A SYSTEMATIC REVIEW OF SUSTAINABLE INVESTMENT APPROACHES

Charney S. Akala; Taryn Neuhaus; Indrani O’Leary-Govender

Authors

Charney S. Akala Department of Finance and Investment Management, University of Johannesburg, Johannesburg, South Africa https://orcid.org/0000-0002-7509-3841
Taryn Neuhaus Department of Finance and Investment Management, University of Johannesburg, Johannesburg, South Africa https://orcid.org/0000-0002-0849-7870
Indrani O’Leary-Govender Department of Finance and Investment Management, University of Johannesburg, Johannesburg, South Africa https://orcid.org/0000-0002-8035-8293

Keywords:

sustainable investments, literature review, ESG investing, socially responsible investing, impact investing

Abstract

The article examined three widely accepted sustainable investment strategies: Socially Responsible Investing (SRI), Environmental, Social, and Governance (ESG), and impact investing. However, these sustainable investment strategies are under-institutionalized, as evidenced by a lack of standardized terminology and variable return performance.

Given the prevalence of these inconsistencies in academic research on sustainable investing, this paper aimed to conduct a systematic review of related studies to compare, contrast, and consolidate these sustainable investment approaches. Consequently, this paper seeks to elucidate further these sustainable investment approaches' scope, terminology, and application. This study reveals that the conceptual frameworks of SRI, ESG, and impact investing overlap. The paper suggests the development of a consistent conceptual framework and taxonomy to characterize the SRI field to promote the growth of the nascent investment management discipline.

A SYSTEMATIC REVIEW OF SUSTAINABLE INVESTMENT APPROACHES

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