David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 69 (3):305 - 316 (2006)
This paper reviews the development of socially responsible investment (SRI) in the Spanish financial market. The year, 1997 saw the appearance in Spain of the first SRI mutual fund, but it was not until late 1999, that major Spanish fund managers offered SRI mutual funds on the retail market. The development of SRI in the Spanish financial market has not experienced the high levels of development seen in other European countries, such as France or Italy, where interest in SRI began during the same period. This paper presents an analysis of the impact of SRI mutual funds managed by Spanish fund managers comparing the evolution of managed assets and number of investors. We also analyse the investment strategies adopted by these funds, which mainly use negative screening criteria and the participation of non-governmental organisations as institutional investors. An analysis of the take up of socially responsible investment in the Spanish financial market shows majors deficits in this process. This is due to Spanish investors having limited sensitivity to social issues and knowledge of SRI, and a lack of development of SRI investment strategies, such as engagement or shareholder activism by fund managers. Furthermore, the take-up of SRI mutual funds in the Spanish financial market coincided with a fall in the stock market at the beginning of the 21st Century. We conclude with an analysis of the relationship between SRI and Corporate Social Responsibility (CSR).
|Keywords||Socially Responsible Investment (SRI) engagement Corporate Social Responsibility (CSR) financial Performance|
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Silvana Signori (2009). Ethical (Sri) Funds in Italy: A Review. Business Ethics 18 (2):145-164.
Frédérique Déjean, Stéphanie Giamporcaro, Jean-Pascal Gond, Bernard Leca & Elise Penalva-Icher (2013). Mistaking an Emerging Market for a Social Movement? A Comment on Arjaliès' Social-Movement Perspective on Socially Responsible Investment in France. Journal of Business Ethics 112 (2):205-212.
Tim Benijts (2010). A Framework for Comparing Socially Responsible Investment Markets: An Analysis of the Dutch and Belgian Retail Markets. Business Ethics 19 (1):50-63.
Salla Laasonen, Martin Fougère & Arno Kourula (2012). Dominant Articulations in Academic Business and Society Discourse on NGO–Business Relations: A Critical Assessment. [REVIEW] Journal of Business Ethics 109 (4):521-545.
Jean-Pascal Gond & Eva Boxenbaum (2013). The Glocalization of Responsible Investment: Contextualization Work in France and Québec. [REVIEW] Journal of Business Ethics 115 (4):707-721.
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