共查询到20条相似文献,搜索用时 15 毫秒
1.
Elias Bengtsson 《Journal of Business Ethics》2008,82(4):969-983
This article contributes to the literature on national varieties of socially responsible investment (SRI) by demonstrating
how Scandinavian SRI developed from the 60s and onwards. Combining findings on Scandinavian SRI with insights from previous
research and institutional theory, the article accounts for the role of changes in societal values and norms, the mechanisms
by which SRI practices spread, and how investors adopt and transform practices to suit their surrounding institutional contexts.
Especially, the article draws attention to how different categories of investors act as institutional entrepreneurs during
specific historical periods, and how these roles come to shift as institutional rule systems of varying societal levels change.
Thus, the insights gained are useful in the future research agenda concerned with advancing knowledge on idiosyncrasies and
commonalities of national SRI manifestations, and to understand the reasons underlying such characteristics. 相似文献
2.
Karen L. Benson Timothy J. Brailsford Jacquelyn E. Humphrey 《Journal of Business Ethics》2006,65(4):337-357
To date, research into socially responsible investment (SRI), and in particular the socially responsible investment funds
industry, has focused on whether investing in SRI assets has any differential impact on investor returns. Prior findings generally
suggest that, on a risk-adjusted basis, there is no difference in performance between SRI and conventional funds. This result
has led to questions about whether SRI funds are really any different from conventional funds. This paper examines whether
the portfolio allocation across industry sectors and the stock-picking ability of SRI managers are different when compared
to conventional fund managers. The study finds that SRI funds exhibit different industry betas consistent with different portfolio
positions, but that these differences vary from year to year. It is also found that there is little difference in stock-picking
ability between the two groups of fund managers. 相似文献
3.
4.
Mehmet Demirbag Geoffrey Wood Dilshod Makhmadshoev Olga Rymkevich 《International Business Review》2017,26(6):1064-1074
A central concern within contemporary socio-economics has been on the relationship between national institutional configurations and societal outcomes. In this paper, we assess the relationship between legal origin and a range of correlated indicators of social responsibility, focusing on socially responsible investing and voluntary charitable giving. We found that in Common Law contexts, lower levels of social responsibility than in Civil Law contexts, other than in the area of charitable giving, where the converse was the case. We explore the reasons for this distinction, and for the different patterns encountered in post-socialist Central and Eastern Europe. Based on the findings, we identify directions for future research. 相似文献
5.
Recent years have witnessed an increasing growth in mutual funds that invest according to social criteria. As a consequence,
the financial performance of these portfolios has attracted the interest of academics and practitioners. This paper investigates
the performance of a sample of socially responsible mutual funds from seven European countries investing globally and/or in
the European market. Using unconditional and conditional models, we assess the performance of these funds in comparison to
conventional and socially responsible benchmark portfolios. The results show that European socially responsible funds present
in general neutral performance in relation to both conventional and socially responsible benchmarks. However, performance
estimates seem to be slightly higher when funds are evaluated in relation to socially responsible indices. Our results also
show that socially responsible funds are more exposed to conventional than to socially responsible indices. Furthermore, conventional
benchmarks are better able to explain fund returns than socially responsible benchmarks. These findings are robust to both
unconditional and conditional models of performance. We also observe that conditional models lead to a slight improvement
of performance estimates and to the explanatory power of the models, both when conventional and socially responsible benchmarks
are considered. This is consistent with most previous empirical findings on conditional performance evaluation. Our results
show that investors who wish to hold European funds can add social screens to their investment choices without compromising
financial performance. 相似文献
6.
7.
