prikaz prve stranice dokumenta Usporedba performansi tradicionalnih i održivih investicijskih fondova
Access restricted to students and staff of home institution
master's thesis
Usporedba performansi tradicionalnih i održivih investicijskih fondova
2025. urn:nbn:hr:124:376944
Dragošević, Tin
University of Split
Faculty of economics Split

Cite this document

Dragošević, T. (2025). Usporedba performansi tradicionalnih i održivih investicijskih fondova (Master's thesis). Split: University of Split, Faculty of economics Split. Retrieved from https://urn.nsk.hr/urn:nbn:hr:124:376944

Dragošević, Tin. "Usporedba performansi tradicionalnih i održivih investicijskih fondova." Master's thesis, University of Split, Faculty of economics Split, 2025. https://urn.nsk.hr/urn:nbn:hr:124:376944

Dragošević, Tin. "Usporedba performansi tradicionalnih i održivih investicijskih fondova." Master's thesis, University of Split, Faculty of economics Split, 2025. https://urn.nsk.hr/urn:nbn:hr:124:376944

Dragošević, T. (2025). 'Usporedba performansi tradicionalnih i održivih investicijskih fondova', Master's thesis, University of Split, Faculty of economics Split, accessed 03 February 2025, https://urn.nsk.hr/urn:nbn:hr:124:376944

Dragošević T. Usporedba performansi tradicionalnih i održivih investicijskih fondova [Master's thesis]. Split: University of Split, Faculty of economics Split; 2025 [cited 2025 February 03] Available at: https://urn.nsk.hr/urn:nbn:hr:124:376944

T. Dragošević, "Usporedba performansi tradicionalnih i održivih investicijskih fondova", Master's thesis, University of Split, Faculty of economics Split, Split, 2025. Available at: https://urn.nsk.hr/urn:nbn:hr:124:376944

Metadata
TitleUsporedba performansi tradicionalnih i održivih investicijskih fondova
Title (english)Traditional and Sustainable Investment Funds' Performance Comparison
AuthorTin Dragošević
MentorAna Kundid Novokmet (mentor)
GranterUniversity of Split
Faculty of economics Split
Split
Defense date and country2025-01-15, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Finance
Abstract
Rad doprinosi istraživanju odnosa financija i održivosti. Prvo, predstavlja teorijske osnove održivih financija i moderne teorije portfelja. Nadalje, predstavljeni su modeli integracije održivosti i moderne teorije portfelja – ESG efikasna granica i beta aktivizam. Konačno, empirijski je analiziran uzorak europskih investicijskih fondova od 10 održivih i 10 tradicionalnih fondova, koji se razlikuju na temelju ocjena ostvarenih u Climetrics i MSCI ESG Fund Ratings okvirima, u periodu od šest godina od sredine 2018. do sredine 2024. godine. Analizirani su pokazatelji deskriptivne statistike, godišnji povrati, standardne devijacije i Sharpe omjeri. Provedene su regresijske analize primjenom Fama-French modela određivanja cijene imovine s pet faktora. Rezultati istraživanja ukazuju na to da nema značajne razlike u performansama, bilo u rizičnosti ili profitabilnosti, između održivih i tradicionalnih fondova. S obzirom na jednake performanse fondova, a različite ocjene održivosti, rezultati istraživanja otvaraju pitanje o tome koliko okviri ocjenjivanja održivosti fondova i poduzeća uistinu odražavaju održive ishode.
Abstract (english)
The paper contributes to the research on the relationship between finance and sustainability. Firstly, it presents the theoretical foundations of sustainable finance and modern portfolio theory. Furthermore, models of integration of sustainability and modern portfolio theory – ESG efficient frontier and beta activism – are presented. Finally, a sample of European investment funds consisting of 10 sustainable and 10 traditional funds, which are distinguished based on the ratings achieved in the Climetrics and MSCI ESG Fund Ratings frameworks over a six-year period, from mid-2018 to mid-2024, is empirically analyzed. Descriptive statistics indicators, annual returns, standard deviations and Sharpe ratios are analyzed. Regression analyses are conducted using the Fama-French five-factor asset pricing model. The research results indicate that there is no significant difference in performance, either in risk or profitability, between sustainable and traditional funds. Given the equal performance of the funds and different sustainability ratings, the research results raise the question of how much the sustainability assessment frameworks of funds and companies truly reflect sustainable outcomes.
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:124:376944
Study programmeTitle: Business Studies
Study programme type: university
Study level: graduate
Academic / professional title: sveučilišni magistar ekonomije (sveučilišni magistar ekonomije)
Type of resourceText
File originBorn digital
Access conditionsAccess restricted to students and staff of home institution
Terms of useLicence In copyright icon
Created on2025-01-20 12:48:36