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  1. 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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  • 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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  • Sustainable investment and environmental, social, and governance investing: A bibliometric and systematic literature review.Sheeba Kapil & Vrinda Rawal - 2023 - Business Ethics, the Environment and Responsibility 32 (4):1429-1451.
    Environmental, social, and governance (ESG) investing is synonymous with sustainable investment for socially responsible investors. Unfortunately, the diversity of ESG investing remains unattended amidst the growth in ESG literature, as the academic literature focuses dominantly on measuring performance. An understanding of a wide range of subjects entailing ESG is required before future research on ESG investing is performed. To overcome the challenge, this systematic literature review uses bibliometric mapping to reveal four significant research themes within the ESG investing literature: investor (...)
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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 - 2019 - 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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  • Tackling Complexity in Business and Society Research: The Methodological and Thematic Potential of Factorial Surveys.Peter Kotzian, Daniel Reimsbach, Rüdiger Hahn & Josua Oll - 2018 - Business and Society 57 (1):26-59.
    Factorial surveys integrate elements of survey research and classical experiments. Using a large number of respondents in a controlled setting, FSs approximate complex and realistic judgment situations through so-called vignettes—that is, carefully designed descriptions of hypothetical people, social situations, or scenarios. Despite being rooted, and predominantly applied, in sociology, FSs are particularly promising for business and society scholars. Given the multiplicity, inherent complexity, and sometimes fuzziness of B&S research objects, conventional research methods inevitably reach their limits. This article, therefore, systematically (...)
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  • Defining and Conceptualizing Impact Investing: Attractive Nuisance or Catalyst?Kai Hockerts, Lisa Hehenberger, Stefan Schaltegger & Vanina Farber - 2022 - Journal of Business Ethics 179 (4):937-950.
    This introduction to the special issue on impact investing applies the attractive nuisance notion to impact investing. Social sector actors ‘trespassing’ on the playing field of conventional investment markets may not appreciate the risks. We apply the framework of essentially contested concepts to foster fruitful diverse research in this emerging research field. We advance six dimensions, which we propose allow to describe different sub-clusters of how the term is used in research and practice. For each dimension we identify risks and (...)
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  • Are environmental social governance equity indices a better choice for investors? An Asian perspective.Ramiz Ur Rehman, Junrui Zhang, Jamshed Uppal, Charles Cullinan & Muhammad Akram Naseem - 2016 - Business Ethics: A European Review 25 (4):440-459.
    This article examines the risk and return profiles of stock indices composed of companies meeting environmental, social and governance screening criteria [such as the Dow Jones Sustainability Indices ] and conventional composite indices of eight Asian countries from 2002 to 2014. The results indicate that there are no significant differences in the returns or risk-adjusted returns between the ESG indices and the composite indices within countries. The results do reveal that the market volatility of the ESG indices is higher than (...)
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  • Morals, Markets and Sustainable Investments: A Qualitative Study of ‘Champions’.Alan Lewis & Carmen Juravle - 2010 - Journal of Business Ethics 93 (3):483-494.
    Sustainable investment, which integrates social, environmental and ethical issues, has grown from a niche market of individual ethical investors to embrace institutional investors resulting in £764 billion in assets under management in the UK alone [Eurosif, 2008: ‘European SRI Study 2008’ ]. Explaining this growth is complex, involving shifts in personal and collective values, reactions to corporate scandals, scientific and media pronouncements about climate change, Government initiatives, responses from financial markets and the influence of SI innovators in The City of (...)
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  • Climate change shocks and socially responsible investments.Franco Fiordelisi, Giuseppe Galloppo & Viktoriia Paimanova - 2022 - Business Ethics, the Environment and Responsibility 32 (1):40-56.
    Climate change's impact on investor behavior is a scantly investigated area in finance. This paper examines the performance of socially responsible exchange trade funds (ETFs) concerning conventional ETFs, in response to climate change events. We proxy climate change signals with a list of natural disaster events that NASA scientists relate to climate change. We contribute to existing literature, by using a very extensive information set of ETF strategies, not influenced by rating agencies' subjective evaluation policies, and covering almost 90% of (...)
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  • Responsible Investing of Pension Assets: Links between Framing and Practices for Evaluation.Darlene Himick & Sophie Audousset-Coulier - 2016 - Journal of Business Ethics 136 (3):539-556.
    Despite the increase in the acceptance of responsible investing in general, the global community is still witnessing unprecedented levels of practices that can only be categorized as “unsustainable”. It appears, then, that either the inroads made by the RI community have not kept up with the increase in unsustainable practices, or, that the RI process itself has been ineffective at producing meaningful change. The current study aims to investigate the practices used by pension plan sponsors to determine how they may (...)
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  • From Preaching to Investing: Attitudes of Religious Organisations Towards Responsible Investment.Céline Louche, Daniel Arenas & Katinka C. van Cranenburgh - 2012 - Journal of Business Ethics 110 (3):301-320.
    Religious organisations are major investors with sometimes substantial investment volumes. An important question for them is how to make investments in, and to earn returns from, companies and activities that are consistent with their religious beliefs or that even support these beliefs. Religious organisations have pioneered responsible investment. Yet little is known about their investment attitudes. This article addresses this gap by studying faith consistent investing. Based on a survey complemented by interviews, we investigate religious organisations’ attitudes towards responsible investment (...)
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  • Enabling Institutional Investors’ Collective Action.Jean-Pascal Gond & Valeria Piani - 2013 - Business and Society 52 (1):64-104.
