Drivers of corporate social responsibility attitudes: The demography of socially responsible investors

British Journal of Management

Volumn 22, Issue 2, 2011, Pages 305-323

  Cheah, Eng Tuck ^a   Jamali, Dima ^b   Johnson, Johnnie E V ^a   Sung, Ming Chien ^a  

^a UNIVERSITY OF SOUTHAMPTON   (United Kingdom)

^b AMERICAN UNIVERSITY OF BEIRUT   (Lebanon)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79955979655     PISSN: 10453172     EISSN: 14678551     Source Type: Journal    
DOI: 10.1111/j.1467-8551.2011.00744.x     Document Type: Article

References (91)

1. Anderson, J. W. (1986). 'Social responsibility and the corporation', Business Horizons, 29, pp. 22-27.
2. Baron, D. (2001). 'Private politics, corporate social responsibility and integrated strategy', Journal of Economics and Management Strategy, 10, pp. 7-45.
3. Bauer, R., K. Koedijk and R. Otten (2005). 'International evidence on ethical mutual fund performance and investment style', Journal of Banking and Finance, 29, pp. 1751-1767.
4. Beal, D., M. Goyen and P. Phillips (2005). 'Why do we invest ethically?', Journal of Investing, 14, pp. 66-77.
5. Brounen, D., A. Jong and K. Koedijk (2006). 'Capital structure policies in Europe: survey evidence', Journal of Banking and Finance, 30, pp. 1409-1442.
6. Carroll, A. B. (1979). 'A three-dimensional conceptual model of corporate performance', Academy of Management Review, 4, pp. 497-505.
7. Carroll, A. B. (1991). 'The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders', Business Horizons, 34, pp. 39-48.
8. Carroll, A. (1999). 'Corporate social responsibility: evolution of a definitional construct', Business and Society, 38, pp. 268-295.
9. Carroll, A. B. and K. M. Shabana (2010). 'The business case for corporate social responsibility: a review of concepts, research and practices', International Journal of Management Reviews, 12, pp. 85-105.
10. Chan, K. (1999). 'Market segmentation of green consumers in Hong Kong', Quarterly Journal of Economics, 116, pp. 261-292.
11. Cheah, E. T., W. L. Chan and C. L. L. Chieng (2007). 'The corporate social responsibility of pharmaceutical product recalls: an empirical examination of U.S. and U.K. markets', Journal of Business Ethics, 76, pp. 427-449.
12. Clogg, C. C. and E. S. Shihadeh (1994). Statistical Models for Ordinal Variables. Thousand Oaks, CA: Sage.
13. Cochran, P. L. and R. A. Wood (1984). 'Corporate social responsibility and financial performance', Academy of Management Journal, 27, pp. 42-56.
14. Diamantopoulos, A., B. B. Schlegelmilch, R. R. Sinkovics and G. Bohlen (2003). 'Can socio-demographics still play a role in profiling green consumers? A review of the evidence and an empirical investigation', Journal of Business Research, 56, pp. 465-480.
15. Donaldson, T. and L. Preston (1995). 'The stakeholder theory of corporation: concepts, evidence and implications', Academy of Management Review, 20, pp. 65-91.
16. Erhardt, N., J. D. Werbel and C. B. Shrader (2003). 'Board of director diversity and firm financial performance', Corporate Governance: An International Review, 11, pp. 102-111.
17. Ethical Funds (2002). Ethical Funds: Do the Right Thing. Available at(last accessed 31 January 2010).
18. Fahrmeir, L. and G. Tutz (1994). Multivariate Statistical Modeling Based on Generalized Linear Models. New York: Springer.
19. Ford, R. C. and W. D. Richardson (1994). 'Ethical decision-making: a review of the empirical literature', Journal of Business Ethics, 13, pp. 205-221.
20. Freeman, R. E. (1984). Strategic Management: A Stakeholder Perspective. Englewood Cliffs, NJ: Prentice Hall.
21. Friedman, A. L. and S. Miles (2001). 'Socially responsible investment and corporate social and environmental reporting in the U.K.: an exploratory study', British Accounting Review, 33, pp. 523-548.
22. Friedman, M. (1970). 'The social responsibility of business is to increase its profits', New York Times Magazine, 33, pp. 122-126.
23. Fu, V. K. (1998). 'Sg88: estimating generalized ordered logit models', Stata Technical Bulletin, 44, pp. 27-30.
24. Galbreath, J. (2009). 'Drivers of corporate social responsibility: the role of formal strategic planning and firm culture', British Journal of Management, 21, pp. 511-525.
25. Garriga, E. and E. Mele (2004). 'Corporate social responsibility theories: mapping the territory', Journal of Business Ethics, 53, pp. 51-71.
26. Ghillyer, A. (2008). Business Ethics: A Real World Approach. New York: McGraw-Hill.
27. Hamilton, S., H. Jo and M. Statman (1993). 'Doing well while doing good? The investment performance of socially responsible mutual funds', Financial Analyst Journal, 49, pp. 62-66.
28. Harrison, T. (1995). 'Segmenting the market for retail financial services', International Review of Retail, Distribution and Consumer Research, 5, pp. 271-286.
