Enabling Institutional Investors' Collective Action: The Role of the Principles for Responsible Investment Initiative

Business and Society

Volumn 52, Issue 1, 2013, Pages 64-104

  Gond, Jean Pascal ^a   Piani, Valeria ^b  

^a CITY UNIVERSITY   (United Kingdom)

^b PRI Secretariat   (United Kingdom)

Author keywords

collective action theory; institutional investors; investor activism; socially responsible investment; stakeholder theory

Indexed keywords

EID: 84874433826     PISSN: 00076503     EISSN: 14678594     Source Type: Journal    
DOI: 10.1177/0007650312460012     Document Type: Article

References (79)

1. Agle B. R.,Mitchell R. K.,Sonnenfeld J. A.What matters to CEOs? An investigation of stakeholder attributes and salience, corporate performance, and CEO values.Academy of Management Journal. 1999;43:507-525.
2. Alinsky S.Rules for radicals: A practical primer for realistic radicals. New York, NY: Random House; 1971:.
3. Baron R.Nonmarket strategies.California Management Review. 1995;37 (2): 47-65.
4. Boltanski L.,Thévenot L.On justification: The economies of worth. Princeton, NJ: Princeton University Press; 2006:.
5. Cassell C.,Symon G.Essential guide to qualitative methods in organisational research. London, UK: Sage; 2004:.
6. Charmaz K.Constructing grounded theory. A practical guide through qualitative analysis. London, UK: Sage; 2006:.
7. Clark T.,Hebb G. L.Pension fund corporate engagement: The fifth stage of capitalism.Industrial Relations. 2004;59:142-171.
8. Collier J.Corporate integrity and accountability. Brenkert G. G., ed. London, UK: Sage; 2004:238-252.
9. Davis G.Managed by the markets: How finance reshaped America. Oxford, UK: Oxford University Press; 2009:.
10. Del Guercio D.,Hawkins J.The motivation and impact of pension fund activism.Journal of Financial Economics. 1999;52:293-340.
11. Den Hond F.,de Bakker F.Ideologically motivated activism: How activist groups influence corporate social change activities.Academy of Management Review. 2007;32:901-924.
12. DiMaggio P. J.,Powell W. W.The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields.American Sociological Review. 1983;48:147-160.
13. Dryzek J. S.Legitimacy and democracy in deliberative democracy.Political Theory. 2001;29:651-669.
14. Eisenhardt K.Building theories from case studies research.Academy of Management Review. 1989;14:532-550.
15. Eisenhardt K. M.,Graebner M. E.Theory building from cases: Opportunities and challenges.Academy of Management Journal. 2007;50 (1): 25-32.
16. Etzioni A.Modern organizations. Englewood Cliffs, NJ: Prentice-Hall; 1964:.
17. Eurosif. (2008). European SRI study. Paris, France: Eurosif Studies. Retrieved from www.eurosif.org.
18. Eurosif. (2010). European SRI study. Paris, France: Eurosif Studies. Retrieved from http://www.eurosif.org.
19. Fehr E.,Fischbacher U.The nature of human altruism.Nature. 2002;425:785-791.
20. Fiss P. C.A set-theoretic approach to organizational configurations.Academy of Management Review. 2007;32 (4): 1180-1198.
21. Fombrun C.,Shanley M.What's in a name? Reputation building and corporate strategy.Academy of Management Journal. 1990;33:233-258.
22. Freeman R. E.Strategic management: A stakeholder approach. Boston, MA: Pitman; 1984:.
23. Friedland R.,Alford R. R.The new institutionalism in organizational analysis. Powell W. W.DiMaggio P. J., ed. Chicago, IL: University of Chicago Press; 1991:232-263.
24. Gallup International. (2003). Trust will be the challenge of 2003. Retrieved from http://www.voice-of-the-people.net/ContentFiles/docs/VoP_Trust_Survey.pdf.
25. Gifford J.Effective shareholder engagement: The factors that contribute to shareholder salience. Journal of Business Ethics. 2010a;92 (1): 79-97.
