Investors have increasingly considered environmental, social, and governance (ESG) factors when making investment decisions in recent years (Gangi et al., 2022). As a result of the development of Socially Responsible Investment (SRI) funds, and the inclusion of ESG criteria into traditional funds (Alda, 2021), this expansion has occurred. Socially responsible investment (SRI) funds (Renneboog et al., 2008) are funds whose investment portfolios are aligned with ethical, social, corporate governance, or environmental criteria. In their decision-making processes, investors place a greater emphasis on sustainable environments and environmentally friendly technologies. Understanding why investors hold socially responsible investment funds is still a problem. Socially responsible investment (SRI) decisions are explained by both social preferences and social signals (Riedl & Smeets, 2017); financial factors play a lesser role (Riedl & Smeets, 2017). By investing in these assets, SRI investors gain non-financial benefits. Financial criteria are not the only factor considered when making investment decisions. Rather than relying solely on financial considerations, social, environmental and ethical criteria are also taken into consideration (Nilsson, 2009). The funds support companies that are environmentally conscious, work on alternative energy sources, and recycle resources (Hamilton et al., 1993). In the early days, SRI funds excluded companies that produced socially undesirable goods (sin shares) such as alcohol, tobacco, weapons, gambling, etc. (Nofsinger & Varma, 2014). Therefore, socially responsible investing is defined as a financial analysis that considers both positive and negative social and environmental consequences of an investment (Yu, 2014).