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There is growing evidence that ESG investments have demonstrated higher resiliency to the COVID-19 pandemic shock. While the performance of mutual funds is largely documented, there is limited evidence on stocks, especially in the European market. In this paper we focus on the environmental dimension of firms and we identify a green cluster among listed companies in the EU using a comprehensive database of environmental information. We let the data speak: we identify three clusters of firms (green, non-green and brown) by using clustering techniques and we evaluate their financial performances (return, risk and liquidity) over the full sample period and around the COVID-19 Crisis. We find that green firms yielded a lower return than non-green firms, especially after the Paris Agreement. However, in March 2020, green firms performed better than the other clusters. We find evidence that the COVID-19 period is not a special case, since green firms perform generally better during market contractions. We then extend standard asset pricing models by including the Green Risk Factor, the difference between the green and brown portfolios’ returns and we find that the Factor is significant for a large fraction of firms suggesting that climate risk is priced in stocks.

The digitization of the administration and the governance process implies a number of advantages that we cannot ignore, but these advantages are supported by a series of disadvantages and unforeseen situations, but by far the biggest threat is Cyberterrorism. Romania aims both to encourage the indigenous information environment and the services specific to the information society, but also to ensure the fulfilment of the objectives assumed in the area of national security and to protect the fundamental rights and freedoms of citizens. Currently anyone can be the target of a cyber-attack, and the most important state institutions are usually the first ones targeted. The weak point remains the human factor, the user of the computer system. That is why in any strategy of “Cybersecurity” its awareness and training from the point of view of computer security plays a vital role. The fact that so far, no attacks have been reported with major impact on public institutions, strategic companies with state and / or private capital or critical infrastructure elements, denotes that the strategy adopted by Romania is a viable one, but must be constantly updated in depending on the dynamics of the threats.

In order to encourage the stability of rice production, the government set a policy to implement integrated factory management (GP-PTT) and other rice intensification action included application which System of Rice Intensification (SRI). The purpose of this study is to determine farmers' perceptions of the application of SRI cultivation methods, and to determine the relationship between farmer characteristics and perceptions of the application of the SRI method. The study was conducted from October to December 2018. The study located at Gampong Cot Kareung, Indrapuri sub-district, Aceh Besar district, Aceh Province. There were 30 members of Tani Bijeh Mata Women's Group were targeted as research respondents. The basic analytics is descriptive method and the data analyzed by spearman rank correlation. The results of this study as a whole the average perceptions of farmers members of KWT Bijeh Mata conducted have a value of 3.3 by using the Likert measurement scale indicating that the level of perception is still categorized as good. There is a relationship between age characteristics and farmers' perceptions and there is a strong relationship to the characteristics of ownership status with perception. As for income characteristics, land area, education, experience and intensity of participating in agricultural training did not have a relationship with farmers' perceptions of the SRI cultivation method.Abstrak: Untuk mendukung stabilitas produksi beras, pemerintah menetapkan kebijakan untuk menerapkan manajemen pabrik terpadu (GP-PTT) dan gerakan intensifikasi padi lainnya yang mencakup pengembangan System of Rice Intensification (SRI). Tujuan dari penelitian ini adalah untuk mengetahui persepsi petani terhadap penerapan metode budidaya SRI, dan untuk mengetahui hubungan antara karakteristik petani dengan persepsi terhadap penerapan metode SRI. Penelitian dilakukan pada bulan Oktober sampai Desember 2018. Lokasi penelitian dilakukan di Gampong Cot Kareung, Kecamatan Indrapuri, Kabupaten Aceh Besar, Provinsi Aceh. Populasi dalam penelitian ini yang dituju adalah petani yang berada di Kelompok Wanita Tani Bijeh Mata yang beranggotakan sebanyak 30 orang. Metode analisis yang digunakan yaitu metode deskriptif dan korelasi rank spearman. Hasil penelitian ini secara keseluruhan rata rata persepsi petani anggota KWT Bijeh Mata dilakukan memiliki nilai 3,3 dengan menggunakan skala pengukuran likert menunjukkan bahwa tingkat persepsi masih dikategorikan baik. Adanya hubungan antara karekteristik umur dengan persepsi petani serta terdapat hubungan yang cukup kuat pada status kepemilikan dengan persepsi. Untuk karakteristik pendapatan, luas lahan, pendidikan, pengalaman serta intensitas mengikuti pelatihan pertanian tidak memiliki hubungan dengan persepsi petani terhadap metode budidaya SRI.