26. Gifford J.The United Nations Global Compact: Achievements, trends and challenges. Rasche A.Kell G., ed. Cambridge, UK: Cambridge University Press; 2010b:195-214.
27. Gillan S. L.,Starks L. T.Corporate governance proposals and shareholder activism: The role of institutional investors.Journal of Financial Economics. 2000;57:375-305.
28. Gillan S. L.,Starks L. T.Corporate governance, corporate ownership, and the role of institutional investors: A global perspective.Journal of Applied Finance. 2003;13 (2): 4-22.
29. Glaser B. G.,Strauss A. L.The discovery of grounded theory: Strategies for qualitative research. Hawthorn, NJ: Aldine de Gruyter; 1967:.
30. Green S. E.A rhetorical theory of diffusion.Academy of Management Review. 2004;29:653-669.
31. Green S. E.,Nohria N.,Li Y.Suspended in self-spun webs of significance: A rhetorical model of institutionalization and institutionally embedded agency.Academy of Management Journal. 2009;52 (1): 11-36.
32. GuyattD. (2006). Identifying and overcoming behavioural impediments to long-term responsible investing (Unpublished doctoral dissertation). University of Bath, UK.
33. Habermas J.Between facts and norms. Cambridge, MA: MIT Press; 1996:.
34. Habermas J.The inclusion of the other: Studies in political theories. Habermas J., ed. Cambridge, MA: MIT Press; 1998:239-252.
35. Hardin G.The tragedy of the commons.Science. 1968;162:1243-1248.
36. Power and politics in organizations. Hardy C., ed. Aldershot, UK: Dartmouth; 1995:.
37. Hargrave T.,Van de,Van de,Ven A.A collective action model of institutional innovation.Academy of Management Review. 2006;31:864-888.
38. Jensen M. C.,Meckling W. H.Theory of the firm: Managerial behavior, agency costs and ownership structure.Journal of Financial Economics. 1976;3:305-360.
39. Jurvale C.,Lewis A.Identifying impediments to SRI in Europe: A review of the practitioner and academic literature.Business Ethics: A European Review. 2009;17:285-310.
40. Langley A.Strategies for theorizing from process data.Academy of Management Review. 1999;24:691-710.
41. Lucea R.How we see them versus how they see themselves: A cognitive perspective of firm-NGO relationships.Business & Society. 2010;49 (1): 116-139.
42. McAdam D.,McCarthy J. D.,Zald M. N.Comparative perspectives on social movements: Political opportunities, mobilizing structures, and cultural framings. New York, NY: Cambridge University Press; 1996:.
43. Miles M. B.,Huberman A. M.Qualitative data analysis. Thousand Oaks, CA: Sage; 1994:.
44. Mitchell R. K.,Agle B. R.,Wood D. J.Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts.Academy of Management Review. 1997;22:853-886.
45. Mitnick B. M.Commitment, revelation and the testament of belief: The metrics of measurement of CSP.Business & Society. 2000;39:419-465.
46. Ocasio W.Towards an attention-based view of the firm.Strategic Management Journal. 1997;18:187-206.
47. Olson M.The logic of collective action: Public goods and the theory of groups. Cambridge, MA: Harvard University Press; 1965:.
48. Olson M.Power and prosperity. Olson M., ed. New York, NY: Basic Books; 2000:69-88.
49. Ostrom E.Governing the commons: The evolution of institutions of collective action. Cambridge, UK: Cambridge University Press; 1990:.
50. Ostrom E.A behavioral approach to the rational choice theory of collective action: Presidential address, American Political Science Association, 1997.American Political Science Review. 1998;92 (1): 1-22.
51. Palazzo G.,Scherer A.Corporate legitimacy as deliberation: A communicative framework.Journal of Business Ethics. 2006;66 (1): 71-88.
52. Patriotta G.,Gond J.-P.,Schultz F.Maintaining legitimacy: Controversies, orders of worth, and public justifications.Journal of Management Studies. 2011;48:1804-1836.
