Flow performance relationship of ethical funds: evidence from socially responsible and the Shariah compliant funds
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The motivation to examine flow-performance relationship of Shariah compliant funds (SCFs) and Socially responsible funds (SRFs) is that investors investing in these two funds have certain non-financial motives such as religious, ethical, environmental etc. Renneboog et al., (2011) explained that more the investor is averse to certain non-ethical or non-religious corporate behavior the more satisfaction he/she gets by investing in the funds that are in line with his/her ethical or religious position. The above conjecture that the SRF and SCF investors chose funds based on a dual objective of socially responsible/religious investing and financial gains is in line with the way generally these funds advertise their funds emphasizing the importance of socially responsible/religious investing.
Shariah compliance funds (SCFs) , Social responsible funds (SRFs)
Naeem Azmi, Choudhary Wajahat and Ramadili Mohd, Shamsher Mohamad and Mohd Rasid, Mohamed Eskandar Shah. (2016). Flow performance relationship of ethical funds: evidence from socially responsible and the Shariah compliant funds. IF Hub, 3 (November 2016), pp. 17-19.