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Journal articles on the topic 'Responsible investment'

Author: Grafiati

Published: 4 June 2021

Last updated: 16 May 2023

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1

Plakys, Modestas. "International Socially Responsible Investment Funds." Mokslas - Lietuvos ateitis 1, no. 3 (April 11, 2011): 56–60. http://dx.doi.org/10.3846/153.

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The study deals with socially responsible investment funds as the type of investment funds universe. European and USA market for socially responsible investment funds is presented. The dynamics of assets under the management and number of these funds in the market are considered. The approaches for socially responsible investments are studied and reasons for increased interest in such investments are named. The main reasons why the global socially responsible funds become more and more popular are: an increase of interest of community in socially responsible companies, in problems regarding climate and environment changes, in government attitude towards alternative energy and investments of private and public pension funds.

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2

Jessen, Pernille. "Optimal responsible investment." Applied Financial Economics 22, no. 21 (May 22, 2012): 1827–40. http://dx.doi.org/10.1080/09603107.2012.684786.

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3

Tobias Peylo, Benjamin. "Rational socially responsible investment." Corporate Governance 14, no. 5 (September 30, 2014): 699–713. http://dx.doi.org/10.1108/cg-08-2014-0089.

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Purpose – The purpose of this paper is first to give an in-depth discussion of the criticism of socially responsible investment's (SRI) alleged incompatibility with the concept of rational investment constituting an inferiority to conventional investment so as to disprove unwarranted arguments and identify potential for improvement of SRI. The second objective is to propose a framework that places SRI and conventional investment on the same level of rationality. Methodology – The discussion is based on a literature study. The framework uses a previously published multidimensional optimization approach and embeds it into a new, integrated methodology for investment decisions in the presence of SRI objectives. The framework is empirically evaluated using historic stock market data. Findings – The main findings show that SRI is not necessarily less rational than conventional investment; it can be implemented in an equally stringent and clearly defined methodology. The empirical results prove that investors can pursue SRI objectives without sacrificing performance. Research limitations – Focus is on the German stock market; in the future, research will be expanded to cover international markets. Practical implications – The results may contribute to enhance the SRI methodology. Social implications – Investors may be encouraged to consider SRI, strengthening the concept of sustainability. Originality/value – In the literature, the question of SRI’s compatibility with rational investment has often been cited but seldom scrutinized. An in-depth analysis combined with a framework to exploit of the learnings has yet been missing.

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BinMahfouz, Saeed, and M. Kabir Hassan. "Sustainable and socially responsible investing." Humanomics 29, no. 3 (August 23, 2013): 164–86. http://dx.doi.org/10.1108/h-07-2013-0043.

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PurposeThere is a great deal of research that has been done to investigate the investment characteristics of conventional socially responsible investment portfolios compared to their broader conventional counterparts. However, the impact of incorporating sustainability criteria into the traditional Sharia screening process has not so far been investigated. Therefore, the study aims to give empirical evidence as to whether or not incorporating sustainability socially responsible criteria in the traditional Sharia screening process has a significant impact on the investment characteristics of the Islamic investment portfolio.Design/methodology/approachThe paper examines the investment characteristics of four groups of investment portfolios mainly, Dow Jones Global Index, Dow Jones Sustainability World Index, Dow Jones Islamic Market World Index and Dow Jones Islamic Market Sustainability Index. To improve the robustness of the study, the analysis was carried out at different levels. First, absolute mean return and t‐test were used to examine whether the difference between the different groups of investments is statistically significant or not. Second, risk adjusted equilibrium models, both single‐index and Fama and French multi‐index, were employed. This is to control for different risk exposure and investment style bias associated with different investment portfolios examined.FindingsThe paper finds that neither the Sharia nor the sustainability screening process seems to have an adverse impact on the performance and systematic risk of the investment portfolios compared to their unrestricted conventional counterparts. Therefore, Muslim as well as socially responsible investors can choose investments that are consistent with their value systems and beliefs without being forced to sacrifice performance or expose to higher systematic risk.Originality/valueThe study contributes to the existing literature by giving new evidence on the impact of incorporating sustainability criteria into the traditional Sharia screening process that has not so far been investigated.

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5

Yelnikova, Yuliia, Inna Makarenko, Alina Artemenko, and Maryna Gorodetska. "Investigation of Socially Responsible Investment Strategies Taxonomy." European Journal of Management Issues 30, no. 3 (September 23, 2022): 177–86. http://dx.doi.org/10.15421/192216.