Based on the data of 82 meteorological stations and six representative hydrological stations in four provinces in Southwest China (Guizhou, Sichuan, Yunnan, Chongqing), this paper uses standardized precipitation evapotranspiration index (SPEI) and standardized runoff index (SRI) to analyze the spatial and temporal evolution characteristics of drought in the study area from 1968 to 2018. Combined with the Southwest monsoon index and historical drought data, the correlation of drought and the applicability of different drought indices were verified. The results show that: (1) SPEI-12 in Southwest China shows a downward trend from 1968 to 2018, with a linear trend rate of −0.074/10a, and SPEI-3 has a downward trend in four seasons, the maximum linear trend rate being −0.106/10a in autumn, (2) The change in SRI-12 and SRI-24 value directly reflected the decrease in SRI value, indicating that drought events are increasing in recent times, especially in the 21st century (3). Severe drought occurred in the south of Southwest China, as indicated by the increase of drought frequency in this area. The main reason for the variations in the frequency distribution of drought in Southwest China is the combined effect of the change of precipitation and evapotranspiration. (4) The correlation between hydrological drought index and disaster areas is stronger than the correlation between meteorological drought and disaster areas.

This study aimed to establish a water-saving irrigation technique-based Smart Field Cultivation Server (SFCS) for paddy field irrigation by employing information and communication technologies. The development of SFCS considered the requirement on rice growth, pest development, and fieldwork management. The proposed SFCS is equipped with a solar power supply system and consisted of sensors including illumination, air temperature, air humidity, water level, soil moisture content, soil electronic conductivity, and soil temperature. Narrowband Internet of Things (NB-IoT) is used for data transmission due to the data size and transmitting frequency. A smartphone-based application (APP) has been developed for users to monitor field environment by tabular, dashboard panel, and whisker chart box, provides multiple data display ways for different purposes. Moreover, a proposal for a water-saving irrigation technique named system of probiotics rice intensification (SPRI) has been integrated into the APP. With the developed APP, farmers will receive fieldwork reminders by calendar day that water-saving irrigation may be possibly implemented. The SFCS is not only shown ability on the field monitoring but also links the gap between the fieldwork application and modern technology.

In this paper, we explore the relationship between a firm’s environmental policies and their risk-adjusted stock returns, using a sample of stock exchange-listed Australian firms over the period of 2010–2018. We observed a positive and statistically significant relationship suggesting that a firm’s environmental policies partially explain their stock performance. Moreover, we found that investors in the Australian market significantly value a companies’ efforts to reduce emissions, and that this primarily drives the investors’ observed reaction to a firm’s social corporate policies. Next, we formed portfolios and observed that portfolios formed on high environmental, social, and governance (ESG) Environmental Pillar scores consistently outperformed those formed on low-ESG Environmental Pillar scores. Overall, our results lend support to the notion that investors in the Australian market value information about a firm’s social policies.

International audience; A number of recent works have dealt with ethical investment funds, with a greater focus on the mechanisms by which these funds operate or are profitable. These studies have very rarely focused on their performance. The purpose of this paper is therefore to compare ethical and standard or conventional investment funds in terms of performance, focusing on the case of equity funds in Morocco and using the Sharpe index as a method of assessment. Overall, the statistical study shows a reconciliation of the average returns of the two samples and a divergence in terms of performance and risk. Taken individually, ethical values are well positioned in terms of profitability and much less so in terms of performance. Finally, contingency factors allowed a better understanding of the differences within the ethical group, both in terms of profitability and financial performance, in this case age and size.

Differences in investor motivations have been largely neglected as a topic in the literature on socially responsible investment. Most research studies consider all investors as a homogeneous group. This chapter aims to contribute to the strand of literature that focuses on dissimilarities. Particular attention is given to motivations that drive individual investors toward socially responsible investment. Motivations, in fact, may influence the financial instruments chosen, the strategy adopted, the amount of money invested, and the level and direction of the trade-off between the two main sources of utility for ethical investors, which are ethics and profit. Furthermore, the concept of “ethical intensity” is introduced to achieve a better understanding of investors’ willingness and effective choice with regard to the ethical investment process. The suggested components of “ethical intensity” are (a) “proximity,” that is, the closeness of an investment’s ethical criteria to an investor’s ethical set of values or moral justification; (b) “social efficacy,” such as the perceived ability to encourage social change; (c) “centrality,” that is, the “position” of the investor in the process; and (d) the temporal immediacy (“urgency”).

