35 years of socially responsible investing (SRI) research - General trends over time

South African Journal of Business Management

Volumn 43, Issue 4, 2012, Pages 1-16

  Viviers, S ^a   Eccles, N S ^b  

^a STELLENBOSCH UNIVERSITY   (South Africa)

^b Noah Department in Responsible Investment   (South Africa)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84872310966     PISSN: 20785585     EISSN: 20785976     Source Type: Journal    
DOI: 10.4102/sajbm.v43i4.478     Document Type: Article

References (109)

1. Akinjolire, A. & Smit, E.vdM. 2003. 'South Africa unit trust performance and strategy in a changing economic climate', Investment Analysts Journal, 58: 41-50.
2. Ali, P. 2007. 'Investing in the environment: Some thoughts on the new breed of green hedge funds', Derivatives Use, Trading & Regulation, 12(4): 351-357.
3. Amao, O. & Amaeshi, K. 2008. 'Galvanising shareholder activism: A prerequisite for effective corporate governance and accountability in Nigeria', Journal of Business Ethics, 82(1): 119-130.
4. Barnea, A., Heinkel, R. & Kraus, A. 2005. 'Green investors and corporate investment', Structural Change and Economic Dynamics, 16(3): 332-346.
5. Bauer, R., Koedijk, K. & Otten, R. 2005. 'International evidence on ethical mutual fund performance and investment style', Journal of Banking and Finance, 29(7): 1751-1767.
6. Brown, S.J., Goetzmann, W., Ibbotson, R.G. & Ross, S.A. 1992. 'Survivorship bias in performance studies', The Review of Financial Studies, 5(4): 553-580.
7. Carhart, M.M. 1997. 'On persistence in mutual fund performance', The Journal of Finance, 52(1): 57-82.
8. Coffey, B.S. & Fryxell, G.E. 1991. 'Institutional ownership of stock and dimensions of corporate social performance: an empirical examination', Journal of Business Ethics, 10(6): 437-444.
9. Cox, P., Brammer, S. & Millington, A. 2007. 'Pension fund manager tournaments and attitudes towards corporate characteristics', Journal of Business Finance & Accounting, 34(7): 1307-1326.
10. Cummings, L.S. 2000. 'The financial performance of ethical investment trusts: An Australian perspective', Journal of Business Ethics' 25(1): 79-92.
11. Deborde, L., Minczeles, A. & Sicard, J-P. 2006. 'Principes de l'investissement responsible: Une démarche des grands investisseurs institutionnels sous l'égide des Nations Unies', Revue d'Économie Financière, 85: 1-12.
12. Deheuvels, T. 2006. 'ISR: Un concept en devenir', Revue d'Économie Financière, 85: 1-10.
13. Dejean, F. 2008. 'La formation du marche de l'investissement socialement responsable en France', Economies et Societes, 42(1): 203-220.
14. Delahousse, L. 2006. 'À quelles conditions l'épargne retraite peut-elle contribuer au Développement de l'investissement socialement responsable?', Revue d'Économie Financière, 85: 1-12.
15. Dembinski, P., Bonvin J-M., Dommen, E. & Monnet, F. 2003. 'The ethical foundations of responsible investment', Journal of Business Ethics, 48(2): 203-213.
16. Dillenburg, S., Greene, T. & Erekson, H. 2003. 'Approaching socially responsible investment with a comprehensive ratings scheme: Total social impact', Journal of Business Ethics, 43(3): 167-177.
17. Diltz, J.D. 1995a. 'Does social screening affect portfolio performance?', Journal of Investing, Spring: 64-69.
18. Diltz, J.D. 1995b. 'The private cost of socially responsible investing', Applied Financial Economics, 5: 69-77.
19. Dunfee, T.W. 2003. 'Social investing: Mainstream or backwater?', Journal of Business Ethics, 43(3): 247-252.
20. Eccles, N.S. 2010. 'UN principles for responsible investment signatories and the anti-apartheid SRI movement: A thought experiment', Journal of Business Ethics, 95(3): 415-424.