    This article analyzes the process of organizing collective action by studying the role of the organizational platform provided by the United Nations–backed Principles for Responsible Investment (PRI) initiative in supporting institutional investors’ collaborative engagement with corporations on environmental, social, and governance issues. The authors combine stakeholder and collective action theory to explain how institutional investors influence corporations through collective engagement. A unique access to data from the PRI secretariat on two cases of collaborative campaigns allows evaluation of our framework. The (...)
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  • From Preaching to Investing: Attitudes of Religious Organisations Towards Responsible Investment. [REVIEW]Céline Louche, Daniel Arenas & Katinka C. Cranenburgh - 2012 - Journal of Business Ethics 110 (3):301-320.
    Religious organisations are major investors with sometimes substantial investment volumes. An important question for them is how to make investments in, and to earn returns from, companies and activities that are consistent with their religious beliefs or that even support these beliefs. Religious organisations have pioneered responsible investment. Yet little is known about their investment attitudes. This article addresses this gap by studying faith consistent investing. Based on a survey complemented by interviews, we investigate religious organisations’ attitudes towards responsible investment (...)
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  • Practicalities bottleneck to pension fund responsible investment?Riikka Sievänen - 2014 - Business Ethics, the Environment and Responsibility 23 (3):309-326.
    We found that pension funds may face a bottleneck as practical impediments to engaging in responsible investment with respect to the role played by defining and implementing responsible investment. Furthermore, pension funds seek additional coherence and practical guidelines in this field to enable them to take into account ethical considerations in their investment strategies and in implementing them. These findings indicate that the availability of information may affect the stance that key decision makers of pension funds adopt towards responsible investment.
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  • Being Virtuous and Prosperous: SRI’s Conflicting Goals.Benjamin J. Richardson & Wes Cragg - 2010 - Journal of Business Ethics 92 (S1):21-39.
    Can SRI be a means to make investors both virtuous and prosperous? This paper argues that there can be significant tensions between these goals, and that SRI (and indeed all investment) should not allow the pursuit of maximizing investment returns to prevail over an ethical agenda of promoting social and economic justice and environmental protection. The discourse on SRI has changed dramatically in recent years to the point where its capacity to promote social emancipation, sustainable development and other ethical goals (...)
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  • Collective Beliefs on Responsible Investment.Céline Louche & Christel Dumas - 2016 - Business and Society 55 (3):427-457.
    The financial community does not seem to have shifted to greater sustainability, despite increasing awareness and concerns around social and environmental issues. This article provides insights to help understand why. Building on responsible investment data from the U.K. financial press between 1982 and 2010, the authors examine the collective beliefs which financial actors rely on to take decisions under uncertainty, as a way of understanding the status of and implications for RI mainstreaming. The analysis of collective beliefs through five periods (...)
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  • Institutional investors as stewards of the corporation: Exploring the challenges to the monitoring hypothesis.Mila R. Ivanova - 2017 - Business Ethics: A European Review 26 (2):175-188.
    The study explores the challenges UK-based institutional investors face when trying to monitor investee companies and influence their social, environmental, and governance practices. Consistent with previous research, I find that misalignment of interests within the investment chain and dispersed ownership are factors which inhibit investor activism. However, other underexplored challenges include lack of investee company transparency and investor experience in activism, as well as low client demand for engagement and internal conflicts of interest. The results contribute to the literature on (...)
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  • Social Shareholder Engagement: The Dynamics of Voice and Exit. [REVIEW]Jennifer Goodman, Céline Louche, Katinka C. van Cranenburgh & Daniel Arenas - 2014 - Journal of Business Ethics 125 (2):1-18.
    Investors concerned about the social and environmental impact of the companies they invest in are increasingly choosing to use voice over exit as a strategy. This article addresses the question of how and why the voice and exit options (Hirschman 1970) are used in social shareholder engagement (SSE) by religious organisations. Using an inductive case study approach, we examine seven engagements by three religious organisations considered to be at the forefront of SSE. We analyse the full engagement process rather than (...)
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  • An Empirical Study of the World Price of Sustainability.Yuchao Xiao, Robert Faff, Philip Gharghori & Darren Lee - 2013 - Journal of Business Ethics 114 (2):297-310.
    The core goal of this study is to empirically investigate whether there is a “world price” of corporate sustainability. This is assessed in the context of standard asset pricing models—in particular, by asking whether a risk premium attaches to a sustainability factor after controlling for the Fama–French factors. Both time-series and cross-sectional tests are formulated and applied. The results show that (1) global Fama–French factors have strong power to explain global equity returns and (2) sustainability investments have no significant impact (...)
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  • Enabling Institutional Investors’ Collective Action.Andreas Rasche - 2013 - Business and Society 52 (1):64-104.
    This article analyzes the process of organizing collective action by studying the role of the organizational platform provided by the United Nations–backed Principles for Responsible Investment (PRI) initiative in supporting institutional investors’ collaborative engagement with corporations on environmental, social, and governance issues. The authors combine stakeholder and collective action theory to explain how institutional investors influence corporations through collective engagement. A unique access to data from the PRI secretariat on two cases of collaborative campaigns allows evaluation of our framework. The (...)
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  • Beyond Appearances: The Risk-Reducing Effects of Responsible Investment Practices.Daniela Laurel-Fois - 2018 - Business and Society 57 (5):826-862.
    This article examines the theoretical motivations underlying the conflicting beliefs in support of and against responsible investment and presents unique quantitative evidence to illustrate how such conflicting logics produce a curvilinear relationship between screening intensity and two measures of risk. First, I argue that, whereas limiting the investable universe by using RI screening criteria increases the risk specific to the portfolio, very high screening intensity can reduce this risk. This is due to the fact that information benefits enable fund managers (...)
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