We study whether institutional investors that sign the Principles for Responsible Investment (PRI), a commitment to responsible investing, exhibit better portfolio-level environmental, social, and governance (ESG) scores. Signatories outside the US have superior ESG scores than non-signatories, but US signatories have at best similar ESG ratings, and worse scores if they have underperformed recently, are retail-client facing, and joined the PRI late. US signatories do not improve the ESG scores of portfolio companies after investing in them. Commercial motives, uncertainty about fiduciary duties, and lower ESG market maturity explain why US-domiciled PRI signatories do not follow through on their responsible investment commitments.

中文翻译：

---

负责任的投资者是否负责任地投资？

我们研究签署负责任投资原则 (PRI) 承诺负责任投资的机构投资者是否表现出更好的投资组合级别的环境、社会和治理 (ESG) 分数。美国以外的签署方的 ESG 得分高于非签署方，但美国签署方的 ESG 评级至多相似，如果最近表现不佳、面向零售客户且加入 PRI 较晚，则得分更差。美国签署方在投资投资组合公司后并未提高其 ESG 评分。商业动机、信托责任的不确定性以及较低的 ESG 市场成熟度解释了为什么在美国注册的 PRI 签署方不履行其负责任的投资承诺。