The Heterogeneity of Socially Responsible Investment 总被引:1,自引:0,他引:1
Joakim Sandberg Carmen Juravle Ted Martin Hedesstr?m Ian Hamilton 《Journal of Business Ethics》2009,87(4):519-533
Many writers have commented on the heterogeneity of the socially responsible investment (SRI) movement. However, few have
actually tried to understand and explain it, and even fewer have discussed whether the opposite – standardisation – is possible
and desirable. In this article, we take a broader perspective on the issue of the heterogeneity of SRI. We distinguish between
four levels on which heterogeneity can be found: the terminological, definitional, strategic and practical. Whilst there is
much talk about the definitional ambiguities of SRI, we suggest that there is actually some agreement on the definitional
level. There are at least three explanations which we suggest can account for the heterogeneity on the other levels: cultural
and ideological differences between different regions, differences in values, norms and ideology between various SRI stakeholders,
and the market setting of SRI. Discussing the implications of the three explanations for the SRI market, we suggest that there
is reason to be sceptical about the possibilities of standardisation if not standardisation is imposed top-down. Whether this
kind of standardisation is desirable or not, we argue, depends on what the motives for it would be. To the extent that standardisation
may facilitate the mainstreaming of SRI, it could be a good thing – but we entertain doubts about whether mainstreaming really
requires standardisation. 相似文献
8.
Greig A. Mill 《Journal of Business Ethics》2006,63(2):131-148
This paper empirically examines the financial performance of a UK unit trust that was initially “conventional” and later adopted
socially responsible investment (SRI) principles (ethical investment principles). Comparison is made with three similar conventional
funds whose investment objectives remained unchanged. Analysis techniques employed in previous studies find similar results:
mean risk-adjusted performance is unchanged by the switch to SRI, with no evidence of over-or under-performance relative to
the benchmark market index by any of the four funds. More interestingly, changes in variability of returns over time are also
modelled using generalised autoregressive conditional heteroscedasticity models, not previously applied to SRI funds so far
as is known. Results show a temporary increase in variability of returns, followed by a return to previous levels after around
4 years. Evidence shows the increased variability to be associated with the adoption of SRI rather than with a change in fund
management. Possible explanations for the subsequent reduction in variability include the spread of corporate social responsibility
activities by firms and learning by fund managers. In addition to reporting on a previously unobserved phenomenon, this paper
raises questions for further research. 相似文献
9.
Approaching Socially Responsible Investment with a Comprehensive Ratings Scheme: Total Social Impact 总被引:1,自引:0,他引:1
The socially responsible investment industry (SRI) is slowly changing from a screening, avoidance paradigm to a comprehensive paradigm that seeks to affect corporate behavior. Credible rating systems are a key component of this sea change. Reliable and recognizable social and environmental metrics are critical to this progress. The Total Social Impact (TSI) rating approach is a new social metric scheme based on a comprehensive rating of stakeholder issues. This paper describes the evolution of SRI ratings and the role that TSI hopes to play in affecting business behavior by promoting principled business leadership. 相似文献
10.
The paper explores the emergence and development of socially responsible investment (SRI) in Japan. SRI is a recent field
in Japan. It is not clear which model it will follow: the European, American or its own model. Through the analysis of the
historical roots of SRI, the key actors and motivations that have contributed to its diffusion, the paper provides explorative
grounds to sketch the translation mechanisms of SRI in Japan and offers insight into its future path. Based on primary and
secondary sources of information, the paper shows that although SRI in Japan holds some similarities with the U.S. and especially
with the European model, it remains unique. It highlights the importance of translation and re-interpretation in adopting
a practice in a new context. SRI in Japan is still in a dynamic construction process. Although we expect it to develop further,
it is difficult to depict its future shape and form. 相似文献
11.
Thomas W. Dunfee 《Journal of Business Ethics》2003,43(3):247-252
Social investing, though not yet fully mainstream, has the potential to obtain such status. Questions relating to the future of social investing include the following. (1) What properly falls within the ambit of social investing? Assuming that no single definition of social responsibility is feasible, what then are the limits? (2) What do we need to know about investor psychology concerning social investing? What motivates people to buy socially screened investments and why do they sometimes act inconsistently? (3) How can we improve the measures of social performance? Is it possible to develop GAAP and GAAS equivalents for social reporting? (4) Should social reports by firms be audited? If so, how? (5) What sorts of public policies are necessary to support the social screening of investments? 相似文献
12.