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Purpose: To generalize a taxonomy of responsible investment strategies based on assessing the main trends in the development of SRI at the global level and by major geographical regions. Analyse the types of existing SRI strategies and rank them according to their leading positions and active use in different geographical regions. Design/Method/Approach: System-structural in order to generalize approaches to the typology of socially responsible investment strategies in accordance with the current assets structure managed by investment managers, including by geographical regions; systematic analysis to identify current trends and patterns in the investment processes in line with the Sustainable Development Goals (SDGs); statistical and graphical methods for quantitative and visual presentation of analysis results. Findings: The current mechanism of socially responsible investments distribution in comparison with traditional assets is characterized; global trends in the field of SRI are assessed; the taxonomy of SRI strategies in accordance with general scientific approaches and classifications of international investment organizations aimed at achieving the Sustainable Development Goals at the global level has been formed and generalized. Theoretical Implications: A comprehensive assessment of global investment processes is carried out in the context of responsible investment and achievement of the Sustainable Development Goals; the most optimal approaches to the RI strategies typology have been determined based on its current trends, the level of attraction of them in different regions in order to apply them in the impact investments programs, developing the country's profile as an investment donor. Research Limitations/Future Research: The the obtained results will be used in the further study of the transformation of the stock market in Ukraine based on the responsible trajectory and fractal analysis. Also, identified responsible investment strategies can serve as a basis for developing the investment profile of the impact investment donor country, as well as for highlighting priority areas for attracting investments to restore the country's economy after crises, military conflicts and other macroeconomic destabilization factors. The study was performed within the state budget research “Fractal model of the stock market transformation in Ukraine: socially responsible investment to achieve the Sustainable Development Goals” № 0121U100473 Paper type: Empirical

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6

Beloe, Sebastian. "A responsible investment?—an overview of the socially responsible investment community." World Futures 56, no. 4 (February 2001): 409–16. http://dx.doi.org/10.1080/02604027.2001.9972814.

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7

Ghiloni, F. "SOCIALLY RESPONSIBLE INVESTMENT REGIME." Trusts & Trustees 5, no. 10 (October 1, 1999): 38. http://dx.doi.org/10.1093/tandt/5.10.38.

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8

Gutsche, Gunnar, and Bernhard Zwergel. "Investment Barriers and Labeling Schemes for Socially Responsible Investments." Schmalenbach Business Review 72, no. 2 (February 21, 2020): 111–57. http://dx.doi.org/10.1007/s41464-020-00085-z.

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9

Sharma, Renuka, Kiran Mehta, and Vishal Vyas. "Responsible Investing: A Study on Non-Economic Goals and Investors’ Characteristics." Applied Finance Letters 9, SI (November 18, 2020): 63–78. http://dx.doi.org/10.24135/afl.v9i2.245.

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The notion of rational investment is not attuned with the idea of socially responsible investment. Incongruence with conventional investments, the SRI/sustainable investment/ethical investment is pertained to ethical, environmental and social criteria (Eccles and Viviers,2011). All investors are not single-minded for an objective of wealth creation. The welfare of society and the environment are among the other drivers of investment. In certain cases, investors do prefer sustainable development to personal financial aspects (Beal et al., 2005). The present study has primarily focused on assessing the relationship between individual investors’ attributes and their noneconomic goal in order to comprehend their socially responsible investment behaviour specifically in Indian scenario. The findings of study are useful for fund managers, regulators and researchers as study has provided useful insights regarding behaviour of Indian investors for responsible investments.

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10

Barca, El-Mehdi. "Familiarity of Algerian Investors with Socially Responsible Investment (SRI)." International Journal of Management Science and Business Administration 1, no. 4 (2015): 73–85. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.14.1005.

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Socially responsible investment (SRI) is attracting increasing interest worldwide and is also an excellent strategy for the future. Although SRI is present in emerging markets, very few studies to date have examined its reach within these markets and familiarity of investors with this concept. In our study we surveyed 300 Algerian investors in order to investigate reasons why SRI in Algeria is still low. The objective of this research is to analyze and put light on what are the reasons behind investors’ choice of investments toward or against SRI and to provide some recommendations helping to promote SRI in Algeria. The results based on the questionnaire survey demonstrate that SRI is still not-known to lots of Algerian investors. It is also found that financial institutions and advisors have a positive impact by bringing SRI concept closer to investors. Also, accrediting SRI products by public authorities influence massively the orientation of investors toward the SRI.

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Nóbrega, Beatriz Figueiredo Campos. "Promoting economic and social development through an innovative investment framework: the multidimensional role os ACFIs." International Journal of Digital Law 2, no. 1 (April 27, 2021): 91–110. http://dx.doi.org/10.47975/ijdl/1nobrega.

