101626 20230519145428.0 doi 10.1016/j.jclepro.2021.126812 sideral 123964 ART-2021-123964 eng Alda, Mercedes Universidad de Zaragoza (orcid)0000-0002-2525-9049 The environmental, social, and governance (ESG) dimension of firms in which social responsible investment (SRI) and conventional pension funds invest: the mainstream SRI and the ESG inclusion 2021 Access copy available to the general public Unrestricted This study seeks to understand whether the mainstream SRI leads to similar investment decisions in conventional and SRI pension funds. The SRI is expanding beyond specialised SRI funds and increasingly conventional pension funds are integrating firms with certain ESG criteria, in line with legitimacy-theory premises. This phenomenon raises the questions whether SRI and conventional portfolios are converging and whether SRI funds preserve their ethical essence. Using fund holdings and ESG-stock scores, we examine the inclusion level of ESG firms by UK conventional and SRI domestic equity pension funds, taking into account the investment in controversial (socially-sensitive) firms (i.e. related to tobacco, alcohol, or gambling industries, among others). We find that conventional funds consider the firms in which SRI funds invest to integrate ESG criteria. Nonetheless, SRI funds maintain larger ESG-firm standards, preserving the ethical purpose, and larger ESG standards in SRI funds do not affect performance. Our results also show that the ESG integration into conventional funds evolves over time. info:eu-repo/grantAgreement/ES/DGA/S38-17R info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00 info:eu-repo/grantAgreement/ES/UZ/JIUZ-2020-SOC-02 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 11.072 2021 GREEN & SUSTAINABLE SCIENCE & TECHNOLOGY 5 / 47 = 0.106 2021 Q1 T1 ENVIRONMENTAL SCIENCES 24 / 279 = 0.086 2021 Q1 T1 ENGINEERING, ENVIRONMENTAL 9 / 55 = 0.164 2021 Q1 T1 1.921 2021 Environmental Science (miscellaneous) 2021 Q1 Strategy and Management 2021 Q1 Industrial and Manufacturing Engineering 2021 Q1 15.8 2021 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 298 (2021), 126812 [11 pp.] J. clean. prod. Journal of Cleaner Production 0959-6526 944540 http://zaguan.unizar.es/record/101626/files/texto_completo.pdf Postprint 2565525 http://zaguan.unizar.es/record/101626/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:101626 articulos driver 2023-05-18-14:14:12 ARTICLE