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Is Corporate Social Performance a Criterion in the Overseas Investment Strategy of U.S. Pension Funds? An Empirical Examination

¹ University of Exeter
² New Jersey Institute of Technology

^* To whom correspondence should be addressed. E-mail: mschneid{at}adm.njit.edu.

	Abstract

This study examines overseas investing by U.S.-domiciled pension plans. The authors explore whether U.S. pension plans invest based on corporate social performance (CSP) in a core overseas market, the United Kingdom. As a guide to social investing opportunities available to U.S. pension funds in the United Kingdom, their investments are compared to U.K.-domiciled pension plan domestic investments. U.S. labor union plan portfolios have a positive relationship with workplace practices, and U.S. private plan portfolios, with CSP’s community dimension. U.S. state and foundation plan portfolios have no relationship with CSP. Other than union plans, U.S. pension plans stress corporate financial performance in their U.K. investments. U.K. union plan portfolios have a positive relationship with workplace practices, and U.K. state, foundation, and private plan portfolios with environment.

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