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The economic performance of a country, in the era of a globalized economy and its value chains, is strongly affected by foreign investments. The regulation of this cross-border capital flow through international instruments negotiated and celebrated to facilitate, boost and protect foreign investments demonstrates the potential of these instruments in shaping a responsible and diligent insertion of foreign investments in the host country. In Brazil, the investment agreements have been, in the recent years, negotiated through the so-called Cooperation and Facilitation Investment Agreements (CFIAs). So why not use this important mechanism to build a more efficient system? It urges that International Investment Law is brought into this debate, leading the way to incorporating socially responsible corporate conducts into the productive economic process by both States and investing economic agents. This study seeks, therefore, to evaluate Responsible Business Conduct in its interrelation with investment mechanisms that can, at once, attract and facilitate investment and also promote economic and social development. Key words: foreign investment; CFIAs; responsible business conduct; economic and social development.

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12

Danilov, Y. "Introducing Principles and Standards for Responsible Investment." World Economy and International Relations 67, no. 5 (2023): 90–99. http://dx.doi.org/10.20542/0131-2227-2023-67-5-90-99.

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The article provides information on the latest developments in the field of building sustainable finance standards as an integral element of the sustainable development model. The rapid growth of responsible investment naturally created a demand for the formation of principles and standards both for responsible investors themselves and for corporations wishing to attract responsible investments. The development of standards, norms and rules that ensure the effectiveness of responsible investments is carried out in close cooperation with international financial organizations, associations of market participants and regulators. The article presents a general picture of this process, including information about its main participants, their most important decisions and achievements in the field of implementing the concept of sustainable finance. It is divided into 4 blocks. The first block talks about the rules and regulations for responsible investment, including the requirements developed by such investors in relation to themselves. The second block briefly describes the process of standardizing the disclosure of non-financial information and the problems of ensuring its reliability. The standards for disclosure and confirmation of the reliability of information about the adherence of corporations to the principles of sustainable development create the basis for the formation of long-term trust, which is a prerequisite for the functioning of the sustainable development model. The third block briefly describes the styles of responsible investing and the trends in their application. The fourth block is devoted to proposals and projects for central banks to change their monetary policy in order to stimulate responsible investment. The article is aimed at the widest range of readers interested in the problems of responsible investment, focusing on the most important documents in this area developed abroad in recent years.

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Varavin, Ye V., M. V. Kozlova, and M. Yu Makovetskiy. "Development of environmentally responsible investment: implementation of foreign experience for Kazakhstan." Central Asian Economic Review, no. 4 (February 3, 2022): 52–63. http://dx.doi.org/10.52821/2789-4401-2021-4-52-63.

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The purpose of the research is to systematize and clarify scientific and theoretical approaches to determining the essence and economic content of environmentally responsible investment within the framework of the ESG-investment concept and to study the possibility of their implementation in Kazakhstani practice.Methodology – the methods included scientific abstraction, inductive, deductive and comparative analysis. In addition, special methods were applied: comparison, monographic, normative, economic and statistical (statistical sample, economic grouping, calculation of statistical indicators, including absolute and relative values).Originality / value – the obtained research results can be applied in Kazakhstan in improving the state policy in the field of "green" financing in Kazakhstan, responsible investment of measures to counter environmental threats.Findings – the results defined the essence of responsible investment within the framework of the ESGinvestment concept, taking into account the unity of environmental, social and corporate governance factors. The analysis of the state and development of responsible investment in economically developed countries was held. Possibilities of forming an ecosystem of financial support for environmentally responsible investments in Kazakhstan were clarified. The factors constraining and stimulating the inflow of investments into green economy projects are highlighted, as well as measures of state support for the development of environmentally responsible investment in the country were proposed. The results of this research can be applied in Kazakhstan to improve the state policy in the field of “green” financing, responsible investment of measures to counter environmental threats and challenges.

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14

Borodin, Sergii. "Responsible Land-Based Investment in Ukraine: International Regulatory Practice." Oblik i finansi, no. 4(94) (2021): 62–70. http://dx.doi.org/10.33146/2307-9878-2021-4(94)-62-70.

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In 2021, a free agricultural land market was opened in Ukraine. So, an increase in investments in the acquisition of agricultural land in Ukraine is expected, which actualizes social problems, particularly guaranteeing the rights of peasants, small producers and small farmers, vulnerable groups of the population, women, and rural youth to own and use land. The risks of land investments for the Ukrainian economy are associated with the loss of a small landowner, the displacement of the farming system, an increase in rural unemployment, violation of the rights of rural communities, and the destruction of the rural living environment. The purpose of the study is to substantiate recommendations for Ukraine based on an analysis of international experience in regulating the processes of attracting responsible land investment and highlighting the basic principles of responsible investment in agriculture and food systems. The main international documents on responsible investments in the implementation of large-scale land projects were analyzed. It has been established that foreign investment in land tenure and land use in Ukraine is associated with high demand due to the availability of supply of agricultural land and the opening of a land sale and purchase market, the transformation of natural resources into commercial assets, a corruption component, and uncertainty with the value of the land. The necessity of the following steps has been substantiated: а) development of recommendations for responsible investment in land tenure and land use; b) introduction of the concept of “responsible land investment” into the national legislative field; c) development of a system for regulating investment activity based on international standards. The author suggested recognizing family farmers, small owners, and small producers, especially women, rural youth, rural residents, as the main responsible investors in the field of land use in Ukraine.