As water scarcity becomes a more pervasive agricultural constraint, any intervention to limit the water requirements in rice cultivation will enhance the overall sustainability and food security in the face of climate change. System of rice intensification (SRI) is a methodology for increasing the rice productivity using reduced inputs, including seeds and chemical fertilizers, and water requirements and has a potential for climate change mitigation through avoiding flooded conditions on rice fields which brings down methane emissions from rice cultivation. It also enhances the resilience of rice cultivation systems against climate risks as it generates healthier and more robust rice plants with deep and more vigorous root systems. Field experiment was conducted during wet season (June- November) 2011 to assess the rice productivity and water usages of a Basmati rice varieties viz., Basmati 370, Ranbir Basmati, Basmati 564, Sanwaal Basmati, Toraori Basmati and Nagina 22 (N22) under SRI and conventional transplanted (CTP) methods of rice cultivation. Among the different rice production methods, system of rice cultivation (SRI) produced significantly higher grain yield (3850 to 5200 kg ha-1) than the transplanted rice (3650 to 5000 kg ha-1). Total water productivity of the SRI was 19.3 % higher with saving of 25% irrigation water as compared to conventional method. Among genotypes N 22 had the highest per day productivity (45.02), followed by Basmati 564 (41.60) and Sanwaal Basmati (37.54). This also helps to reduce the water requirement and facilitates to avoid water stress specially rice grown in tail end areas.

The article presents the results of five years of research on transparency levels regarding the disclosure non‑financial data by companies listed on the Warsaw Stock Exchange (WSE). The research was conducted as part of a project entitled “ESG analysis of companies in Poland”. The goal of the project is to provide credible knowledge about the quality of environmental, social and corporate governance (ESG) data on the Polish capital market. The article mainly contains the results of a comprehensive analysis of how well the listed companies reported ESG related data in 2016. The five years of analysis enable us to show a change in the level of non‑financial data disclosure between 2012 and 2016.1 The results of the research show that, from an investor’s perspective, there is still a huge information gap on the Polish capital market, especially in the reporting of environmental and social data.

In recent years, financial and demographic conditions, including low interest rates and volatile equity markets, have been testing the endurance of pension systems. Concern about the sustainability of pension systems has prompted discussion about introducing individual choices under the collective choice mandate. An ongoing discussion seeks to provide more freedom of choice and to shift towards a more individualized risk system within the collective mandate. This suggested individualization will increase operational costs but aims to keep pensions at current levels by shifting risk onto employees. Following the theory of planned behaviour (TPB), the objective of this paper is to examine pension beneficiaries’ intention to adopt a portfolio consisting of socially responsible and impact investments. We employ confirmatory factor and regression analyses to better understand pension beneficiaries’ attitudes, social norms, perceived consumer effectiveness, and intentions for such a choice. Responses from 637 respondents from a Dutch pension administrative organization were collected and identified as a valid sample. Consistent with the theory, the results of our analysis revealed that attitudes and social norms positively affected individuals’ intention to invest in this specific portfolio. Furthermore, we expand our model and incorporate perceived consumer effectiveness and consumer confidence as important factors influencing and moderating socially responsible behaviour, respectively. Our results imply that understanding the behavioural determinants affecting pension beneficiaries’ intentions can be an effective tool for increasing their involvement in pension affairs by making their own choices. Our findings yield policy recommendations for stimulating socially responsible investment behaviour in pension beneficiaries by examining the determinants of human behaviour.

In socially responsible investment (SRI), engagement forms one of the core strategies of institutional investors. In investigating the case of Dutch pension funds, this study answers the following questions: what networks shape engagement with investees, and what factors determine the effectiveness of engagement? The methods we used were interviews and a multiyear survey. Engagement was practised by 82% of the largest Dutch pension funds in 2016 and was implemented by asset managers and service providers. However, these actors are isolated from actors outside the financial sector. The legitimacy of the investor influences the effectiveness of engagement, whereas the number of shares is less important. The relationship between the engager and investee and the receptivity of the investee towards engagement are also of importance. Engagement can be made more effective when pension funds focus on specific themes, target companies open to engagement, and also seek collaboration with societal and policy actors.

Using a hierarchical Bayesian estimation of a discrete choice conjoint model, this research examines preferences for different responsible investment characteristics from the perspective of pension beneficiaries. We conducted a choice-based conjoint experiment in which participants were invited to select a preferred investment portfolio among different options by combining attributes such as socially responsible investments and impact investments. Based on a sample of 334 respondents, the results show the utility and relative importance that members of the administrative organization of a Dutch pension fund with a cooperative structure attach to the socially responsible portfolio. Latent class analysis yielded three segments of pension beneficiaries with different levels of psychological distance toward socially responsible investments.

