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Socially Responsible Investment

A Multi-Criteria Decision Making Approach

  • Book
  • © 2015

Overview

Editors:
  1. Enrique Ballestero

    1. Department of Economics and Social Sciences, Universitat Politècnica de València, Alcoy, Spain

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  2. Blanca Pérez-Gladish

    1. Department of Quantitative Economics, University of Oviedo, Oviedo, Spain

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  3. Ana Garcia-Bernabeu

    1. Department of Economics and Social Sciences, Universitat Politècnica de València, Alcoy, Spain

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  • First book to approach socially responsible investment as a multicriteria decision making problem
  • Presents a normative, rather than a descriptive approach
  • Emphasizes the use of goal programming and compromise programming models to select ethical financial portfolios and to evaluate fund performance
  • Includes supplementary material: sn.pub/extras

Part of the book series: International Series in Operations Research & Management Science (ISOR, volume 219)

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Table of contents (14 chapters)

  1. Front Matter

    Pages i-xviii
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  2. Critical Issues in Ethical Investment

    1. Front Matter

      Pages 1-1
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    2. The Ethical Financial Question and the MCDM Framework

      • Enrique Ballestero, Blanca Pérez-Gladish, Ana Garcia-Bernabeu
      Pages 3-22

    3. Profiling Ethical Investors

      • Paz Méndez-Rodrı́guez, Laura Galguera, Mila Bravo, Karen Benson, Robert Faff, Blanca Pérez-Gladish
      Pages 23-52

    4. Social Performance and Financial Performance: A Controversial Relationship

      • Hajer Tebini, Bouchra M’Zali, Pascal Lang, Paz Méndez-Rodrı́guez
      Pages 53-73

    5. Measurement of Assets’ Social Responsibility Degree

      • Mila Bravo, Ana B. Ruiz, David Pla-Santamaria, Paz Méndez-Rodrı́guez
      Pages 75-108

  3. Goal Programming and SRI Funds

    1. Front Matter

      Pages 109-109
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    2. Portfolio Selection by Goal Programming Techniques

      • Enrique Ballestero, Ana Garcia-Bernabeu, Adolfo Hilario
      Pages 111-129

    3. Selecting SRI Financial Portfolios Applying MV-SGP Model

      • Enrique Ballestero, Ana Garcia-Bernabeu
      Pages 131-141

    4. An Actual Case of SRI Financial Portfolio Choice by MV-SGP

      • Enrique Ballestero, Ana Garcia-Bernabeu, David Pla-Santamaria, Mila Bravo
      Pages 143-152

  4. Compromise Programming and SRI Funds

    1. Front Matter

      Pages 153-153
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    2. Compromise Programming and Utility Functions

      • Enrique Ballestero, Ana Garcia-Bernabeu
      Pages 155-175

    3. Portfolio Selection by Compromise Programming

      • Enrique Ballestero, David Pla-Santamaria, Ana Garcia-Bernabeu, Adolfo Hilario
      Pages 177-196

    4. Ethically Constrained Portfolio Selection of Funds by CP Modelling: A Real World Environmental Case

      • Ana Garcia-Bernabeu, Blanca Pérez-Gladish, Adolfo Hilario
      Pages 197-210

    5. Evaluating Fund Performance from Financial and SRI Criteria

      • Ana Garcia-Bernabeu, Blanca Pérez-Gladish, Adolfo Hilario
      Pages 211-224

  5. Other Decision-Making Support Methods

    1. Front Matter

      Pages 225-225
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    2. Ranking Socially Responsible Mutual Funds Based on the Particular Preferences of the Decision Maker

      • Ana B. Ruiz, Bouchra M’Zali, Paz Méndez-Rodrı́guez
      Pages 227-262

    3. Portfolio Selection with SRI Synthetic Indicators: A Reference Point Method Approach

      • Paz Méndez-Rodrı́guez, Blanca Pérez-Gladish, José Manuel Cabello, Francisco Ruiz
      Pages 263-282

    4. Soft Computing Techniques for Portfolio Selection: Combining SRI with Mean-Variance Goals

      • Clara Calvo, Carlos Ivorra, Vicente Liern
      Pages 283-301
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Keywords

About this book

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.

Editors and Affiliations

  • Department of Economics and Social Sciences, Universitat Politècnica de València, Alcoy, Spain

    Enrique Ballestero, Ana Garcia-Bernabeu

  • Department of Quantitative Economics, University of Oviedo, Oviedo, Spain

    Blanca Pérez-Gladish

About the editors

Enrique Ballestero was a professor in Business and Finance at Technical University of Madrid and Emeritus professor at Technical University of Valencia (Alcoy School). He was a member of the International Society on Multiple Criteria Decision Making.

Blanca Pérez-Gladish is associate professor in the Department of Quantitative Economics at the University of Oviedo (Spain). She is also the coordinator of the Socially Responsible Investment and Sustainable Development Research Group. She received her PhD in 2001 and was appointed associate professor in 2009. Her research lines are focused on Multiple Criteria Decision Making and Socially Responsible Investment.

Ana Garcia-Bernabeu is associate professor in the Department of Economics and Social Sciences at the Technical University of Valencia. She received her PhD in 2000 and was appointed associate professor in 2004. Her expertise areas are decision analysis, environmental and natural resources and finance. She is member of the Socially Responsible Investment and Sustainable Development Research Group and of the International Society on Multiple Criteria Decision Making.

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