21. Eurosif. 2008. 'European SRI Study 2008'. [online] URL:http://www. eurosif.org/publications/sri-studies.
22. Farmen, T.E.S. & Van Der Wijst, N. 2005. 'A cautionary note on the pricing of ethics', Journal of Investing, 14(3): 53-56.
23. Feigenbaum, B. & Lowenberg, A.D. 1988. 'South African disinvestment: Causes and effects', Contemporary Policy Issues, 6(4): 105-117.
24. Fernandez-Izquierdo, A. & Matallin-Saez, J. 2008. 'Performance of ethical mutual funds in Spain: Sacrifice or premium?', Journal of Business Ethics, 81(2): 247-260.
25. Friedman, A.L. & Miles, S. 2001. 'Socially responsible investment and corporate social and environmental reporting in the UK: An exploratory study', British Accounting Review, 33: 523-548.
26. Goldreyer, E.F. & Diltz, J.D. 1999. 'The performance of socially responsible mutual funds: Incorporating sociopolitical information in portfolio selection', Managerial Finance, 25(1): 23-36.
27. Gond, J-P. 2006. 'Construire la relation (positive) entre performance sociétale et financière sur le marché de l'isr: de la performation a l'autoréalisation?', Revue d'Économie Financière, 85: 1-17.
28. Graves, S.B. & Waddock, S.A. 1994. 'Institutional investors and corporate social performance', Academy of Management Journal, 37(4): 1034-1046.
29. Gregory, A., Matatko, J. & Luther, R. 1997. 'Ethical unit trust financial performance: small company effects and fund size effects', Journal of Business Finance and Accounting, 24(5): 705-724.
30. Griffin, J.J. & Mahon, J.F. 1997. 'The corporate social performance and corporate financial performance debate', Business and Society, 36(1): 5-32.
31. Grossman, B.R. & Sharpe, W.F. 1986. 'Financial implications of South African divestment', Financial Analyst Journal, July/August: 15-29.
32. Guay, T., Doh, J.P. & Sinclair, G. 2004. 'Non-governmental organizations, shareholder activism and socially responsible investments: Ethical, strategic and governance implications', Journal of Business Ethics, 52(1): 125-139.
33. Guerard, J.B. 1997a. 'Is there a cost to being socially responsible in investing?', Journal of Investing, 6(2): 11-19.
34. Guerard, J.B. 1997b. 'Additional evidence on the cost of being socially responsible in investing', Journal of Investing, 6(4): 31-35.
35. Guerard, J.B. 1997c. 'Is there a cost to being socially responsible in investing?', Journal of Forecasting, 16: 475-490.
36. Hamilton, S., Jo, H. & Statman, M. 1993. 'Doing well while doing good? The investment performance of socially responsible mutual funds', Financial Analyst Journal, 49(6): 62-66.
37. Harte, G., Lewis, L. & Owen, D. 1991. 'Ethical investment and the corporate reporting function', Critical Perspectives on Accounting, 2: 227-253.
38. Hawley, J.P. & Williams, A.T. 2000. The rise of fiduciary capitalism. Philadelphia: University of Pennsylvania Press.
39. Hawley, J.P. & Williams, A.T. 2006. 'The universal owner's role in sustainable economic development'. In Sullivan, R. & Mackenzie, C. (Eds.). Responsible investment. Sheffield: Greenleaf Publishing.
40. Heese, K. 2005. 'The development of socially responsible investment in South Africa: Experience and evolution of SRI in global markets', Development Southern Africa, 22(5): 729-739.
41. Heinkel, R., Kraus, A. & Zechner, J. 2001. 'The effect of green investment on corporate behaviour', Journal of Financial and Quantitative Analysis, 36(4): 431-449.
