Investment with a conscience: Examining the impact of pro-social attitudes and perceived financial performance on socially responsible investment behavior [Book Review]
David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
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Journal of Business Ethics 83 (2):307 - 325 (2008)
This article addresses the growing industry of retail socially responsible investment (SRI) profiled mutual funds. Very few previous studies have examined the final consumer of SRI profiled mutual funds. Therefore, the purpose of this study was to, in an exploratory manner, examine the impact of a number of pro-social, financial performance, and socio-demographic variables on SRI behavior in order to explain why investors choose to invest different proportions of their investment portfolio in SRI profiled funds. An ordinal logistic regression analysis on 528 private investors revealed that two of the three pro-social variables had a positive impact on how much the consumer invested in SRI profiled funds. Moreover, there was proof of a non-altruistic motive for investing in SRI as consumers who perceive that financial return of SRI is equal or better than "regular" mutual funds, invested a greater proportion of their portfolio in SRI profiled mutual funds. Furthermore, the results showed that women and better-educated investors were more likely to invest a greater proportion of their investment portfolio in SRI. Overall, the findings indicate that both financial perceptions and pro-social attitudes are connected to consumer investment in SRI
|Keywords||consumer investment behavior mutual funds private investors pro-social attitudes socially responsible investment|
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References found in this work BETA
Steve Schueth (2003). Socially Responsible Investing in the United States. Journal of Business Ethics 43 (3):189 - 194.
Jonathan McLachlan & John Gardner (2004). A Comparison of Socially Responsible and Conventional Investors. Journal of Business Ethics 52 (1):11-25.
Pietra Rivoli (2003). Making a Difference or Making a Statement? Finance Research and Socially Responsible Investment. Business Ethics Quarterly 13 (3):271-287.
Harry Hummels & Diederik Timmer (2004). Investors in Need of Social, Ethical, and Environmental Information. Journal of Business Ethics 52 (1):73-84.
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Citations of this work BETA
Gunther Capelle-Blancard & Stéphanie Monjon (2012). Trends in the Literature on Socially Responsible Investment: Looking for the Keys Under the Lamppost. Business Ethics 21 (3):239-250.
Rune Dahl Fitjar (2011). Little Big Firms? Corporate Social Responsibility in Small Businesses That Do Not Compete Against Big Ones. Business Ethics 20 (1):30-44.
Joakim Sandberg (2011). Socially Responsible Investment and Fiduciary Duty: Putting the Freshfields Report Into Perspective. [REVIEW] Journal of Business Ethics 101 (1):143-162.
Thomas C. Berry & Joan C. Junkus (2013). Socially Responsible Investing: An Investor Perspective. [REVIEW] Journal of Business Ethics 112 (4):707-720.
Petya Puncheva-Michelotti, Marco Michelotti & Peter Gahan (2010). The Relationship Between Individuals' Recognition of Human Rights and Responses to Socially Responsible Companies: Evidence From Russia and Bulgaria. [REVIEW] Journal of Business Ethics 93 (4):583 - 605.
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