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  1. The Investment Performance of Socially Responsible Investment Funds in Australia.Stewart Jones, Sandra van der Laan, Geoff Frost & Janice Loftus - 2008 - Journal of Business Ethics 80 (2):181 - 203.
    Interest in the notion of the possible financial sacrifice suffered by socially responsible investment (SRI) fund investors for considering ethical, social and environmental issues in their investment decisions has spawned considerable academic interest in the performance of SRI funds. Both the Australian and international research literature have yielded largely mixed results. However, several of these studies are hampered by methodological problems which can obscure the significance of reported results, such as the use of small sample sizes, inconsistencies in the time (...)
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  • Identifying Impediments to SRI in Europe: A Review of the Practitioner and Academic Literature. [REVIEW]Alan Lewis Carmen Juravle - 2008 - Business Ethics, the Environment and Responsibility 17 (3):285-310.
    For more than 15 years, the investment community and the academic community have written extensively on socially responsible investment. Despite the abundance of SRI thought, the adoption of SRI practices among institutional investors is a comparative rarity. This paper endeavours to achieve two goals. First, by integrating the practitioner and academic literature on the topic, the paper attempts to identify the many impediments to SRI in Europe from an institutional investor's perspective. Second, the paper proposes a unitary framework to conceptually (...)
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  • The Drivers of Responsible Investment: The Case of European Pension Funds. [REVIEW]Riikka Sievänen, Hannu Rita & Bert Scholtens - 2013 - Journal of Business Ethics 117 (1):137-151.
    We investigate what drives responsible investment of European pension funds. Pension funds are institutional investors who assure the income of part of the population for a long period of time. Increasingly, stakeholders hold pension funds accountable for the non-financial consequences of their investments and many funds have engaged in responsible investing. However, it appears that there is a wide difference between pension funds in this respect. We investigate what determines pension funds’ responsible investments on the basis of a survey of (...)
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  • Corporate Social Responsibility: Is It Rewarded by the Corporate Bond Market? A Critical Note. [REVIEW]Klaus-Michael Menz - 2010 - Journal of Business Ethics 96 (1):117-134.
    The question of whether corporate social responsibility (CSR) has a positive impact on firm value has been almost exclusively analysed from the perspective of the stock market. We have therefore investigated the relationship between the valuation of Euro corporate bonds and the standards of CSR of mainly European companies for the first time in this article. Generally, the debt market exhibits a considerable weight for corporate finance, for which reason creditors should basically play a significant role in the transmission of (...)
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  • Saving for Retirement Without Harming Others.Steven Daskal - 2013 - Journal of Business Ethics 113 (1):147-156.
    This article discusses moral issues raised by defined contribution retirement plans, specifically 401(k) plans in the United States. The primary aim is to defend the claim that the federal government ought to require 401(k) plans to include a range of socially responsible investment (SRI) options. The analysis begins with the minimal assumption that corporations engage in behavior that imposes morally impermissible harms on others with sufficient regularity to warrant attention. After motivating this assumption, I argue that individual investors typically share (...)
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  • A Political Economy Approach to Regulated Australian Information Disclosures.Matthew Haigh & James Guthrie - 2009 - Business Ethics, the Environment and Responsibility 18 (2):192-208.
    In an effort to improve comparability between socially responsible investment products and standardize investment terminology, Australian legislators recently required investment managers to report to retail investors the extent to which 'social considerations' are used in portfolio construction. Using a lens of political economy, this paper assesses whether the objectives of the legislation to standardize investment terminology, promote inter-product comparability and encourage the accountability of product claims have been met. The context of legislative development is examined in Australian Parliamentary debates. Practised (...)
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  • The Business of Virtue: Evidence From Socially Responsible Investing in Financial Markets.Saheli Nath - 2019 - Journal of Business Ethics 169 (1):181-199.
    Using the mainstreaming of socially responsible investing as our empirical context, we show that as the divestment movement in the late twentieth century got institutionalized by being incorporated as a business strategy into more mainstream financial instruments like mutual funds, the prior meanings and categorical definition of ethical investing became ambiguous due to fuzzy boundaries, duality of virtue inherent in the portfolio targets, and exercise of discretion by portfolio managers. We find that increased heterogeneity in standards led to greater ambiguity (...)
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  • Does an Asset Owner’s Institutional Setting Influence Its Decision to Sign the Principles for Responsible Investment?Andreas G. F. Hoepner, Arleta A. A. Majoch & Xiao Y. Zhou - 2021 - Journal of Business Ethics 168 (2):389-414.
    From a simple idea to unite asset owners in their quest for responsible investment at its launch in April 2006, the United Nations supported Principles for Responsible Investment have grown in just one decade into an initiative with more than 1500 fee-paying signatories. Jointly, the PRI’s signatories hold assets worth more than $80 trillion, making it one of the more prevalent not-for-profit organizations worldwide. Furthermore, the PRI’s ambitious mission to transform the financial system at large into a more sustainable one (...)
