The ethical index FTSE4GOOD IBEX as an alternative for passive portfolio strategies in Spain

This paper compares the return obtained by two of the most important stock indices in Spain: the con-ventional index IBEX 35 and the ethical index FTSE4Good Ibex. The aim of the study is to check whetherthe screening process to select only socially responsible companies has a negative impact on the...

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Published in:Finance, markets and valuation markets and valuation, 2018, Vol.4 (1), p.85-93
Main Authors: Espinós-Vañó, M. D., García, F., Oliver, J.
Format: Article
Language:English
Subjects:
corporate social responsibility
diversification
ethical investment
Humanities and Social Sciences
stock index
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creator Espinós-Vañó, M. D.
García, F.
Oliver, J.
description This paper compares the return obtained by two of the most important stock indices in Spain: the con-ventional index IBEX 35 and the ethical index FTSE4Good Ibex. The aim of the study is to check whetherthe screening process to select only socially responsible companies has a negative impact on the returnby the ethical index. The results show that this is not the case, as the correlation between both indicesis very high. This high correlation is due to the fact that both indices are composed by almost the samecompanies. This outcome releases the question of what could be the purpose of an ethical index which isso similar to the conventional one, even regarding companies’ selection.
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subjects corporate social responsibility
diversification
ethical investment
Humanities and Social Sciences
stock index
title The ethical index FTSE4GOOD IBEX as an alternative for passive portfolio strategies in Spain
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