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Article

Entrepreneurs Breed ESG-Rich Companies: Reap Exceptional Returns as Harvest Byproduct

Joel M. Shulman
The Journal of Index Investing Spring 2019, jii.2019.1.065; DOI: https://doi.org/10.3905/jii.2019.1.065
Joel M. Shulman
is the founder, managing director, and CIO of EntrepreneurShares and a professor of Entrepreneurship at Babson College in Boston, MA
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Abstract

ESG (Environment, Social and Governance) oriented strategies have become desirable among individual and institutional investors in recent years, corresponding with qualities desired by entrepreneurial employees, investors and community stakeholders. Consistent with a long-term, value-creating orientation, entrepreneurs forgo immediate rewards and devote enormous resources to advance their vision. It is this group that we study.

Our research concludes that entrepreneurial organizations develop stronger governance traits compared with “typical” companies. Perhaps, in part, because the cause represents more than financial rewards, entrepreneurial owners pursue a more focused perspective shared by key stakeholders.

Our analytics indicate that an Entrepreneur factor exists, and is one of the most significant factors in explaining excess returns. These entrepreneurs also contribute measurable ESG benefits. We provide a detailed analysis of an Entrepreneur Index, spanning several positive and negative economic cycles, that points to a consistent conclusion. Our evidence suggests investment managers, especially those interested in ESG, would be wise to partake in an entrepreneur approach.

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The Journal of Index Investing: 11 (3)
The Journal of Index Investing
Vol. 11, Issue 3
Winter 2020
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Entrepreneurs Breed ESG-Rich Companies: Reap Exceptional Returns as Harvest Byproduct
Joel M. Shulman
The Journal of Index Investing Jan 2019, jii.2019.1.065; DOI: 10.3905/jii.2019.1.065

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Entrepreneurs Breed ESG-Rich Companies: Reap Exceptional Returns as Harvest Byproduct
Joel M. Shulman
The Journal of Index Investing Jan 2019, jii.2019.1.065; DOI: 10.3905/jii.2019.1.065
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  • Article
    • Abstract
    • ESG POPULARITY GROWS
    • LEADERSHIP MATTERS: CRITERIA THAT DISTINGUISH ENTREPRENEURIAL COMPANIES2
    • ESG CHARACTERISTICS
    • LEADERSHIP MATTERS: HOW COMPANIES PERFORM BEFORE AND AFTER FOUNDER-CEO DEPARTS
    • CAN ESG PORTFOLIOS ALSO PROVIDE STRONG STOCK RETURNS?
    • HOW DID THEY PERFORM? RETURN SUMMARY
    • EXAMINING THE DISTRIBUTION OF RETURNS
    • RISK ANALYTICS: HOW DID THE ER30 INDEX PERFORM?
    • PERFORMANCE ATTRIBUTION: WHERE ARE RETURNS GENERATED? ASSET ALLOCATION OR SECURITY SELECTION?
    • THE ENTREPRENEUR FACTOR—TESTING AGAINST ALL OTHER FACTORS
    • BUILDING THE ESG PORTFOLIO
    • PORTFOLIO RECOMMENDATIONS
    • SUMMARY
    • ENDNOTES
    • REFERENCES
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  • PDF (Subscribers Only)

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