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  • How Norway’s Sovereign Wealth Fund Negative Screening Affects Firms’ Value and Behaviour.Khalil Al Ayoubi & Geoffroy Enjolras - 2021 - Business Ethics: A European Review 30 (1):19-37.
    Business Ethics: A European Review, EarlyView.
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  • Socially Responsible Investment and Fiduciary Duty: Putting the Freshfields Report Into Perspective.Joakim Sandberg - 2011 - Journal of Business Ethics 101 (1):143-162.
    A critical issue for the future growth and impact of socially responsible investment (SRI) is whether institutional investors are legally permitted to engage in it – in particular whether it is compatible with the fiduciary duties of trustees. An ambitious report from the United Nations Environment Programme’s Finance Initiative (UNEP FI), commonly referred to as the ‘Freshfields report’, has recently given rise to considerable optimism on this issue among proponents of SRI. The present article puts the arguments of the Freshfields (...)
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  • Time and Business Sustainability: Socially Responsible Investing in Swiss Banks and Insurance Companies.David Risi - 2020 - Business and Society 59 (7):1410-1440.
    Business sustainability aims to combine market logic with social welfare logic. In literature, it is commonly assumed that sustainability and the social welfare logic associated with it are characterized by a long-term orientation. However, this assumption is problematic because this principle may not apply in certain contexts. This qualitative study challenges this assumption and focuses on the mechanisms by which time affects the adoption of sustainability practices in the context of socially responsible investing practices in Swiss banks and insurance companies. (...)
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  • The Relative Importance of Ethics, Environmental, Social and Governance Criteria.S. Viviers, J. Krüger & D. J. Venter - 2012 - African Journal of Business Ethics 6 (2):120.
    Responsible investing (RI) is a growing phenomenon in the international investment arena. This article investigates the level of knowledge of members of South African pension/provident funds with regard to RI and the importance with which they view various ethical, environmental, social and governance (ESG) criteria. Respondents (_n_ = 281) indicated a relatively low level of understanding of the concept of RI. Significant differences were noted in the perceptions of respondents about the relative importance of ethical and ESG criteria based on (...)
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  • Voluntary Engagement in Environmental Projects: Evidence From Environmental Violators.Gladys Lee & Xinning Xiao - 2020 - Journal of Business Ethics 164 (2):325-348.
    An important question in the business ethics literature concerns organizational response in the aftermath of an unethical business practice. This study examines factors affecting firms’ decision to take reparative action in the aftermath of an environmental violation. Specifically, we investigate environmental violators’ decision to undertake a Supplemental Environmental Project, which is an initiative that promotes restorative justice. To settle an environmental violation, the United States’ environmental regulator allows offenders the option of either paying the full penalty or a reduced sum (...)
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  • The Amorality of Public Corporations.James Hazelton - 2005 - Essays in Philosophy 6 (2):6.
    We consider whether public corporations can be ethical, using the notion of corporate social responsibility . We distinguish between ‘weak’ CSR and ‘strong’ CSR and consider four possible positions in relation to strong CSR. First, CSR is unnecessary – good ethics is synonymous with good business. Second, CSR is unethical as the government is responsible for intervention in markets. Third, CSR is ethical and is being implemented by corporations. We find none of these positions convincing and argue a fourth position (...)
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  • Finance as a Driver of Corporate Social Responsibility.Bert Scholtens - 2006 - Journal of Business Ethics 68 (1):19-33.
    Finance is grease to the economy. Therefore, we assume that it may affect corporate social responsibility (CSR) and the sustainability of economic development too. This paper discusses the transmission mechanisms between finance and sustainability. We find that there is no simple one-to-one relationship between financial development and sustainable development but there are various – often indirect – linkages. It appears that most of the literature concentrates on the role of public shareholders when it comes to changing corporate policy and performance (...)
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  • The Financial Performance of Socially Responsible Investments: Insights From the Intertemporal CAPM.Yuchao Xiao, Robert Faff, Philip Gharghori & Byoung-Kyu Min - 2017 - Journal of Business Ethics 146 (2):353-364.
    This study formulates a two-factor empirical model under the intertemporal CAPM framework to evaluate the cross-sectional implications of socially responsible investments in the US equity market. Our results show that socially responsible investments have no asset pricing impact on the US market. We argue that this ‘no financial impact’ finding indicates that investors will not be disadvantaged financially by investing in socially responsible funds or corporations.
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  • Changing the World Through Shareholder Activism?Joakim Sandberg - 2011 - Nordic Journal of Applied Ethics 5 (1):51-78.
    As one of the more progressive facets of the socially responsible investment (SRI) movement, shareholder activism is generally recommended or justified on the grounds that it can create social change. But how effective are different kinds of activist campaigns likely to be in this regard? This article outlines the full range of different ways in which shareholder activism could make a difference by carefully going through, first, all the more specific lines of action typically included under the shareholder activism umbrella (...)