Purpose: From December 2015 to August 2018, the shares ownership of NGOs in the Indonesian equity market growing more than 80% for domestic and 120% for foreign. This study is aim to empirically test the NGO investment preferences in the Indonesia Stock Exchange based on the unique data set of free float shares ownership by NGOs in Indonesia Stock Exchange. The authors identify the impact of the firm size, firm liquidity level and recognition of sustainability as factors that imply the preferences of the foreign NGOs ownership in the Indonesia equity market. Design/Methodology/Approach: A new dataset from Indonesia evidence addresses insight of the importance to analyze the preference of NGO investors’ ownership in the stock market. In this study, the researchers examine two models to test the impact of market capitalization, liquidity and recognition of sustainability on the subsequent of NGO shares ownership. The analysis of stock ownership model performs by ordinary-least-squares (OLS) regression approach. Robustness test confirmed that the data do not contain any of window dressing and trade discreteness effects. Findings: The main result of this study shows that foreign NGO prefers to hold more ownership on the firms with recognition of sustainability. There were also found that foreign NGOs prefers to holdings fewer variety stocks, bigger market capitalization compared to domestic NGOs. Implications/Originality/Value: This study contributes to the debate of the important role of NGOs to foster a better investment environment in the emerging equity market. It also may help Indonesia Stock Exchange and Indonesia Financial Services Authority in making regulation and laws concerning NGOs role that significant to the sustainable investment improvement in the equity market

The study aims to determine the farmer's perception of agricultural extension video System of Rice Intensification (SRI) as a information medium of organic agricultural for farmers. This research was a descriptive case study approach. Implementation of the research was conducted using survey techniques to 30 farmers in the Andong village, Boyolali District. The results showed that 73.33% of respondents had a good perception of SRI video capabilities in attracting the attention of farmers, 70.00% of respondents had a good perception of the ability of SRI video shows the importance of organic farming, 73.33% of respondents had a good perception the ability of the video to shows the solution for farmers problem and 83.33% of respondents had a good perception of the SRI video capabilities in showing a clear process, the audio and visual was attractive and easy to understand. It was concluded that the farmers have a good perception of the agricultural extension SRI video is quite effective as a education medium of organic agricultural for the farmers that are containt of attention, needs, satisfaction and visualization. Expected media outreach video was capable of facilitating the dissemination of SRI among farmers.

We review the literature on ESG and Socially Responsible Investment with a special focus on fixed-income investments. Most of the academic research is focused on the link between corporate CSR and ESG activities, investors’ SR engagement and stock returns and firm value. Very few studies examine the link between firm ESG policies and bond prices, risks and returns, and the performance of SR FI funds. The studies linking CSR to firm value suggest that higher CSR leads to higher corporate value, higher equity returns, and lower risk, enhancing the general collateral value of the firm. The FI income studies provide mixed evidence about the link between issuer ESG scores and bond prices and return characteristics: the bonds of issuers with both excellent and very poor ESG behavior tend to underperform the bonds of issuers with neither very strong nor very poor ESG scores. Lastly, while issuers’ ESG excellence may have led to both their equity and debt outperforming those of poorer ESG issuers in the 1990s, this out-performance halved in the first part of the 2000s and completely disappeared after the financial crisis. Markets seem now to largely price ESG performance into equity and bond prices.

Socially responsible investments are one of the most dynamically developing segments of investments and socially responsible investing plays an ever growing role in the world’s financial markets. Poland is in the infancy stage of development of socially responsible investments. Socially responsible investing is a decision-making process concerning the allocation of free financial resources, where the investor aims at maximisation of profit and minimisation of risk on one part, and includes the socio-ethical and environmental-ecological considerations on the other. The aim of the paper is to assess the valuation methods and the scope of information on socially responsible investments presented in financial statements of Polish public companies. Assessment of the market of socially responsible investments in Poland according to the European classification of strategies for investing socially responsibly is also purposeful. The paper presents the results of empirical research of valuation and disclosure of SRI in financial statements of Polish public companies.

Given that sustainable investing constitutes a major force across global financial markets, in 2016 Morningstar began reporting Morningstar Sustainability scores. We used the 2016, 2017 and 2018 scores to study the e ects of socially responsible investments (SRI) on European equity fund performance. Sustainability scores impacted positively on performance, which was consistent with the idea that the mutual funds invested in companies with better scores generate better risk-adjusted and not-risk adjusted performance. We also tested the relation on mutual fund flows and risk. The sustainability score in the previous year is significant on the flows, so higher-rated funds receive a larger volume of funds. In terms of risk, the level of sustainability is negatively related to the value at risk (VaR) of the fund, supporting that higher scored mutual funds o er better protection against extreme losses This research was funded by (1) the Galician Regional Government ED431B 2017/34 and ED431D 2017/19 co-funded by the European Regional Development Fund (ERDF/FEDER) within the period 2014-2020 and (2) the Ministry of Science, Innovation and Universities (MCIU), the Spanish State Research Agency (AEI) and European Regional Development Fund (RTI2018-100702-B-I00 MCIU/AEI/FEDER, UE) SI