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15

Auger, Pat, Timothy Devinney, Grahame Dowling, and Christine Eckert. "Inertia and discounting in the selection of socially responsible investments." Annals in Social Responsibility 2, no. 1 (May 3, 2016): 29–47. http://dx.doi.org/10.1108/asr-07-2016-0006.

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Purpose Socially responsible investment (SRI) funds have grown dramatically as an investment alternative in most of the developed world. The paper aims to discuss this issue. Design/methodology/approach This study uses a structured experimental approach to determine if the decision-making process of investors to invest in SRIs is consistent with the process used for conventional investments. The theoretical framework draws on two widely studied concepts in the decision making and investment literature, namely, inertia and discounting. Findings The authors find that inertia plays a significant role in the selection of SRI funds and that investors systemically discount the value of SRIs. Research limitations/implications The results suggest that SRIs need to be designed to cater to the risk/return profiles of investors and that these investors need to be better informed about the performance of SRIs vs conventional investments to reduce their systematic discounting. Originality/value Unique experimental approach applied to investment alternatives in a manner that captures individual level variation.

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16

Yelnikova, Julia, and Abdul Rahman Barhaq. "Transparency of Responsible Investment Environment." Business Ethics and Leadership 4, no. 4 (2020): 68–75. http://dx.doi.org/10.21272/bel.4(4).68-75.2020.

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The study deals with measuring the investment environment transparency for responsible investment, assessing it in Ukraine, and improving it through the rating means in sustainable development. There are ratings, rankings, indices, benchmarks and sustainable development standards as unique markers in responsible investment markets, considering the ESG − criteria for screening companies. The authors prove that ratings are tools for minimizing information asymmetry at the micro and macro levels, which is quite significant, especially in the responsible investment field. Rating is a leading factor in creating a transparent environment for investment decisions and ensuring a favorable investment climate in the world (considering the sustainable development ratings and progress towards sustainable development) and the investment attractiveness of companies (considering ESG − reporting criteria on sustainable development of companies). The authors pay much attention to the world’s sustainable development ratings, which incorporate the transparency component of the investment environment. The authors analyze Ukraine’s position in these rankings and conclude that its status and investment attractiveness are deteriorating in the international arena, particularly due to insufficient transparency of the investment environment, perception of corporate social responsibility and weak progress towards the Sustainable Development Goals. Structural and dynamic analysis of the signatories and participants of the UN Global Compact network in Ukraine confirm this thesis. Despite the positive dynamics of network members, especially in recent years, their number and composition are unrepresentative towards companies, financial sector institutions, NGOs and government organizations as leaders in the values of sustainable development and social responsibility in Ukraine. Consideration of the European countries’ experience embodied in the new EU investment plan, comprising three areas and ten measures aimed at mobilizing 650 billion euros of investment in sustainable development and the investigations made by a supranational organizations network (OECD, UN Development Program, the Sustainability Accounting Standards Board). The Global Reporting Initiative, the International Finance Corporation, the Global Impact Investing Network, and other stakeholders are essential steps in increasing Ukraine’s investment environment transparency. Ensuring environment transparency of the responsible investment by introducing methods of ranking companies and countries considering their social responsibility and achievements in the sustainable development field and its goals, standardization of products, techniques and strategies of responsible investment are key priorities of Ukrainian state investment policy. Keywords: Transparency, Investment Environment, Information Asymmetry, Ranking, Sustainable Development, Responsible Investing.

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17

Shkura, Iryna. "Socially responsible investment in Ukraine." Journal of Economics and Management 27 (2017): 75–95. http://dx.doi.org/10.22367/jem.2017.27.05.

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18

CHERNYSHOVA, MARINA V. "ESG AND RESPONSIBLE INSTITUTIONAL INVESTMENT." Scientific Works of the Free Economic Society of Russia 229, no. 3 (2021): 98–120. http://dx.doi.org/10.38197/2072-2060-2021-229-3-98-120.

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The growing interest in the sustainability of companies has led to green investment gaining popularity among investors as it aims to combat climate change and its impact on the planet, and therefore on human life and the environment. These changes also directly affect companies, in connection with which they are reconsidering their behavior in order to meet the new requirements of the financial market. Investors are changing their asset allocation given that more resilient issuing companies are better equipped to cope with tough times and therefore offer stable returns. In line with this emerging trend, global investment banks and asset managers have increased the supply of green funds in recent years, providing investors with many options to validate environmental, social and corporate governance (ESG) aspects when making portfolio asset allocation decisions.

