School of Business


Doctor of Business Administration


Melanie Hicks


Biblically-Based Investing, Christian-Based Investing, Religious-Based Investment Funds, Socially Responsible Investing, SRI


Business | Finance and Financial Management | Other Business | Portfolio and Security Analysis


This applied doctoral research project examined the efficacy of Christian-based socially responsible investment funds. The researcher performed quantitative analysis of the risk-adjusted yields of the funds as compared to the S&P 500 Index as well as other types of socially responsible investment funds to accomplish this task. The timeframe for the study was 1995 to 2015. An examination of the differences in the performance of funds within the Christian-based category was also completed. Overall, the Christian-based funds underperformed the S&P 500 Index. The difference was statistically significant at the α = .10 level for each time period (i.e., 1-, 3-, 5-, 10-, 15-, and 20-years) examined. In addition, the Christian-based funds experienced mixed results when compared to other types of socially responsible investment funds. Finally, the researcher identified top-performing Christian-based socially responsible investment funds during the study period. These results point to variability within the body of Christian-based funds that would-be investors should carefully consider. Not all investment options are equal. It is important to consider these differences before making investment decisions. The findings of this project are useful to those considering investments in Christian-based socially responsible investment funds. They are also useful for financial professionals (e.g., accountants, advisors, brokers, etc.) who are assisting their clients to make informed investment decisions.