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  • The Ethics of Investing: Making Money or Making a Difference?Joakim Sandberg - 2008 - Dissertation, University of Gothenburg
    The concepts of 'ethical' and 'socially responsible' investment (SRI) have become increasingly popular in recent years and funds which offer this kind of investment have attracted many individual inve... merstors. The present book addresses the issue of 'How ought one to invest?' by critically engaging with the ideas of the proponents of this movement about what makes 'ethical' investing ethical. The standard suggestion that ethical investing simply consists in refraining from investing in certain 'morally unacceptable companies' is criticised for being (...)
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  • Philosophy of Money and Finance.Boudewijn De Bruin, Lisa Maria Herzog, Martin O'Neill & Joakim Sandberg - 2018 - In Edward Zalta (ed.), Stanford Encyclopedia of Philosophy. Palo Alto: Metaphysics Research Lab, Stanford University.
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  • How is Business Adapting to Climate Change Impacts Appropriately? Insight From the Commercial Port Sector.Adolf K. Y. Ng, Tianni Wang, Zaili Yang, Kevin X. Li & Changmin Jiang - 2018 - Journal of Business Ethics 150 (4):1029-1047.
    Adaptation to climate change impacts is a key research topic in business ethics that poses substantial implications on the good lives of human beings. The commercial port sector is a highly relevant study focus with its pivotal roles in supply chains and international trade. Hence, it is important to investigate whether the port planning system and practice is appropriate in tackling climate change impacts. But beforehand, we must thoroughly understand the attitude and behaviors of port planners and operators on ports’ (...)
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  • It’s a Matter of Principle: The Role of Personal Values in Investment Decisions.William R. Pasewark & Mark E. Riley - 2010 - Journal of Business Ethics 93 (2):237-253.
    We investigate the role of personal values in an investment decision in a controlled experimental setting. Participants were asked to choose an investment in a bond issued by a tobacco company or a bond issued by a non-tobacco company that offered an equal or sometimes lower yield. We then surveyed the participants regarding their feelings toward tobacco use to determine whether these values influenced their investment decision. Using factor analysis, we identified investment- and tobacco-related dimensions on which participants’ responses tended (...)
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  • The Effectiveness of the Public Support Policies for the European Industry Financing as a Contribution to Sustainable Development.Juana María Rivera-Lirio & María Jesús Muñoz-Torres - 2010 - Journal of Business Ethics 94 (4):489 - 515.
    In recent years, the debate about the role of the Public Institutions in the fields of corporate social responsibility and sustainable development has gained momentum. Nevertheless, the ambiguity of the latter concepts makes it difficult both to measure them and to estimate the impact that the different public initiatives may have on them. In this sense, the present research has the aim to design a fuzzy logic-based methodology applied to the evaluation of the above-mentioned processes in relation to the state-aid (...)
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  • The Financial Performance of a Socially Responsible Investment Over Time and a Possible Link with Corporate Social Responsibility.Greig A. Mill - 2006 - Journal of Business Ethics 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 (...)
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  • Socially Responsible Investors and the Microentrepreneur: A Canadian Case.Richard Hudson & Roger Wehrell - 2005 - Journal of Business Ethics 60 (3):281-292.
    Socially responsible investors buy financial securities with two goals: to make a market-based return, and to make companies act in a more socially responsible way. Most research on socially responsible investment deals with investing in stocks traded on major exchanges. We add the case of loaning small amounts of funds to microentrepreneurs through a discussion of a particular case. The case is that of Calmeadow which, in conjunction with the Royal Bank of Canada, set up a microlending project in rural (...)
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  • The Ethical Mutual Fund Performance Debate: New Evidence From Canada.Rob Bauer, Jeroen Derwall & Rogér Otten - 2007 - Journal of Business Ethics 70 (2):111-124.
    Although the academic interest in ethical mutual fund performance has developed steadily, the evidence to date is mainly sample-specific. To tackle this critique, new research should extend to unexplored countries. Using this as a motivation, we examine the performance and risk sensitivities of Canadian ethical mutual funds vis-à-vis their conventional peers. In order to overcome the methodological deficiencies most prior papers suffered from, we use performance measurement approaches in the spirit of Carhart (1997, Journal of Finance 52(1): 57–82) and Ferson (...)
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  • It’s a Matter of Principle: The Role of Personal Values in Investment Decisions. [REVIEW]William R. Pasewark & Mark E. Riley - 2010 - Journal of Business Ethics 93 (2):237 - 253.
    We investigate the role of personal values in an investment decision in a controlled experimental setting. Participants were asked to choose an investment in a bond issued by a tobacco company or a bond issued by a non-tobacco company that offered an equal or sometimes lower yield. We then surveyed the participants regarding their feelings toward tobacco use to determine whether these values influenced their investment decision. Using factor analysis, we identified investment- and tobacco-related dimensions on which participants’ responses tended (...)
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  • Identifying Impediments to SRI in Europe: A Review of the Practitioner and Academic Literature. [REVIEW]Carmen Juravle & Alan Lewis - 2008 - Business Ethics: A European Review 17 (3):285-310.
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  • A Political Economy Approach to Regulated Australian Information Disclosures.Matthew Haigh & James Guthrie - 2009 - Business Ethics: A European Review 18 (2):192-208.
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