Serotonin has important roles in the development of the brain and other organs. Manipulations of synaptic serotonin by drugs such as serotonin reuptake inhibitors (SRI) or serotonin norepinephrine reuptake inhibitors (SNRI) might alter their development and function. Of interest, most studies on the outcome of prenatal exposure to SRI in human have not found significant embryonic or fetal damage, except for a possible, slight increase in cardiac malformations. In up to a third of newborns exposed to SRI, exposure may induce transient neonatal behavioral changes (poor neonatal adaptation) and increased rate of persistent pulmonary hypertension. Prenatal SRI may also cause slight motor delay and language impairment but these are transient. The data on the possible association of prenatal SRIs with autism spectrum disorder (ASD) are inconsistent, and seem to be related to pre-pregnancy treatment or to maternal depression. Prenatal SRIs also appear to affect the hypothalamic hypophyseal adrenal (HPA) axis inducing epigenetic changes, but the long-term consequences of these effects on humans are as yet unknown. SRIs are metabolized in the liver by several cytochrome P450 (CYP) enzymes. Faster metabolism of most SRIs in late pregnancy leads to lower maternal concentrations, and thus potentially to decreased efficacy which is more prominent in women that are rapid metabolizers. Studies suggest that the serotonin transporter SLC6A4 promoter is associated with adverse neonatal outcomes after SRI exposure. Since maternal depression may adversely affect the child’s development, one has to consider the risk of SRI discontinuation on the fetus and the child. As with any drug treatment in pregnancy, the benefits to the mother should be considered versus the possible hazards to the developing embryo/fetus.

The goal of the study is to present the innovative attractiveness of the extra-European departmentsand regions of France (DROM): Guadeloupe, Martinique, French Guiana and Reunion. On thebasis of the Regional Innovation Strategies – Strategie Regionale d’Innovation (SRI) – and initiativesof Synergile, Capenergies and others, the direction of the implemented investments will be presented,as well as effective creation of research-business synergy and prospects of its further intensificationduring economic recession. Such factors as acceleration of knowledge creation, accessibility of basiccommunication techniques or systems of flexible specialization – which are the primary determiners ofa knowledge-based economy spatial formation – are subject to analysis and assessment. The process ofits formation in the DROM regions results from the materialization of the Lisbon Strategy and Europe2020 programme guidelines. The example of the Overseas France proves that technologically advancedindustries may not only be localized in metropolitan areas, but also in peripheral regions, traditionallyviewed as less attractive ones. Moreover, the DROM regions remain to be an exemplification of the ‘learning region’ concept, which is proved by the effective involvement of particular innovation centresin the promotion of modern branches of industry.

The paper discusses the issue of the effects of using SRI strategies on performance and risk of investment portfolios. During the research procedure, a number of goals were executed which is reflected by the article’s structure. In the first place, potential directions of the effects of using SRI strategies on portfolio parameters were indicated. Generally, these are hypotheses about 1) positive; 2) negative; 3) neutral impacts of SRI on investment portfolio parameters. Then the main streams in the research on SRI were identified. These streams are mainly based on: modern portfolio theory, the costs of an asset selection conception and the analysis of the correlation between CSR policy and company profitability. Moreover, the research stream which focuses on the relationship between the social responsibility of business and its competitive position was identified. The performed wide review of the literature raising the issues of performance and risk of SRI allows us to make an attempt to synthesize the results obtained by various authors. This synthesis is based on criteria such as: subjective scope, geographical span, methodology and findings of particular research. The main finding of the research is that despite many attempts in which various methods were used, so far there is no firm evidence to support or reject any of the above formulated hypotheses.

International audience; no abstract

The System of Rice Intensification (SRI) is claimed to be a novel approach to rice cultivation that is both more productive and more sustainable than conventional methods. Such claims have been challenged or dismissed by many rice scientists, however. Despite the lack of clear and unequivocal endorsement by science, SRI seems to have spread widely and rather quickly to many rice-growing regions, including various areas of India. This paper discusses how and considers why SRI seems to have attracted the support of diverse stakeholders in Indian rice farming. As such, the SRI phenomenon should be taken seriously. Nevertheless, many scientific questions remain to be answered, concerning the biophysical mechanisms involved in SRI and their effects on plant performance and crop yields, the true spread of SRI practices among farmers and the system’s impacts on farm livelihoods, rice production and resource use. Indian enthusiasm for SRI implies a level of dissatisfaction with conventional approaches to rice intensification and a demand for new methods that can address the perceived problems and challenges of agriculture in the future.