29. Hart, S. (1995). 'A natural resource based view of the firm', Academy of Management Review, 20, pp. 986-1014.
30. Hayes, J. (2001). 'The greater good: how ethical investment pays off', Australian Financial Review, 26-27, pp. 29-31.
31. Hill, R. P., T. Ainscough, T. Shank and D. Manullang (2003). 'Corporate social responsibility and socially responsible investing: a global perspective', Journal of Business Ethics, 70, pp. 165-174.
32. Hovakimian, A., G. Hovakimian and H. Tehranian (2004). 'The determinants of target capital structure: the case of dual debt and equity issues', Journal of Financial Economics, 71, pp. 517-540.
33. Hudson, R. (2005). 'Ethical investing: ethical investors and managers', Business Ethics Quarterly, 15, pp. 641-657.
34. Jamali, D. (2006). 'Insights into triple bottom line integration from a learning organization perspective', Business Process Management Journal, 12, pp. 809-821.
35. Jamali, D., A. Safieddine and M. Rabbath (2008). 'Corporate governance and corporate social responsibility: synergies and inter-relationships', Corporate Governance: An International Review, 16, pp. 443-459.
36. Jamali, D., Y. Sidani and K. El Asmar (2009). 'A three country comparative analysis of managerial CSR perspective: insights from Lebanon, Syria and Jordan', Journal of Business Ethics, 85, pp. 173-192.
37. Jensen, M. C. and W. H. Meckling (1976). 'Theory of the firm: managerial behavior, agency costs and ownership structure', Journal of Financial Economics, 3, pp. 305-360.
38. Johnson, J. E. V. and A. Bruce (1993). 'Male and female betting behavior: new perspectives', Journal of Gambling Studies, 19, pp. 183-198.
39. Johnson, J. E. V. and P. L. Powell (1994). 'Decision-making, risk and gender: are managers different?', British Journal of Management, 5, pp. 123-138.
40. Junkus, J. C. and T. C. Berry (2010). 'The demographic profile of socially responsible investors', Managerial Finance, 36, pp. 474-481.
41. Kennedy, L. (2001). 'Ethical funds no longer on the fringe', Australian Financial Review, p. 7.
42. Laroche, M., J. Bergeron and G. Barbaro-Forleo (2001). 'Targeting consumers who are willing to pay more for environmentally friendly products', Journal of Consumer Marketing, 18, pp. 503-520.
43. Lewellen, W. G., R. C. Lease and G. G. Schlarbaum (1977). 'Patterns of investment strategy and behavior among individual investors', Journal of Business, 50, pp. 296-333.
44. Lindgreen, A. and V. Swaen (2010). 'Corporate social responsibility', International Journal of Management Reviews, 12, pp. 1-7.
45. Loe, T. W. L., L. Ferrell and P. Mansfield (2000). 'A review of empirical studies assessing ethical decision-making in business', Journal of Business Ethics, 25, pp. 185-204.
46. Long, J. S. and J. Freese (2001). Regression Models for Categorical Dependent Variables Using Stata. College Station, TX: Stata Press.
47. Lozano, J. M., L. Albareda and M. R. Balaguer (2006). 'Socially responsible investment in the Spanish financial market', Journal of Business Ethics, 69, pp. 305-316.
48. Margolis, J. D. and J. P. Walsh (2001). People and Profits: The Search for a Link Between a Company's Social and Financial Performance. Mahwah, NJ: Erlbaum.
49. Matterson, H. (2000). 'Ethics admirable but money comes first', The Australian, p. 35.
50. McCullagh, P. and J. Nelder (1989). Generalized Linear Models, 2nd edn. New York: Chapman and Hall.
51. McKelvey, R. D. and W. Zavonia (1975). 'A statistical model for the analysis of ordinal level for dependent variable', Journal of Mathematical Sociology, 4, pp. 103-120.
52. McLachlan, J. and J. Gardner (2004). 'A comparison of socially responsible and conventional investors', Journal of Business Ethics, 52, pp. 11-25.
53. McWilliams, A. and D. Siegel (2001). 'Corporate social responsibility: a theory of the firm perspective', Academy of Management Review, 26, pp. 117-127.
54. Michelson, G., N. Wailes, S. van der Laan and G. Frost (2004). 'Ethical investment processes and outcomes', Journal of Business Ethics, 52, pp. 1-10.
55. Miller, M. (1988). 'The Modigliani-Miller propositions after thirty years', Journal of Economic Perspectives, 2, pp. 99-120.
56. Modigliani, F. and M. Miller (1958). 'The cost of capital, corporation in finance and the theory of investment', American Economic Review, 48, pp. 261-297.
57. Montiel, I. (2008). 'Corporate social responsibility and corporate sustainability', Organization and Management, 21, pp. 245-269.
58. Murphy, P. E., N. Kangun and W. B. Locander (1978). 'Environmentally concerned consumers', Journal of Marketing, 42, pp. 61-66.
59. Nasi, J., S. Nasi and S. Zyglidopoulos (1997). 'The evolution of corporate social responsiveness: an exploratory study of Finnish and Canadian forestry companies', Business and Society, 36, pp. 296-321.
60. Nielsen, S. and M. Huse (2010). 'The contribution of women on boards of directors: going beyond the surface', Corporate Governance: An International Review, 18, pp. 136-148.
