The Heterogeneity of Socially Responsible Investment |
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Authors: | Joakim Sandberg Carmen Juravle Ted Martin Hedesstr?m and Ian Hamilton |
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Institution: | (1) Department of Philosophy, University of Gothenburg, Box 200, SE-405 30 Gothenburg, Sweden;(2) Department of Psychology, University of Bath, Bath, BA2 7AY, U.K.;(3) Department of Psychology, University of Gothenburg, Box 500, SE-405 30 Gothenburg, Sweden;(4) Ume? School of Business, Ume? University, SE-901 87 Ume?, Sweden |
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Abstract: | 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. |
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Keywords: | ambiguity business ethics definitions ethical investment heterogeneity mainstreaming responsible investment socially responsible investment standardisation sustainable investment |
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