Do Social Indexes Outperform Market Indexes? Evidence from Indian Markets

摘要

Investments in socially responsible investments (SRI) comprise a very small segment in the Indian markets. This study analysis if investing in SRI indexes result in different performance outcome compared to benchmark indexes. Till date there is only one SRI index in India, i.e. S&P ESG India Index, which was launched in India in Jan. 2008. The analysis focuses on the returns of S&P ESG India Index as compared to the returns on a rival, but comparable S&P CNX Nifty Index. The benchmark index is S&P CNX 500 Index. The results show that the S&P ESG India Index has outperformed the rival, but comparable Nifty portfolio as well as the market portfolio.