In this study, we try to establish what determines the substantial differences in the Nordic countries’ size and composition of socially responsible investing (SRI). We investigate if these differences between Denmark, Finland, Norway, and Sweden can be associated with key characteristics in economics, finance, culture, and institutions. We find that in particular economic openness, the size of the pension industry, and cultural values of masculinity (femininity) and uncertainty avoidance can be associated with the differences in SRI in the four countries. On basis of these findings, we lay foundations for an international theory of SRI. 相似文献
13.
This study investigated how decision-makers differ in processing their organizational environment (peers and organizational control systems), depending on the levels of their idealism and relativism. Focusing on socially responsible buying/sourcing issues, responses from buying/sourcing professionals from U.S. apparel and shoe companies were analyzed, using a series of regression analyses. The results generally supported the proposition that the degrees of idealism and relativism determine involvement levels that, in turn, result in varying levels of reactions to the organizational environment and corresponding amounts of information processing. Highly idealistic (relativistic) individuals were influenced by only idealistic (relativistic) signals of organizational environment. Further analysis showed highly idealistic and relativistic individuals were more likely to evaluate the organizational environment in terms of its business merit. The results suggest that organizations need to carefully plan how to communicate underlying meanings of organizational initiatives with their employees, knowing that individuals who have strong ethical opinions will only react to what they believe and elaborate its value for business. Further theoretical and practical implications and suggestions are discussed.Haesun Park is Assistant Professor in the School of Human Ecology at Louisiana State University. She received her Ph.D. from the Dept. of Consumer and Textile Sciences, the Ohio State University in 2001. Her research interests include fair labor management and international sourcing in the textiles and apparel industries. 相似文献
14.
Global Labor and Worksite Standards: A Strategic Ethical Analysis of Shareholder Employee Relations Resolutions 总被引:1,自引:0,他引:1
Douglas M. McCabe 《Journal of Business Ethics》2000,23(1):101-110
The purpose of this paper is to analyze from a strategic ethical perspective four selected shareholder resolutions reported by the Social Issues Service of the Investor Responsibility Research Center regarding international labor and workplace standards. Particular attention will be paid to specific employee relations issues at the operating and tactical level of individual multinational firms. The paper concludes with policy recommendations for proxy statements. 相似文献
15.
Ian Worthington Monder Ram Harvinder Boyal Mayank Shah 《Journal of Business Ethics》2008,79(3):319-331
What drives organisations to engage in socially responsible purchasing initiatives? To investigate this important question, this article uses a case-study approach to examine the context within which supplier diversity programmes have emerged in both the U.S. and U.K. The analysis identifies legislative and policy developments, economic imperatives, stakeholder pressures and ethical influences as forces shaping organisational responses. It reveals important contextual differences between U.K. and U.S. experience and offers an empirical and theoretical explanation of corporate behaviour. 相似文献
16.
M. Hyman 《Journal of Business Ethics》2009,87(2):199-210
Although the societal advantages of responsible advertising are self-evident, no detailed vision of responsible ads exists.
Without this vision, stakeholders have no framework for identifying, preventing, and remedying non-conforming ads. To address
this problem, the four basic properties of responsible ads – consistent with an everyday-language, business-oriented definition
of responsibility and the assumption that ads are not inherently bad – are posited. Then, the best milieu for creating such
ads is identified. 相似文献
17.
Keeping Ethical Investment Ethical: Regulatory Issues for Investing for Sustainability 总被引:1,自引:0,他引:1
Benjamin J. Richardson 《Journal of Business Ethics》2009,87(4):555-572
Regulation must target the financial sector, which often funds and profits from environmentally unsustainable development.
