David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 117 (1):137-151 (2013)
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 more than 250 pension funds in 15 European countries in 2010. We use multinomial logistic regression and find that especially legal origin of the country, ownership of the pension fund and fund size-related variables are to be associated with pension funds′ responsible investment. For fund size, we establish a curvilinear relationship; especially the smallest and largest pension funds in the sample tend to engage with responsible investing.
|Keywords||Pension funds Socially responsible investment Survey Corporate social responsibility Responsible investing Europe Investments Multinomial logistic regression analysis|
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References found in this work BETA
Amir Barnea & Amir Rubin (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of Business Ethics 97 (1):71 - 86.
Russell Sparkes & Christopher J. Cowton (2004). The Maturing of Socially Responsible Investment: A Review of the Developing Link with Corporate Social Responsibility. [REVIEW] Journal of Business Ethics 52 (1):45-57.
John Raymond Boatright (2008). Ethics in Finance. Blackwell Pub..
Maretno A. Harjoto & Hoje Jo (2011). Corporate Governance and CSR Nexus. Journal of Business Ethics 100 (1):45 - 67.
Joakim Sandberg, Carmen Juravle, Ted Martin Hedesström & Ian Hamilton (2009). The Heterogeneity of Socially Responsible Investment. Journal of Business Ethics 87 (4):519 - 533.
Citations of this work BETA
Najah Attig, Narjess Boubakri, Sadok El Ghoul & Omrane Guedhami (forthcoming). Firm Internationalization and Corporate Social Responsibility. Journal of Business Ethics.
Riikka Sievänen (2014). Practicalities Bottleneck to Pension Fund Responsible Investment? Business Ethics: A European Review 23 (3):309-326.
Darlene Himick & Sophie Audousset-Coulier (forthcoming). Responsible Investing of Pension Assets: Links Between Framing and Practices for Evaluation. Journal of Business Ethics.
Christos Kollias & Stephanos Papadamou (forthcoming). Environmentally Responsible and Conventional Market Indices’ Reaction to Natural and Anthropogenic Adversity: A Comparative Analysis. Journal of Business Ethics.
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