During the last century, Algeria experienced a rainfall deficit was recorded in 1944, then successive drought periods since 1975 to the present day in Northen and Eastern. The most recent has repercussions on water resources and on agriculture. In this paper, we focus on the meteorological and hydrological drought. For describing and monitoring drought severity periods, we used meteorological and hydrological drought indices: Standardized Precipitation Index (SPI), effective Drought Index (EDI) and the standardized Runoff Index (SRI). Data was recording for the period of 30 years at Wadi Louza catchment (NW- Algeria). The best correlation between meteorological drought indices was found for 9-month time step. The results show that severe meteorological identified in March-1983 till the end of August-1984 in Sid Ahmed region and extreme hydrological drought during 1993.Keywords: Rainfall deficit; EDI; SPI; SRI; Wadi El Hammam

The article quoted a data showing the observed trend of the growing importance in the corporate social responsibility. Important from the point of view of that growth was a comparison of the functions performed by the indexes CSR/SRI/ESG on present day. The main purpose of this article is to analyse the behaviour of some of the world stock market indices of socially responsible companies (DJSI World, DJSI North America, FTSE4GOOD Global, MSCI KLD 400 Social, CALVERT Social (CSI), MSCI World ESG, STOXX Europe Sustainability, DJSI Europe). The article also includes a comparative analysis of the results of indexes RESPECT, WIG20, mWIG40 i sWIG80, and also WIG-BANKI, WIG-BUDOW, WIG-CHEMIA, WIG-DEWEL, WIG-ENERG, WIG-INFO, WIG-MEDIA, WIG-PALIWA, WIG-SPOZYW, WIG-SUROWC, WIG-TELKOM. Analysis of the global index was based on data obtained from the Datastream database, the data to the comparison RESPECT Index with other indices came from the databases of Warsaw Stock Exchange and Parkiet The newspaper of the Stock Exchange. The data being presented show that the performance indices (trend) in the chosen periods behave similarly, but their efficiency varies. Not all index's values for two of the examined periods were characterized by growth. The results also show that investments in socially responsible businesses in selected capital markets are not associated with resistance to the collapse of the stock market. Information about the participation of the company in the index is not a guarantee to the investor that the investment in the company in question will bring a reasonable return. W artykule przytoczono dane wskazujące na obserwowany trend dotyczący wzrostu znaczenia społecznej odpowiedzialności biznesu. Istotne z punktu widzenia tego wzrostu było zestawienie funkcji, jakie pełnią obecnie giełdowe indeksy CSR/SRI/ESG. Głównym celem niniejszego artykułu jest analiza zachowania się wybranych światowych indeksów giełdowych spółek społecznie odpowiedzialnych (DJSI World, DJSI North America, FTSE4GOOD Global, MSCI KLD 400 Social, CALVERT Social (CSI), MSCI World ESG, STOXX Europe Sustainability, DJSI Europe). Opracowanie obejmuje także analizę porównawczą wyników indeksów RESPECT, WIG20, mWIG40 i sWIG80, a także WIG-BANKI, WIG-BUDOW, WIG-CHEMIA, WIG-DEWEL, WIG-ENERG, WIG-INFO, WIG-MEDIA, WIG-PALIWA, WIG-SPOZYW, WIG-SUROWC, WIG-TELKOM. Analiza dotycząca światowych indeksów była oparta na danych pozyskanych z bazy Datastream, natomiast dane do części publikacji związanej z porównaniem indeksu RESPECT z innymi indeksami warszawskiej giełdy pochodziły z serwisów Giełdy Papierów Wartościowych w Warszawie oraz Parkietu Gazety Giełdy. Zaprezentowane dane wskazują, że wyniki światowych indeksów (trendy) w badanych okresach zachowują się podobnie, jednak ich efektywność jest zróżnicowana. Nie wszystkie wartości indeksów w badanych dwóch okresach charakteryzowały się wzrostem. Otrzymane wyniki pokazują również, że inwestycje w przedsiębiorstwa społecznie odpowiedzialne na wybranych rynkach kapitałowych nie są związane z odpornością na załamania na rynku akcji. Informacja o udziale spółki w indeksie nie jest dla inwestora gwarancją, że inwestycja w daną spółkę przyniesie odpowiednią stopę zwrotu.

This article examines the determinants of the optimal percentage that private investors seek to invest in a socially responsible (SR) way when forming their portfolio. By conducting a global online survey in English, German and French, we find indications that it is sufficient for the majority of investors to have a certain amount of their budget invested sustainably. Accordingly, the optimal proportion tends to be lower the higher the available investment volume is. In addition, the non-financial utility derived from SR investments appears to be independent of the form of financing the investor provides. Moreover, the results show that well-educated women and slightly younger persons seek to invest a higher percentage of their portfolio socially responsibly.

