals furthermore that such investments are less volatile in times of economic crisis, making them safer. Although empirical evidence shows that with regard to profitability, there are no significant differences in the stock behaviour among socially responsible investment and conventional investment, the development of such products in Spain is still at a very early stage, occupying the last position in the European markets.

María Ángeles Fernández Izquierdo, Professor of Financial Economics and Accounting, explains that in the current international financial literature exists an open debate on whether socially responsible investments involve a financial sacrifice (extra cost) or a prize (additional returns), without having, to date, a homogeneous conclusion about it.  In this context, the primary objective of the research carried by the Sorges-Mercados Financieros group sought to study the case of the Spanish stock market, analysing whether companies with a greater commitment to corporate social responsibility have different market behaviour. The study also assessed variables such as transparency and good corporate governance and how they act in economic cycles of growth and times of crisis.

The results of the empirical evidence in the study "Profitability, risk and market liquidity of socially responsible investing" show no significant differences in market behaviour between socially responsible investment and conventional investment in terms of market profitability.  "The importance of this result is that it has been shown  through different risk-return measures shown that there is no sacrifice when investing with social responsibility criteria" notes Fernández Izquierdo. "Also, if investors continue to demand responsible financial assets, it means that somehow they get other benefits in the investment function (environmental, social and corporate governance profitability). We also noted that this type of investment has lower volatility in periods of economic crisis, so that it is more secure", says the researcher.

Worldwide, socially responsible investment is developing exponentially in turnover, strategies and instruments.  Furthermore, it is now common for investors to choose different criteria including social and environmental sustainability and good governance in their investments, which can subsequently be monitored to measure the quality of their portfolios.  However, Fernández Izquierdo explains, "in Spain we are at the bottom of Europe regarding the growth of these products.  The Spanish panorama of socially responsible investment still has a limited range of products, being the employment pension funds the ones that have undergone further development on the inclusion of such criteria in their portfolios".

However, Sogres group considers that the extent to which different financial agents start finding the inescapable nature of integration of sustainability criteria as a driver of corporate social responsibility, business management systems will advance in the task of adding the classic objective of creating shareholder value by integrating these objectives, all based on the premise that social or environmental factors are increasingly important in business practices and are already part of the equation risk/return in international equity markets.

For the professor "the set of comprehensive, financial, environmental, social and governance risk analysis will create mechanisms to improve transparency and should be key when it comes to finding long-term sustainable solutions, since factors such as the lack of rigorous analysis and control of risks and lack of transparency in the market have been critical in the development of the current financial crisis".

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