The Maturing of Socially Responsible Investment: A Review of the Developing Link with Corporate Social Responsibility |
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Authors: | Russell Sparkes Christopher J Cowton |
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Institution: | 1. Central Finance Board, Methodist Church, UK 2. Huddersfield University Business School, Queensgate, Huddersfield, HD1 3DH, U.K.
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Abstract: | This paper reviews the development of socially responsible investment (SRI) over recent years and highlights the prospects
for an increasingly strong connection with the practice of corporate social responsibility. The paper argues that not only
has SRI grown significantly, it has also matured. In particular, it has become an investment philosophy adopted by a growing
proportion of large investment institutions. This shift in SRI from margin to mainstream and the position in which institutional
investors find themselves is leading to a new form of SRI shareholder pressure. Although this bears some resemblance to lobbying
campaigns which might take advantage of shareholder rights, we seek to distinguish it as an important phenomenon in its own
right — one to which corporate executives are likely to be paying increasing attention in the years to come. We further argue
that this approach potentially meets some of the earlier ethical criticisms of certain forms of SRI but, ironically, probably
owes its existence to those pioneering approaches. We conclude with some suggestions for further research to inform discussion
of the issues highlighted in the paper. |
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