Efektywność inwestowania na rynku kapitałowym w spółki odpowiedzialne społecznie
Effectiveness of investing on capital market into socially responsible corporations

Summary/Abstract: The RESPECT index is the first index of socially responsible corporations quoted at the Warsaw Stock Exchange since 19.11.2009. From its origination the index has contained approx. 20 companies out of about 400 domestic companies listed at WSE. Qualifying of the corporation to the index has been its promotion on the market and emphasizing its social virtues. In practice, the RESPECT index consists mostly of large companies of recognized market position and good economic condition. Therefore, it brings higher rate of return than the broad market portfolio at WSE (WIG index). Nonetheless, the volatility of RESPECT index is also higher comparing the volatility of WIG. An analysis of qualification of corporations to the index shows that investors get additional (relative) return from investments in the socially responsible companies only in the short period of time. The observation of corporations included in the RESPECT index does not confirm a possibility of gaining permanent investment profits due to a status of a socially responsible entity.

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