42. Hillman, A.J. & Keim, G.D. 2001. 'Shareholder value, stakeholder value and social issues: What's the bottom line', Strategic Management Journal, 22: 125-139.
43. Hudson, R. 2005. 'Ethical investing: ethical investors and managers', Business Ethics Quarterly 15(4), 641-657.
44. Hudson, R. & Wehrell, R. 2005. Socially responsible investors and the microentrepreneur: A Canadian case', Journal of Business Ethics, 60(3): 281-292.
45. Hummels, H. & Timmer, D. 2004. 'Investors in need of social, ethical and environmental information', Journal of Business Ethics, 52(1): 73-84.
46. Hutton, R.B., D'Antonio, L. & Johnsen, T. 1998. 'Socially responsible investing: Growing issues and new opportunities', Business and Society, 37(3): 281-306.
47. Hylton, M.O. 1992. '"Socially responsible" investing: Doing good versus doing well in an efficient market', American University Law Review, 42: 1-52.
48. Irvine, W.B. 1987. 'The ethics of investing', Journal of Business Ethics, 6: 233-242.
49. Kiernan, M.J. 2007. 'Universal owners and ESG: Leaving money on the table?', Corporate Governance, 15(3): 478-485.
50. Koellner, T., Sangwon, S., Weber, O., Moser, C. & Scholz, R.W. 2007. 'Environmental impacts of conventional and sustainable investment funds compared using input-output life-cycle assessment', Journal of Industrial Ecology, 11(3): 41-60.
51. Kreander, N., Gray, G., Power, D.M. & Sinclair, C.D. 2005. 'Evaluating the performance of ethical and non-SRI funds: A matched pairs analysis', Journal of Business Finance and Accounting, 32(7): 1465-1493.
52. Krumsiek, B.J. 1997. 'The emergence of a new era in mutual fund investing: Socially responsible investing comes of age', Journal of Investing, 6(4): 25-31.
53. Kurtz, L. & DiBartolomeo, D. 1996. 'Socially screened portfolios: An attribution analysis of relative performance', Journal of Investing, 5(3): 35-41.
54. Lamore, R.L., Link, T. & Blackmond, T. 2006. 'Renewing people and places: Institutional investment policies that enhance social capital and improve the built environment of distressed communities', Journal of Urban Affairs, 28(5): 429-442.
55. Lansing, P. & Kuruvilla, S. 1988. 'Business divestment in South Africa: In who's best interest?', Journal of Business Ethics, 7(8): 561-574.
56. Lember, U. 2005. 'Corporate social responsibility and socially responsible investments according to the perceptions of Estonian institutional investors', EBS Review, 20: 88-98.
57. Liang, X. 2000. 'Survivorship bias in mutual fund performance: Evidence in Canadian mutual funds'. Unpublished Master's dissertation, Concordia University, Montreal, Canada.
58. Louche, C. & Lydenberg, S. 2006. 'Investissement socialement responsible: Différences entre Europe et États-Unis', Revue d'Économie Financière, 85: 1-25.
59. Luther, R.G., Matatko, J. & Corner, D.C. 1992. 'The investment performance of UK 'ethical' unit trusts', Accounting, Auditing and Accountability Journal, 5(4): 57-70.
60. Mackenzie, C. 2006. 'The scope for investor action on corporate social and environmental impacts'. In Sullivan, R. & Mackenzie, C. (Eds.). Responsible investment. Sheffield: Greenleaf Publishing.
61. Mackenzie, C. 1998. 'The choice of criteria in ethical investment', Business Ethics: A European Review, 7(2): 81-86.
62. Mackey, A., Mackey, T.B. & Barney, J.B. 2007. 'Corporate social responsibility and firm performance: Investor preferences and corporate strategies', Academy of Management Review, 32(3): 817-835.