61. Nilsson, J. (2008). 'Investment with a conscience: examining the impact of pro-social attitudes and perceived financial performance on socially investment behavior', Journal of Business Ethics, 83, pp. 307-325.
62. Nilsson, J. (2009). 'Segmenting socially responsible mutual fund investors: the influence of financial return and social responsibility', International Journal of Bank Marketing, 27, pp. 5-31.
63. O'Fallon, M. J. and K. D. Butterfield (2005). 'A review of the empirical ethical decision-making literature: 1996-2003', Journal of Business Ethics, 59, pp. 375-413.
64. Orlitzky, M., F. L. Schmidt and S. L. Rynes (2003). 'Corporate social and financial performance: a meta-analysis', Organization Studies, 24, pp. 403-411.
65. Panwar, R., X. Han and E. Hansen (2010). 'A demographic examination of societal views regarding corporate social responsibility in the US forest products industry', Forest Policy and Economics, 12, pp. 121-128.
66. Post, J. E. (1978). Corporate Behavior and Social Change. Reston, VA: Reston Publishing.
67. Quazi, A. and D. O'Brien (2000). 'An empirical test of a cross-national model of corporate social responsibility', Journal of Business Ethics, 25, pp. 33-51.
68. Rajan, R. G. and L. Zingales (1995). 'What do we know about capital structure? Some evidences from international data', Journal of Finance, 50, pp. 1421-1460.
69. Rest, J. R. (1986). Moral Development: Advances in Research and Theory. New York: Praeger.
70. Roberts, J. A. (1996). 'Will the real socially responsible consumer please step forward?', Business Horizons, pp. 79-83.
71. Robson, A. and S. E. L. Wakefield (2007). 'Socially responsible investing in "high-net-worth" asset management firms in Canada: an exploratory study', Electronic Journal of Business Ethics and Organization Studies, 12, pp. 29-34.
72. Rosen, B. N., D. M. Sandler and D. Shani (1991). 'Social issues and socially responsible investment behavior: preliminary empirical investigation', Journal of Consumer Affairs, 25, pp. 221-234.
73. Sagar, P. and A. Singla (2003). 'Trust and corporate social responsibility: lessons from India', Journal of Communication Management, 8, pp. 282-290.
74. Schlegelmilch, B. B. (1997). 'The relative importance of ethical and environmental screening: implications for the marketing of ethical investment funds', International Journal of Bank Marketing, 15, pp. 48-53.
75. Scholtens, B. (2006). 'Finance as a driver of corporate social responsibility', Journal of Business Ethics, 68, pp. 19-33.
76. Schueth, S. (2003). 'Socially responsible investing in the United States', Journal of Business Ethics, 43, pp. 189-194.
77. Sparkes, R. (1991). 'Ethical investment: whose ethics, which investment?', Business Ethics: A European Review, 10, pp. 194-213.
78. Sparkes, R. (2002). Socially Responsible Investment: A Global Revolution. Chichester: Wiley.
79. Sparkes, R. and C. J. Cowton (2004). 'The maturing of socially responsible investment: a review of the developing link with corporate social responsibility', Journal of Business Ethics, 52, pp. 45-57.
80. Statman, M. (2000). 'Socially responsible mutual funds', Financial Analysts Journal, 35, pp. 30-39.
81. Tippet, J. (2001). 'Performance of Australia's ethical funds', Australian Economic Review, 34, pp. 170-178.
82. Tippet, J. and P. Leung (2001). 'Defining ethical investment and its demography in Australia', Australian Accounting Review, 11, pp. 44-55.
83. Vinning, J. and A. Ebreo (1990). 'What makes a recycler? A comparison of recyclers and nonrecyclers', Environment and Behavior, 22, pp. 55-71.
84. Waddock, S. A. and S. B. Graves (1997). 'The corporate social performance-financial performance link', Strategic Management Journal, 18, pp. 303-319.
85. Wall, G. (1995). 'General versus specific environmental concern: a western Canadian case', Environment and Behavior, 27, pp. 294-316.
86. Waring, P. and T. Edwards (2008). 'Socially responsible investment: explaining its uneven development and human resource management consequences', Corporate Governance: An International Review, 16, pp. 135-145.
87. Warren, R. and G. Tweedale (2003). 'Business ethics and business history: neglected dimensions in management education', British Journal of Management, 13, pp. 209-219.
88. Williams, G. (2007). 'Some determinants of the socially responsible investment decision: a cross-country study', Journal of Behavioral Finance, 8, pp. 43-57.
89. Williams, R. (2006). 'Generalized ordered logit/partial proportional odds models for ordinal dependent variables', Stata Journal, 6, pp. 58-82.
90. Winship, C. and R. D. Mare (1984). 'Regression models with ordinal variables', American Sociological Review, 49, pp. 512-525.
91. World Bank (2002). Ten Things You Never Knew about the World Bank. Available at(last accessed 31 January 2010).