In an era of global financial markets, the financial sector has a crucial impact on the state of the environment. The long-standing
movement for ethically and socially responsible investment (SRI) has recently begun to advocate environmental standards for
financiers. While this movement is gaining more adherents, it has increasingly justified responsible financing as a path to
be prosperous, rather than virtuous. This trend partly owes to how financial institutions view their legal responsibilities.
The business case motivations that now predominantly drive SRI are not sufficient to make the financial sector a means to
sustainable development. Some modest legal reforms to improve the quality and extent of SRI have yet to make a tangible difference.
A more ambitious strategy to promote SRI for environmental sustainability is possible, based on reforming the fiduciary duties
of financial institutions. Such duties, tied to concrete performance standards, could make financiers invest in more ethically
responsible ways. Other collateral reforms to financial markets, including improved corporate environmental reporting, are
required to promote sustainability. 相似文献
18.
Yoon-Joo Lee 《Journal of Promotion Management》2017,23(2):277-302
The present study applies motivated reasoning and costly signaling theory to examine whether consumers transfer stereotypical race-related attributes to their evaluations of companies' socially responsible advertisements. The study compares corporate socially responsible advertisements featuring different model races and cultural cues in order to meet consumers' motives to impress others by supporting CSR initiatives. Results (N = 754) of a 2 × 2 × 4 experiment reveal that strong ethnic identifiers among Asian Americans are more likely to make a costly signaling behavior when ads feature a white model with white cultural cues by attributing higher social status to whites' images, which is mediated by conspicuous consumption motives. Interestingly, ethnic identification among white Americans is also a strong predictor in making costly signaling behavior with socially responsible products. 相似文献
19.
This paper investigates links between social capital and symbolic capital and responsible entrepreneurship in the context of small and medium enterprises (SMEs). The source of the primary data was 144 ‘Business Profiles’, written by the owner-managers of small businesses in application for a Small Business Awards competition in 2005. Included in each of these narratives were claims relating to the firms’ contributions to wider society, relationships with customers, employees and stakeholders. These narratives were coded and classified in a framework drawn from Nahapiet and Ghoshal’s (1998, Academy of Management Review
23(2), 242–266) categorisation of social capital. The analysis revealed a range of strategic orientations towards the development of social and symbolic capital, along a conceptual continuum ranging from being responsible for oneself to being responsible for others. Overall, the evidence demonstrates the significance of the power inherent in the social relations of SMEs as a force for ethical behaviour, and suggests that normative theories of the development of social capital may provide ‘competitive advantage’ through responsible behaviour for small business in the global economy.Ted Fuller is a Professor of Entrepreneurship and Strategic Foresight, and Head of the Centre for Entrepreneurship and SME Development, Teesside Business School, University of Teesside.Yumiao Tian is a postgraduate research student in the Centre for Entrepreneurship and SME Development, Teesside Business School, University of Teesside. 相似文献
20.
Jonas Nilsson 《Journal of Business Ethics》2008,83(2):307-325
This article addresses the growing industry of retail socially responsible investment (SRI) profiled mutual funds. Very few
previous studies have examined the final consumer of SRI profiled mutual funds. Therefore, the purpose of this study was to,
in an exploratory manner, examine the impact of a number of pro-social, financial performance, and socio-demographic variables
on SRI behavior in order to explain why investors choose to invest different proportions of their investment portfolio in
SRI profiled funds. An ordinal logistic regression analysis on 528 private investors revealed that two of the three pro-social
variables had a positive impact on how much the consumer invested in SRI profiled funds. Moreover, there was proof of a non-altruistic
motive for investing in SRI as consumers who perceive that financial return of SRI is equal or better than “regular” mutual
funds, invested a greater proportion of their portfolio in SRI profiled mutual funds. Furthermore, the results showed that
women and better-educated investors were more likely to invest a greater proportion of their investment portfolio in SRI.
Overall, the findings indicate that both financial perceptions and pro-social attitudes are connected to consumer investment
in SRI. 相似文献