Impacto del COVID-19 en la eficiencia de fondos de inversión

Mar Arenas-Parra; Raquel Quiroga-García; Alonso Pérez-Hevia

doi:10.24310/recta.23.2.2022.19877

Authors

Mar Arenas-Parra Universidad de Oviedo Spain
Raquel Quiroga-García Universidad de Oviedo Spain
Alonso Pérez-Hevia Universidad de Oviedo Spain

DOI:

https://doi.org/10.24310/recta.23.2.2022.19877

Keywords:

Inversión socialmente responsable, fondos de inversión, eficiencia, COVID-19, DEA

Abstract

In recent decades, investors have been concerned not only with obtaining returns on their portfolios, but also with matching these returns with ethical values related to environmental protection, social responsibility and governance. Thus arises the so-called Socially Responsible Investment, being socially responsible mutual funds one of its most important instruments. In this paper, the data envelopment analysis (DEA) has been considered to analyze the impact of COVID-19 on the efficiency of UK socially responsible mutual funds. For this, we have divided our study period into two: pre-COVID and COVID. In this way we will be able to conclude whether there is a difference in the efficiency of the funds according to their level of social responsibility and the analyzed period. The results obtained allow us to conclude that in the pre-COVID period the most efficient funds belong to the group of those with the best ESG rating. Although this group is also the one that has been most affected by the pandemic. The opposite is concluded for the group of those with the lowest ESG rating.

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