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19

Crifo, Patricia, and Nicolas Mottis. "Socially Responsible Investment in France." Business & Society 55, no. 4 (September 8, 2013): 576–93. http://dx.doi.org/10.1177/0007650313500216.

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20

Dumas, Christel, and Céline Louche. "Collective Beliefs on Responsible Investment." Business & Society 55, no. 3 (March 23, 2015): 427–57. http://dx.doi.org/10.1177/0007650315575327.

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21

Kłobukowska, Justyna. "SOCIALLY RESPONSIBLE INVESTMENT IN ASIA." Copernican Journal of Finance & Accounting 6, no. 1 (June 29, 2017): 55. http://dx.doi.org/10.12775/cjfa.2017.003.

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22

Dunn, Jeff, Marisol Hernandez, and Christopher Palazzolo. "Clearing the Air: Responsible Investment." Journal of Portfolio Management 46, no. 3 (January 18, 2020): 36–41. http://dx.doi.org/10.3905/jpm.2020.46.3.036.

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23

Knuutinen, Reijo, and Matleena Pietiläinen. "Responsible Investment: Taxes and Paradoxes." Nordic Tax Journal 2017, no. 1 (December 13, 2017): 135–50. http://dx.doi.org/10.1515/ntaxj-2017-0010.

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Abstract Taxes have become an issue of corporate social responsibility (CSR), but the role of taxation is to some extent an ambiguous and controversial issue in the CSR framework. Similarly, another unclear question is what role investors who are committed to sustainable and responsible investment (SRI) see taxes as having on their environmental, social, and governance (ESG) agenda. Corporate taxes have an inverse relationship with the return of the investors: taxes paid directly affect what is left on the bottom line, reducing the return of investors. However, investors are now more aware of tax-related risks, which can include different forms of reputation risk. Corporate tax planning may increase the returns, but those increased returns are riskier. This study focuses particularly on the relationship between SRI and taxation. We find that tax matters are considered to be on the ESG agenda, but their role and significance in the ESG analysis is unclear.

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24

Rapson, Daniel, David Shiers, Claire Roberts, and Miles Keeping. "Socially responsible property investment (SRPI)." Journal of Property Investment & Finance 25, no. 4 (July 17, 2007): 342–58. http://dx.doi.org/10.1108/14635780710762490.

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Magiera, Frank T. "The Performance of Socially Responsible Investments: Investment Funds and Indices." CFA Digest 35, no. 1 (February 2005): 81–82. http://dx.doi.org/10.2469/dig.v35.n1.1638.

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26

Schröder, Michael. "The performance of socially responsible investments: Investment funds and indices." Financial Markets and Portfolio Management 18, no. 2 (June 2004): 122–42. http://dx.doi.org/10.1007/s11408-004-0202-1.

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27

Shieh, Chen Huan. "The Investment Performance of Socially Responsible Investment in Japan." Economics and Finance Letters 3, no. 1 (2016): 1–7. http://dx.doi.org/10.18488/journal.29/2016.3.1/29.1.1.7.

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Preu, Friederike Johanna, and Benjamin J. Richardson. "German Socially Responsible Investment: Barriers and Opportunities." German Law Journal 12, no. 3 (March 1, 2011): 865–900. http://dx.doi.org/10.1017/s2071832200017132.

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In socially responsible investment terms, Germany is a contradiction. The country is considered by many as one of the pioneers of post-war environmentalism and social reform. Yet, German financial institutions are amongst the European laggards in adopting environmentally and socially informed approaches to investment. This article identifies a variety of legal, institutional and attitudinal factors which hinder the growth of the German SRI market. Its paltry size does not reflect evidence of any specific disinterest among German investors in social and environmental issues. Rather, it arises from a combination of structural impediments, particularly the institutional arrangements for German pension schemes that hinder their participation in financial markets, regulations which encourage conservative investments, and investors' preference for low-risk assets and avoidance of shareholder activism. Legal and institutional reforms over the past decade have in theory created better opportunities for SRI in Germany, although they have yet to engender significant changes in the market.

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Vartiak, Lukas. "Global sustainable and responsible investment activities and strategies of companies." New Trends and Issues Proceedings on Humanities and Social Sciences 3, no. 4 (March 22, 2017): 77–87. http://dx.doi.org/10.18844/gjhss.v3i4.1610.

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Makarenko, І. О., A. S. Vorontsova, Yu V. Yelnikovа, and A. S. Lasukova. "Bibliometric analysis of research on responsible investment." Problems of Theory and Methodology of Accounting, Control and Analysis, no. 1(48) (May 11, 2021): 70–76. http://dx.doi.org/10.26642/pbo-2021-1(48)-70-76.