63. Malkiel, B.G. 1995. 'Returns from investing in equity mutual funds 1971 to 1991', Journal of Finance, 2: 549-572.
64. McLaren, D. 2004. 'Global stakeholders: Corporate accountability and investor engagement', Corporate Governance: An International Review, 12(2): 191-201.
65. Meznar, M.B., Nigh, D. & Kwok, C.C.Y. 1998. 'Announcements of withdrawal from South Africa revisited: Making sense of contradictory event study findings', Academy of Management Journal, 41(6): 715-730.
66. Mill, G.A. 2006. 'The financial performance of a socially responsible investment over time and a possible link with corporate social responsibility', Journal of Business Ethics, 63(2): 131-148.
67. Mouton, J. 1996. Understanding social research. Pretoria: Van Schaik.
68. Neubaum, D.O. & Zahra. S.A. 2006. 'Institutional ownership and corporate social performance: the moderating effects of investment horizon, activism and coordination', Journal of Management, 32(1): 108-131.
69. Orlitzky, M., Schmidt, F.L. & Rynes, S.L. 2003. 'Corporate social and financial performance: A meta analysis', Organization Studies, 24(3): 403-441.
70. Rademeyer, C. & Holtzhausen, J. 2004. 'King II, corporate governance and shareholder activism', South African Law Journal, 120(4): 767-775.
71. Randjelovic, J., O'Rourke, A.R. & Orsato, R.J. 2003. 'The emergence of green venture capital', Business Strategy and the Environment, 12(4): 240-253.
72. Renaudin, A. 2006. 'l'investissement socialement responsible: Le point de vue d'une mutuelle spécialiste en assurancevie', Revue d'Économie Financière, 85: 1-5.
73. Reyes, M.G. & Grieb, T. 1998. 'The external performance of socially responsible mutual funds', American Business Review, 16(1): 1-7.
74. Richardson, B.J. 2008. Socially responsible investment law. Oxford: Oxford University Press.
75. Richardson, B.J. 2009. 'Keeping ethical investment ethical: Regulatory issues for investing for sustainability', Journal of Business Ethics, 87(4): 555-572.
76. Rivoli, P. 2003. 'Labour standards in the global economy: Issues for investors', Journal of Business Ethics, 43: 223-232.
77. Rudd, A. 1979. 'Divestment of South African equities: How risky?', Journal of Portfolio Management, 5(3): 5-10.
78. Sauer, D.A. 1997. 'The impact of social responsibility screens on investment performance: Evidence from the Domini 400 social index and Domini equity mutual fund', Review of Financial Economics, 6(2): 137-150.
79. Scholtens, B. 2005. 'What drives socially responsible investment? The case of the Netherlands', Sustainable Development, 3(2): 129-137.
80. Schrader, U. 2006. 'Ignorant advice - Customer advisory service for ethical investment funds', Business Strategy and the Environment, 15: 200-214.
81. Schueth, S. 2003. 'Socially responsible investing in the United States', Journal of Business Ethics, 43(3): 89-194.
82. Schwartz, M.S. 2003. 'The "ethics" of ethical investing', Journal of Business Ethics, 43(3): 195-231.
83. Schwartz, M.S., Tamari, M. & Schwab, D. 2007. 'Ethical investing from a Jewish perspective', Business and Society Review, 112(1): 137-161.
84. Sharfman, M. 1996. 'The construct validity of the Kinder, Lydenberg & Domini social performance ratings data', Journal of Business Ethics, 15: 287-296.
85. Social Investment Forum. 2007. 'Report on socially responsible investing trends in the United States'. [online]. URL: http://www.socialinvest.org/ resources/research/
86. Solomon, J.F. & Darby, L. 2005. 'Is private social, ethical and environmental reporting mythicizing or demythologizing reality?', Accounting Forum, 27(1): 27-47.
87. Solomon, A. & Solomon, J.F. 1999. 'Empirical evidence of long-termism and shareholder activism in UK unit trusts', Corporate Governance: An International Review, 7(3): 288-300.
