Sustainable Investment and Corporate Governance Working Papers, Sustainable Investment Research Platform
No 2009/5:
Investment Institutions’ Beliefs about and Attitudes toward Socially Responsible Investment (SRI): A Comparison between SRI and non-SRI Management
Magnus Jansson ()
and Anders Biel ()
Abstract: This paper investigates psychological drivers and
financial motives that may influence major Swedish investments institutions
to adopt Socially Responsible Investment (SRI). Based on an instrument that
captures concepts in the Value-Belief-Norm theory by Stern et al. (1999),
and potential financial beliefs that may influence investors’ SRI
intentions, a survey was addressed to all major Swedish investments
institutions. Fifty-eight respondents from 17 different investment
institutions participated in the survey among those, 31 were conventional
(non-SRI investors) and 27 socially responsible investors. Our results show
that conventional and SRI investors share similar beliefs about short- and
long-term performance on SRI investments in that SRI gives less return in
the short term but slightly more than conventional investments in the
longer run. However, SRI investors express significantly more interest in
increasing their future SRI investments than conventional investors do. We
discover that future SRI is not influenced by social and environmental
concerns. Rather, financial beliefs about risk and beliefs about increased
market shares drive SRI forward. The business case for SRI seems thus to be
the only reason for major investment institutions to adopt SRI.
Keywords: Investment decisions; financial markets; socially responsible investments; values; intentions; (follow links to similar papers)
23 pages, September 2, 2009
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