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The formation of the concept of responsible investment involves a change in the basic understanding of the investment process, which requires consideration of the possible consequences of such actions for the planet, society and economy. In this regard, it is important to provide a thorough methodological basis that will be the groundwork for the dissemination of this concept and its scientific foundation. The purpose of this work is to conduct a quantitative bibliometric analysis of research on responsible investing. The scientometric international databases Web of Science from Clarivate Analytics and Scopus from Elsevier and their built-in tools were used for this purpose. The time period of the study was 1990 – March 2021, the main search query – «responsible investment». Quantitative analysis of scientific publications in selected databases was conducted by time, geographical and subject search, analysis of organizations that fund research on this topic and the most cited works. The results show a growing trend of research on responsible investment in the world, with an increase in recent years, and a predominance of research by scientists from English-speaking countries (UK, United States, Australia, Canada) and European countries (Spain, France, Germany, etc.). Research is mainly funded by the European Commission and other Japanese and European organizations. The analysis of subject areas in the study of responsible investing revealed the presence of both managerial and economic, as well as social and environmental issues. The analysis of the most cited works in the scientometric databases Scopus and WoS revealed the popularity of socially responsible investments in the context of institutional, behavioral and functional aspects, as well as their connection with corporate social responsibility.

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Donath, Liliana Eva, Roxana Ioan, and Tatenda Mandimutsira. "Evaluating the Performance of Socially Responsible Investment Funds." Scientific Annals of Economics and Business 65, no. 2 (June 1, 2018): 139–58. http://dx.doi.org/10.2478/saeb-2018-0008.

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Abstract The definition and scope of sustainability have evolved over the years, stimulated by debates which have won the attention of investors, thereby creating concepts such as responsible investment, socially responsible investment, responsible finance, etc. The purpose of the paper is to demonstrate whether screening has an effect on the financial performance of mutual funds and whether these effects are positive or negative. The study mainly focuses on the U.S. market as it is well developed and therefore provides greater insight and value. The research method uses the Markowitz and Sharpe market models to determine the market value of SRI and non SRI mutual funds. The study also depicts the investors’ attitude towards embedding sustainability driven variables in the decision making process as well as the market response to socially responsible investments.

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Chen, En Te, and Yunieta Anny Nainggolan. "Distance bias of socially responsible investment." Social Responsibility Journal 14, no. 1 (March 5, 2018): 96–110. http://dx.doi.org/10.1108/srj-02-2017-0021.

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Purpose Despite the benefits of international diversification, the home equity bias phenomenon is well documented in the portfolio choice literature. The purpose of this paper is to investigate whether the same investment behavior applies to domestic socially responsible investments (SRIs) where ethical screenings should be the selection criteria. Design/methodology/approach The authors apply the model by Coval and Moskowitz (1999), Grinblatt and Keloharju (2001) and Agarwal and Hauswald (2010) to uncover the effect of distance relative to screenings on SRI domestic portfolio choice. For the first time, the authors test the robustness of distance effect by using time bias, which is the travel time between the fund manager and the company’s headquarter. Findings The authors find that SRIs exhibit a strong preference for locally headquartered firms. After controlling for screening activity and other fund characteristics, the authors still find a strong distance bias in SRI fund portfolio decision-making. The authors find that this bias is mostly observed in SRI fund with social screening and that fund holding characteristics determine the propensity of fund managers to invest locally. The results suggest that the local bias puzzle exists in SRI. Research limitations/implications This study provides avenue for future research to examine whether the same local bias is found in SRI investment in other countries where they have different characteristics and behavior. Also, the evidence that local bias exists in SRI investment may need further analysis as to whether this is conflicting with the objectives of SRI, which focus more on ethical beliefs. Practical implications The results suggest that many local firms in the same city currently held by an SRI fund will not be held by this fund if it is in another city. The implications of the findings are that geographic proximity, along with ethical screenings, is an important dimension to how SRI fund invests. Originality/value This study is the first that examines local bias in SRI funds by using portfolio holding data.

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33

Martí-Ballester, Carmen Pilar. "Investor reactions to socially responsible investment." Management Decision 53, no. 3 (April 20, 2015): 571–604. http://dx.doi.org/10.1108/md-04-2014-0207.