88. Solomon, J., Solomon, A. & Norton, S. 2002. 'Socially responsible investment in the UK: Drivers and current issues', Journal of General Management, 27(3): 1-13.
89. Solomon, A., Solomon, J. & Suto, M. 2004. 'Can the UK experience provide lessons for the evolution of SRI in Japan?', Corporate Governance: An International Review, 12(4): 552-566.
90. Sonnenberg, D. & Hamman, R. 2006. 'The JSE Socially Responsible Investment Index and the state of sustainability reporting in South Africa', Development Southern Africa, 23(2): 305-320.
91. Sparkes, R. 2001. 'Ethical investment: Whose ethics, which investment?', Business Ethics: A European Review, 10(3): 194-205.
92. Sparkes, R. & Cowton, C.J. 2004. 'The maturing of socially responsible investment: A review of the developing link with corporate social responsibility', Journal of Business Ethics, 52(1): 45-57.
93. Statman, M. 2000. 'Socially responsible mutual funds', Financial Analyst Journal, 56(3): 30-39.
94. Statman, M. 2006. 'Socially responsible indexes: Composition, performance, and tracking error', Journal of Portfolio Management, 32(3): 100-109.
95. Teoh, S.W., Welch, I. & Wazzan, C.P. 1999. 'The effect of socially activist investment policies on the financial markets: Evidence from the South African boycott', Journal of Business, 72(1): 35-98.
96. Thamotheram, R. & Wildsmith, H. 2007. 'Increasing longterm market returns: Realising the potential of collective pension fund action', Corporate Governance: An International Review, 15(3): 438-454.
97. Valor, C., Palomo, R., Iturrioz, J. & Mateu, J.L. 2007. 'Socially responsible investments among savings banks and credit unions: Empirical findings in the Spanish context', Annals of Public and Cooperative Economics, 78(2): 301-326.
98. Vance, S.C. 1975. 'Are socially responsible corporations good investment risks?', Management Review, 64(8): 18-24.
99. Vermeir, W., Van de Velde, E. & Corten, F. 2005. 'Sustainable and responsible performance', Journal of Investing, 14(3): 94-100.
100. Visser, W.A.M. 2005. Corporate citizenship in South Africa - a review of progress since democracy. Journal of Corporate Citizenship, Summer(18): 29-38.
101. Viviers, S., Bosch, J.K., Smit, E.v.d M. & Buijs, A. 2009. 'Responsible investing in South Africa', Investment Analysts Journal, 69(May): 1-17.
102. Viviers, S., Bosch, J.K., Smit, E.v.d. M. & Buijs, A. 2008. 'Is responsible investing ethical?', South African Journal of Business Management, 39(1): 15-25.
103. Vyvyan, V., Chew, N. & Brimble, M. 2007. 'Socially responsible investing: The green attitudes and grey choices of Australian investors', Corporate Governance: An International Review, 15(2): 370-381.
104. Waddock, S. 2000. 'The multiple bottom lines of corporate citizenship: Social investing, reputation, and responsibility audits', Business and Society Review, 105(3): 323-245.
105. Weber, O. 2005. 'Sustainability benchmarking of European banks and financial service organizations', Corporate Social Responsibility and Environmental Management, 12(2): 73-87.
106. White, M.A. 1995. 'The performance of environmental mutual funds in the United States and Germany: Is there hope for "green" investors', Research in Corporate Social Performance, 1: 323-344.
107. White, C.F. 2005. 'SRI best practices: Learning from the Europeans', Journal of Investing, 14(3): 88-93.
108. Williams, G. 2007. 'Some determinants of the socially responsible investment decision: A cross-country study', Journal of Behavioural Finance, 8(1): 43-57.
109. Wisebrod, J.M. 2007. 'Social impact ratings: How to make responsible investment appealing', Finance and the Common Good/Bien Commun, 27: 29-40.