Celem artykułu jest analiza i ocena rynku inwestycji społecznie odpowiedzialnych w Europie i w Polsce, z uwzględnieniem europejskiej klasyfikacji strategii inwestowania społecznie odpowiedzialnego. W artykule przedstawiono istotę, genezę oraz zakres koncepcji społecznie odpowiedzialnego inwestowania. W opracowaniu przedstawiono wyniki badania empirycznego dotyczące europejskiego i polskiego rynku społecznie odpowiedzialnych inwestycji. Dla realizacji celu zastosowano zarówno metody jakościowe: metodę deskryptywną, metodę analizy literatury, metodę wnioskowania logicznego, jaki i metody ilościowe: z zakresu analizy finansowej. Wnioski, jakie wynikają z przeprowadzonego badania wskazują na dominację europejskiego rynku SRI (52,38%) oraz początkową fazę rozwoju polskiego rynku inwestycji społecznie odpowiedzialnych. Zwrócono także uwagę na fakt wprowadzenia na GPW indeksu spółek społecznie odpowiedzialnych RESPECT. Walorem publikacji jest podejmowany stosunkowo rzadko w polskiej literaturze naukowej problem badawczy odnoszący się do inwestycji społecznie odpowiedzialnych.

The aim of this study is to evaluate the financial performance of European socially responsible investment (SRI) funds for the period 1993–2012 to contrast whether there is a relationship between the application of social screening on investment decisions and funds’ financial performance measured by Carhart’s alpha. Regression analysis has been used to test the hypotheses of this research with a sample free of survivorship bias of 184 SRI equity funds from 14 European countries and the population of conventional funds from the same country and investment objective. The main conclusion of this study is that the application of social criteria in investment decisions carries a cost to the investor in terms of lower financial performance caused by differences in screening intensity. RESUMEN: El objetivo de este trabajo es evaluar la eficiencia financiera de los fondos socialmente responsables europeos durante el periodo 1993–2012 a fin de contrastar si existe una relación entre la aplicación del cribado social en las decisiones de inversión y la eficiencia financiera del fondo medida con el alfa de Carhart. El análisis de regresión ha sido empleado para contrastar las hipótesis de esta investigación con una muestra libre de sesgo de supervivencia de 184 fondos sociales de renta variable de 14 países europeos y la población de fondos convencionales del mismo país y objetivo de inversión. La principal conclusión de este estudio es que la aplicación de criterios sociales en las decisiones de inversión conlleva un coste para el inversor en términos de una menor eficiencia financiera causada por diferencias en la intensidad del cribado social.

French Abstract: Ce chapitre offre un panorama historique de l'ISR en France et dans le reste du monde. English Abstract: This chapter provides an historical overview of the SRI movement in France and worldwide.

In order to gain influence over firms, secondary stakeholders can opt for socially responsible investment (SRI) – an investment approach that uses both financial and non-financial criteria to determine which assets to purchase [Guay, T., J. P. Doh, and G. Sinclair. 2004. “Non-governmental Organizations, Shareholder Activism and Socially Responsible Investments: Ethical, Strategic and Governance Implications.” Journal of Business Ethics 52 (1): 125–139]. In this article, we argue that SRI, besides a tactic to gain influence over firms, can also be seen as a financial institution's characteristic on the basis of which secondary stakeholders can decide to (not) target a financial institution. It is theorized – based on organizational legitimacy theory – that a financial institution's supply of socially responsible financial products (proxied by the number of products and/or assets/deposits managed) signals a financial institution's likelihood of response to specific stakeholder requests. This relationship is theorized to be positive: the more important SRI is to a financial institution, the higher the likelihood of response to such requests. ispartof: Journal of Sustainable Finance & Investment vol:4 issue:4 pages:321-336 status: published

Rainfall shortage is a major production risk for smallholder farmers. Due to rainfall shortage, smallholders limit the use of modern inputs such as fertilizer and improved seeds. This study investigates if water harvesting technologies (WHTs) induce fertilizer use and whether there is joint adoption of fertilizer and water harvesting technologies. Using panel data collected from Ethiopian farmers in two regions in 2005 and 2010, a random effects probit model and a bivariate probit model are estimated to investigate these two issues. Both models include variables that are hypothesized to affect fertilizer and WHT use. The findings indicate that: (1) water harvesting increases the probability of using fertilizer; (2) past WHT use positively affects the probability of current fertilizer use but past fertilizer use does not affect current WHT use; (3) total landholding, farm capital, and education significantly increase the probability of fertilizer use whereas the price of fertilizer and distance to market decrease the probability of fertilizer use; (4) there are significant regional and yearly differences in fertilizer use; and (5) growing perennial crops, and distance from natural water sources increase the probability of using water harvesting in 2010 whereas distance from markets, age and altitude decreases it. These results imply that measures encouraging water harvesting can also lift low fertilizer use among Ethiopian smallholders.