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Purpose – The purpose of this paper is to analyze investor reactions to ethical screening by pension plan managers. Design/methodology/approach – The author presents a sample consisting of data corresponding to 573 pension plans in relation to such aspects as financial performance, inception date, asset size, number of participants, custodial and management fees, and whether their managers adopt ethical screening or give part of their profits to social projects. On this data the author implements the fixed effects panel data model proposed by Vogelsang (2012). Findings – The results obtained indicate that investors/consumers prefer traditional or solidarity pension plans to ethical pension plans. Furthermore, the findings show that ethical investors/consumers are more (less) sensitive to positive (negative) lagged returns than caring and traditional consumers, causing traditional consumers to contribute to pension plans that they already own. Research limitations/implications – The author does not know what types of environmental, social and corporate governance criteria have been adopted by ethical pension plan managers and the weight given to each of these criteria for selecting the stock of the firms in their portfolios that could influence in the investors’ behaviour. Practical implications – The results obtained in the current paper show that investors invest less money in ethical pension plans than in traditional and solidarity pension plans; this could be due to the lack of information for their part. To solve this, management companies could increase the transparency about their corporate social responsibility (CSR) investments to encourage investors to invest in ethical products so these lead to raising CSR standards in companies, and therefore, sustainable development. Social implications – The Spanish socially responsible investment retail market is still at an early phase of development, and regulators should promote it in order to encourage firms to adopt business activities that take into account societal concerns. Originality/value – This paper provides new evidence in a field little analysed. This paper contributes to the existing literature by focusing on examining the behaviour of pension funds investors whose investment time horizon is in the long-term while previous literature focus on analysing behaviour of mutual fund investors whose investment time horizon is in the short/medium term what could cause different investors’ behaviour.

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de Graaf, Frank Jan, and Alfred Slager. "Guidelines for Integrating Socially Responsible Investment in the Investment Process." Journal of Investing 18, no. 3 (August 31, 2009): 70–78. http://dx.doi.org/10.3905/joi.2009.18.3.070.

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Chiromba, Campion. "Responsible Investment and Its Impact on Investment Decisions: Zimbabwe Scenario." Journal of Investing 29, no. 2 (October 1, 2019): 98–109. http://dx.doi.org/10.3905/joi.2019.1.105.

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Dilla, William, Diane Janvrin, Jon Perkins, and Robyn Raschke. "Investor views, investment screen use, and socially responsible investment behavior." Sustainability Accounting, Management and Policy Journal 7, no. 2 (May 3, 2016): 246–67. http://dx.doi.org/10.1108/sampj-07-2015-0066.

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Purpose Despite the increasing demand for socially responsible investments (SRIs) and the importance of information intermediaries in providing corporate social responsibility (CSR) performance information through SRI screens, relatively little is known about the relationship between nonprofessional investors’ views regarding SRI, their use of SRI screens and their actual SRI behavior. This study aims to distinguish between investor views about the importance of corporate environmental responsibility (environmental performance importance views) and whether they view environmentally responsible firms as yielding higher returns (environmental performance return views). It examines the association between these views, SRI screen use and reported SRI holdings. Design/methodology/approach Nonprofessional investor participants completed an online survey about their SRI investment views, screen use and investment behavior. The survey yielded 201 usable responses. Findings The strength of participants’ environmental performance importance and environmental performance return views is positively associated with their use of SRI screens and the proportion of their portfolios held in SRIs. SRI screen use only partially mediates the association between investors’ environmental performance importance and return views and their SRI holdings. Research limitations/implications The study does not precisely address what types of SRI screens nonprofessional investors may be using. It does not control for investors’ specific experience with SRIs, nor does it examine how or why investors come to believe that environmental responsibility may improve a company’s return potential. Practical implications The fact that SRI screen use only partially mediates the association between investors’ views and their SRI holdings suggests that either reliable, unfiltered CSR information is important for nonprofessional investors or some investors are choosing SRIs without obtaining adequate relevant information. Social implications The study’s findings confirm earlier research findings which show an association between investors’ pro-environmental views and their decision to invest in SRIs (Williams, 2007; Nilsson, 2008) and suggest that nonprofessional investors are becoming aware of the positive relation between environmental performance and firm value (Dhaliwal et al., 2011; Clarkson et al., 2013; Hawn et al., 2014; Matsumura et al., 2014). Originality/value This study simultaneously examines the influence of environmental performance importance (an “alternative” investment perspective) and environmental performance return (a “traditional” investment perspective) on investors’ SRI behavior.

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Jones, Stewart, Sandra van der Laan, Geoff Frost, and Janice Loftus. "The Investment Performance of Socially Responsible Investment Funds in Australia." Journal of Business Ethics 80, no. 2 (May 15, 2007): 181–203. http://dx.doi.org/10.1007/s10551-007-9412-6.

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Zakharkin, О., L. Zakharkina, Yu Solomko, and D. Yemelianov. "APPLICATION OF VALUES-BASED INVESTING CONCEPT IN WORLD INVESTMENT PRACTICE." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 3 (2020): 220–26. http://dx.doi.org/10.21272/1817-9215.2020.3-24.