53. Pfeffer J.,Salancik G. R.The external control of organizations: A resource dependence perspective. New York, NY: Harper and Row; 1978:.
54. Principles for Responsible Investment. (2010). Collaborative engagements by PRI signatories. Retrieved from http://www.unpri.org/collaborations/.
55. Principles for Responsible Investment. (2011a). Strategy and work programme 2011-2013. Retrieved from http://www.unpri.org/files/2011_PRI_SWP.pdf.
56. Principles for Responsible Investment. (2011b). Collaborative engagements by PRI signatories. Retrieved from http://www.unpri.org/collaborations/.
57. Rasche A.A "necessary supplement": What the United Nations Global Compact is and is not.Business & Society. 2009;48:511-537.
58. Reckwitz A.Toward a theory of social practices: A development in cultural theorizing.European Journal of Social Theory. 2002;5:243-263.
59. Rehbein K.,Waddock S.,Graves S. B.Understanding shareholder activism: Which corporations are targeted?.Business & Society. 1997;43:239-267.
60. Rubach M. J.,Sebora T. C.Determinants of institutional investor activism: A test of the Ryan-Schneider model (2002).Journal of Managerial Issues. 2009;21:245-261.
61. Ryan L.,Schneider M.The antecedents of institutional investor activism.Academy of Management Review. 2002;27:554-573.
62. Ryan L.,Schneider M.Institutional investor power and heterogeneity: Implications for agency and stakeholder theories.Business & Society. 2003;42:398-429.
63. Scherer A.,Palazzo G.Toward a political conception of corporate responsibility: Business and society seen from a Habermasian perspective.Academy of Management Review. 2007;32:1096-1120.
64. Scherer A.,Palazzo G.The new political role of business in a globalized world: A review of a new perspective on CSR and its implications for the firm, governance, and democracy.Journal of Management Studies. 2011;48:899-931.
65. Simon H. A.A behavioral model of rational choice.Quarterly Journal of Economics. 1955;69 (1): 99-118.
66. Smith M.,Voreacos D.Slaves in Amazon forced to make materials used by GM (Update1).Bloomberg. 2006;:.
67. Solomon J.Corporate governance and accountability. Chichester, UK: John Wiley; 2007:.
68. Sparkes R.,Cowton C. J.The maturing of socially responsible investment: A review of the developing link with corporate social responsibility.Journal of Business Ethics. 2004;52 (1): 45-57.
69. Suchman M. C.Managing legitimacy: Strategic and institutional approaches.Academy of Management Review. 1995;20:571-610.
70. Useem M.Investor capitalism. New York, NY: Basic Books; 1996:.
71. Van de,Ven A. H.,Garud R.Innovation and industry emergence: The case of cochlear implants.Research on technological innovation, management, and policy. 1993;5:1-46.
72. Vandekerckhove W.,Leys J.,Van Braekel D.A speech-act model for talking to management: Building a framework for evaluating communication within the SRI engagement process.Journal of Business Ethics. 2008;82 (1): 77-91.
73. Waddock S. A.Building a new institutional infrastructure for corporate responsibility.Academy of Management Perspectives. 2008a;22 (3): 87-108.
74. Waddock S. A.The difference makers. How social and institutional entrepreneurs created the corporate social responsibility movement. Sheffield, UK: Greenleaf; 2008b:.
75. Waddock S. A.Making a difference? Corporate responsibility as a social movement.Journal of Corporate Citizenship. 2009;33:35-46.
76. Walzer M.Spheres of justice. New York, NY: Basic Books; 1983:.
77. Whittington R.Completing the practice turn in strategy research.Organization Studies. 2006;26:613-634.
78. Williamson O. E.Hierarchies, markets and power in the economy: An economic perspective.Industrial and corporate change. 1995;4 (1): 21-49.
79. Yin R. K.Case study research, design and methods. London, UK: Sage; 2003:.