This study was aimed (1) to analyze factors affecting adoption of System of Rice Intensification (SRI), (2) to measure technical, allocative and economic efficiencies of rice farming (3) to identify the factors that influence the technical inefficiency of rice farming. The data was gather from 90 rice farmers in the study area. The analysis method used are probit fuction model and the stochastic frontier production and frontier cost function. The result showed that variables implementation of SRI was affected by factors such as land, frequency extension, and long periode of farm group membership. The implementation of SRI were able to improve the productivity of rice farming. The level of technical efficiency (TE) was efficient with average TE value either SRI and without SRI rice farming each of 0.88 and 0.89. The level of allocative and economic efficiencies of SRI and without SRI rice farming was inefficient. The average values of allocative efficiency of SRI and without SRI rice farming were each 0.41 and 0.42. The average values of economic efficiency of SRI and without SRI rice farming were each 0.36 and 0.37. Family size was significantly to reduce of level technical inefficiency of SRI and family size, land tenure, farm status was significantly to reduce of level technical inefficiency of without SRI rice farming. Policy implications, the goverment needs to support accessibility and availability of production inputs to enhancement the productivity of rice farming.

In France, a religious congregation created the first ethical fund in 1983. By the end of the 1980s, only two ethical funds were operating. During the second half of the 1990s, the number of SRI funds rose rapidly – only 7 were available in 1997, by December 2001 this number had jumped to 42 and then to 137 by the end of 2007. In 2010, almost 300 SR funds were available. During the period from end of 2001 to end of 2010, the percentage of total French mutual fund capitalization represented by SRI funds climbed from 0.12% to nearly 1% (www.novethic.fr). Despite the fact that this total amount remains modest, still all retail networks are now offering such funds.

We analyse the risk-return profile of Belgian SRI funds versus conventional investment funds. We apply a four-factor conditional Carhart model to establish whether there are significant differences in risk-return profile between an SRI portfolio and a conventional portfolio and test for learning effects in SRI funds. We show that there is no difference in risk-return profile between SRI and conventional funds. If return is not the problem, then what is it that limits the development of an SRI retail market in Belgium? We conclude with a short digression on this question.

Little is known about how investors select socially responsible investment (SRI) funds. Investors in SRI funds may care more about social or ethical issues in their investment decisions than about fund performance. This paper studies the money-flows into and out of the SRI funds around the world. We find that ethical money chases past returns. In contrast to conventional funds’ investors, SRI investors care less about the funds’ riskiness and fees. Funds characterized by shareholder activism and by in-house SRI research attract more stable investors. Membership of a large SRI fund family creates higher flow volatility due to the lower fees to reallocate money within the fund family. SRI funds receiving most of the money-inflows perform worse in the future, which is consistent with theories of decreasing returns to scale in the mutual fund industry. Finally, funds employing a higher number of SRI screens to model their investment universe receive larger money-inflows and perform better in the future than focused funds. Keywords: money-flows, ethical funds, socially responsible investing, persistence in performance, investment screens, corporate governance screens, SRI JEL Codes: G10, G19

The System of Rice Intensification (SRI) is claimed to be a new, more productive and more sustainable method for cultivating rice. These claims have proved controversial. One dimension of the controversy has centred on the imprecision with which SRI's component practices have been defined. The supporters of SRI suggest that the system has been designed to satisfy the needs of rice itself, implying that it is a set of integrated, mutually reinforcing practices that need to be implemented as a package in order to obtain the best results. However, they also argue that the system should be understood as a suite of flexible principles to be adapted to particular agro-ecological and socio-economic settings – the antithesis of a fixed package. This poses a conceptual and practical challenge for scientific evaluation of SRI methods. However, this apparent difficulty is chiefly an artefact created by conceptualizing agricultural methods as standardized packages. A process of translation is always necessary to convert theoretical models or norms into farming practices. Smallholder farming practices, being intrinsically constrained and contingent, rarely conform precisely to abstract norms. As an alternative, the notion of performance offers a useful way to frame a methodological and analytical approach to understanding what is going on in SRI. Such an approach calls for close technographic observation of farming activities and the interaction between farmers and their fields, plants and tools.

Summary Drought is a naturally occurring periodical event associated with significant decrease of water availability over a region. Drought, being a complex in nature it is difficult to define, quantify and monitor. Drought is mainly classified into meteorological drought, hydrological drought and agricultural drought. Among these classifications, assessment of hydrological drought has more importance in the water resources management perspective. Objective of this study is to analyse multi-time step hydrological drought by Stream flow Drought Index (SDI) and Standardized Runoff Index (SRI). To obtain these indices, 36 years (1972–2007) of daily discharge data, measured in Ghataprabha river basin (a sub basin of Krishna river) is considered. Results of both indices indicate moderate drought between 1986–1988 and 2001–2005 continuously. While comparing both indices, there is a good correlation between 9-month SRI and SDI is observed and it increases for 12-month SRI and SDI. This study may help to choose the appropriate drought indices among SRI and SDI for different lengths of drought studies.