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The article considers theoretical and practical aspects of investments’ implementation at enterprises inclusive of the account the socio-economic effects arising from this. It is proved that side by side with the positive results investments can make negative impact on the surrounding community, which will require additional costs on reduction and neutralization. Thus, the need arises while calculating the cost indices of the company also take into account the indicators of "social value". The aim of the work is to analyze the world experience of forming investment strategies for business development based on the application of a cost approach with the principles of socially responsible investment. The research used methods of scientific abstraction, comparative and systematic analysis and synthesis, systematization and logical generalization. Provision of the combination of the interests of investors and society is possible by the use of the concept of "values-based investing" (VBI). It is the investment, which is based on the cost approach and consists in the selection of investments that provide the greatest increase in total cost, that is, not only to create value for the enterprise, but also to make the social value in the form of positive environmental, social and economic effects. Thus, it is a socially-responsible investment, the orientation of which is becoming more widespread in the world. The paper provides classification of areas of socially responsible investment, which includes investment by criteria of the social, ecological areas, the corporate management, the integrating multiple criteria for choosing investments. It is characterized the main types of strategies that can be implemented by enterprise within the limits of value-oriented investing and analyzed the global dynamics and structure of investment choices of socially-responsible investing. The analysis showed that in recent years the most dynamic investment strategy spread with maximum consideration of ESG factors, involving the formation of an investment portfolio based on a systematic combination of traditional financial analysis with assessment of environmental, social and governance impacts.

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Jun, Hannah. "Investing Well by Investing for Good?: Exploring the Motivations of Socially Responsible Investors." International Studies Review 14, no. 1 (October 15, 2013): 29–56. http://dx.doi.org/10.1163/2667078x-01401002.

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Investments in socially responsible investing (SRI), an investment process that integrates environmental, social, and governance considerations into investment decisionmaking, have grown rapidly in many areas around the world. But compared to the growth of SRI investments on a global level, there is little clarity in the academic literature about why investors would choose to implement such a strategy. This paper attempts to highlight key theories and approaches to understand the motivetions of socially responsible investors and, in doing so, provide a more robust theoretical framework that underpins the recent global phenomenon.

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Kurtz, Lloyd. "Three Pillars of Modern Responsible Investment." Journal of Investing 29, no. 2 (January 16, 2020): 21–32. http://dx.doi.org/10.3905/joi.2020.1.116.

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Neale, Alan. "Pension Funds and Socially Responsible Investment." Journal of Corporate Citizenship 2001, no. 2 (June 1, 2001): 43–55. http://dx.doi.org/10.9774/gleaf.4700.2001.su.00008.

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Bataeva, B. S., and A. V. Vavilina. "Foreign Practice of Socio Responsible Investment." IZVESTIYA OF SARATOV UNIVERSITY. NEW SERIES. SERIES: ECONOMICS. MANAGEMENT. LAW 16, no. 1 (March 18, 2016): 15–23. http://dx.doi.org/10.18500/1994-2540-2016-16-1-15-23.

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Dembinski, Paul H., Jean-Michel Bonvin, Edouard Dommen, and François-Marie Monnet. "The Ethical Foundations of Responsible Investment." Journal of Business Ethics 48, no. 2 (December 2003): 203–13. http://dx.doi.org/10.1023/b:busi.0000004598.89426.d8.

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Copp, Richard, Michael L. Kremmer, and Eduardo Roca. "Socially Responsible Investment in Market Downturns." Griffith Law Review 19, no. 1 (January 2010): 86–104. http://dx.doi.org/10.1080/10854670.2010.10854670.

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Jin, Henry Hongbo, Olivia S. Mitchell, and John Piggott. "Socially responsible investment in Japanese pensions." Pacific-Basin Finance Journal 14, no. 5 (November 2006): 427–38. http://dx.doi.org/10.1016/j.pacfin.2006.03.002.

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Taylor, Robert. "How new is socially responsible investment?" Business Ethics: A European Review 9, no. 3 (July 2000): 174–79. http://dx.doi.org/10.1111/1467-8608.00188.

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Sandberg, Joakim, Carmen Juravle, Ted Martin Hedesström, and Ian Hamilton. "The Heterogeneity of Socially Responsible Investment." Journal of Business Ethics 87, no. 4 (October 14, 2008): 519–33. http://dx.doi.org/10.1007/s10551-008-9956-0.

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Rhodes, Mark Jonathan. "Information Asymmetry and Socially Responsible Investment." Journal of Business Ethics 95, no. 1 (December 20, 2009): 145–50. http://dx.doi.org/10.1007/s10551-009-0343-2.

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Drut, Bastien. "Sovereign Bonds and Socially Responsible Investment." Journal of Business Ethics 92, S1 (April 2010): 131–45. http://dx.doi.org/10.1007/s10551-010-0638-3.

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Stephens, Phoebe. "The Principles of Responsible Agricultural Investment." Globalizations 10, no. 1 (February 2013): 187–92. http://dx.doi.org/10.1080/14747731.2013.760952.

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