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  1. Lammertjan Dam & Bert Scholtens (2013). Ownership Concentration and CSR Policy of European Multinational Enterprises. Journal of Business Ethics 118 (1):117-126.
    This study investigates how ownership concentration in European multinational firms is associated with these firms’ corporate social responsibility (CSR). We employ factor analysis on responsibility data from EIRiS and use a regression analysis. Using firm-level data for almost 700 European firms, we find that shareholder concentration is significantly related to such policies. That is, more concentrated ownership goes hand in hand with poorer CSR policies. In our analysis, we control for size, leverage, profitability, industry, and country of origin. We use (...)
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  2. Bert Scholtens & Riikka Sievänen (2013). Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries. [REVIEW] Journal of Business Ethics 115 (3):605-616.
    In this study, we try to establish what determines the substantial differences in the Nordic countries’ size and composition of socially responsible investing (SRI). We investigate if these differences between Denmark, Finland, Norway, and Sweden can be associated with key characteristics in economics, finance, culture, and institutions. We find that in particular economic openness, the size of the pension industry, and cultural values of masculinity (femininity) and uncertainty avoidance can be associated with the differences in SRI in the four countries. (...)
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  3. Riikka Sievänen, Hannu Rita & Bert Scholtens (2013). The Drivers of Responsible Investment: The Case of European Pension Funds. [REVIEW] Journal of Business Ethics 117 (1):137-151.
    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 (...)
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  4. Jos Leys, Bert Scholtens, Henry Schäfer, Wim Vandekerckhove, Kristian Alm & Silvana Signori (2011). Post Scripta–An Owl's View. In Wim Vandekerckhove, Jos Leys, Kristian Alm, Bert Scholtens, Silvana Signori & Henry Schäfer (eds.), Responsible Investment in Times of Turmoil. Springer. 221.
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  5. Bert Scholtens (2010). The Environmental Performance of Dutch Government Bond Funds. Journal of Business Ethics 92 (1):117 - 130.
    We investigate the implications of using different indicators to assess the sustainability performance of investment funds. In particular, we look into the environmental performance of Dutch government bond funds. We find that it does matter a lot which particular indicator is used. This suggests that funds should be very transparent and straightforward about their non-financial performance. We argue that basically they have three options. First, the industry comes up with a benchmark against which the responsibility of their investments is measured (...)
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  6. Bert Scholtens (2009). Corporate Social Responsibility in the International Banking Industry. Journal of Business Ethics 86 (2):159 - 175.
    This article aims at providing a framework to assess corporate social responsibility with international banks. Currently, it is mainly rating institutions like EIRIS and KLD that provide information about firms’ social conduct and performance. However, this is costly information and it is not clear how the rating institutions arrive at their conclusion. We develop a framework to assess the social responsibility of internationally operating banks. We apply this framework to more than 30 institutions and find significant differences among individual banks, (...)
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  7. Bert Scholtens & Lammertjan Dam (2007). Cultural Values and International Differences in Business Ethics. Journal of Business Ethics 75 (3):273 - 284.
    We analyze ethical policies of firms in industrialized countries and try to find out whether culture is a factor that plays a significant role in explaining country differences. We look into the firm’s human rights policy, its governance of bribery and corruption, and the comprehensiveness, implementation and communication of its codes of ethics. We use a dataset on ethical policies of almost 2,700 firms in 24 countries. We find that there are significant differences among ethical policies of firms headquartered in (...)
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  8. Bert Scholtens & Laura Spierdijk (2007). Lemons and Timber. The Case of Tropical Timber Investment Funds in the Netherlands. Philosophica 80:105-119.
    In this paper, we analyze the behavior of Dutch tropical timber investment funds in relation to financial regulation. These funds are a niche market within the market for socially responsible investments. During the past few years, several Dutch timber funds went bankrupt, whereas others were surrounded by scandals. Partly as a reaction to this, tighter regulation was developed and implemented. In response to the regulatory changes timber funds adjusted their operations and business strategy. The lack of supervision of timber funds, (...)
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  9. Bert Scholtens (2006). Finance as a Driver of Corporate Social Responsibility. Journal of Business Ethics 68 (1):19 - 33.
    Finance is grease to the economy. Therefore, we assume that it may affect corporate social responsibility (CSR) and the sustainability of economic development too. This paper discusses the transmission mechanisms between finance and sustainability. We find that there is no simple one-to-one relationship between financial development and sustainable development but there are various – often indirect – linkages. It appears that most of the literature concentrates on the role of public shareholders when it comes to changing corporate policy and performance (...)
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