The experimental approach to trust in socially responsible investment funds

Critical Studies on Corporate Responsibility, Governance and Sustainability

Volumn 2, Issue , 2011, Pages 169-183

  Heimann, Marco ^a   Pouget, Sébastien ^a   Mullet, Étienne ^b   Bonnefon, Jean François ^c  

^a UNIVERSITÉ DE TOULOUSE   (France)

^b PSL RESEARCH UNIVERSITY   (France)

^c CNRS   (France)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84896342759     PISSN: 20439059     EISSN: 20439067     Source Type: Book Series    
DOI: 10.1108/S2043-9059(2011)0000002014     Document Type: Article

References (74)

1. Anderson, N. H. (2008). Unified social cognition. Scientific Psychology Series. New York, NY: Taylor and Francis.
2. Anderson, N. H. (1982). Methods of information integration theory. New York, NY: Academic Press.
3. Anderson, N. H. (2001). Empirical directions in design and analysis. Mahwah, NJ: Erlbaum.
4. Bauer, R., Derwall, J., & Otten, R. (2007). The ethical mutual fund performance debate: New evidence from Canada. Journal of Business Ethics, 70, 111-124.
5. Bénabou, R., & Tirole, J. (2006). Incentives and pro-social behavior. The American Economic Review, 96(5), 1652-1678.
6. Berg, J., Dickhaut, J., & McCabe, K. (1995). Trust, reciprocity, and social history. Games and Economic Behavior, 10(1), 122-142.
7. Bews, N. F., & Rossouw, G. J. (2002). A role for business ethics in facilitating trustworthiness. Journal of Business Ethics, 39, 377-390.
8. Board, T. C. (2010, September). Consumer confidence survey. Retrieved from http://www.conference-board.org/data/consumerconfidence.cfm
9. Bollen, N. P. B. (2007). Mutual fund attributes and investor behavior. Journal of Financial and Quantitative Analysis, 42, 683-708.
10. Cortez, M., Silva, F., & Areal, N. (2009a). The performance of European socially responsible funds. Journal of Business Ethics, 87(4), 573-588.
11. Cortez, M., Silva, F., & Areal, N. (2009b). Socially responsible investing in the global market: The performance of US and European funds. Retrieved from http://papers.ssrn.com
12. Cox, P., Brammer, S., & Millington, A. (2004). An empirical examination of institutional investor preferences for corporate social performance. Journal of Business Ethics, 52, 27-43.
13. Derwall, J. (2007). The economic virtues of SRI and CSR. Retrieved from http://publishing. eur.nl
14. Doney, P. M., & Cannon, J. P. (1997). An examination of the nature of trust in buyer-seller relationships. The Journal of Marketing, 61(2), 35-51.
15. Earle, T., & Cvetkovich, G. (1997). Culture, cosmopolitanism, and risk management. Risk Analysis, 17(1), 55-65.
16. Earle, T., & Cvetkovich, G. (1999). Social trust and culture in risk management. In: G. Cvetkovich & R. Löfsted (Eds.), Social trust and the management of risk, The earthscan risk in societies series, pp. 9-21.
17. Edelman, R. (2010a). Edelman mid-year trust barometer 2009. Annual global opinion leaders study. Available at http://www.edelman.com/trust/
18. Edelman, R. (2010b). Edelman trust barometer 2010. Annual global opinion leaders study. Available at http://www.edelman.com/trust/
19. Fisher, K., & Statman, M. (2003). Consumer confidence and stock returns. The Journal of Portfolio Management, 30(1), 115-127.
20. Francois, P., & Zabojnik, J. (2005). Trust, social capital, and economic development. Journal of the European Economic Association, 3(1), 51-94.
21. French, K., & Poterba, J. (1991). Investors diversification and international equity markets. American Economic Review, 81, 222-226.
22. Fukuyama, F. (1996). Trust: The social virtues and the creation of prosperity. New York, NY: Free Press.
23. Glac, K. (2009). Understanding socially responsible investing. Journal of Business Ethics, 87, 41-55.
24. Glaeser, E., Laibson, D., Scheinkman, J., & Soutter, C. (2000). Measuring trust. Quarterly Journal of Economics, 115(3), 811-846.
25. Goldreyer, E. F., & Diltz, J. D. (1999). The performance of socially responsible mutual funds: Incorporating sociopolitical information in portfolio selection. Managerial Finance, 25, 23-36.
26. Good, D. (2000). Individuals, interpersonal relations, and trust. In Trust: Making and breaking cooperative relations (pp. 31-48). Electronic edition, Department of Sociology, University of Oxford.
27. Gregory, A., & Whittaker, J. (2007). Performance and performance persistence of "ethical" unit trusts in the UK. Journal of Business Finance & Accounting, 34(7-8), 1327-1344.
28. Guiso, L., Sapienza, P., & Zingales, L. (2008). Trusting the stock market. Journal of Finance, LXIII, 2557-2600.
29. Hamilton, S., Jo, H., & Statman, M. (1993). Doing well while doing good? The investment performance of socially responsible mutual funds. Financial Analysts Journal, 49(6), 62-66.
30. Harte, G., Lewis, L., & Owen, D. (1991). Ethical investment and the corporate reporting function. Critical Perspectives on Accounting, 2, 227-253.
31. Hoepner, A., & Zeume, S. (2009). The dark enemy of responsible mutual funds: Does the vice fund offer more financial virtue? Retrieved from http://papers.ssrn.com
32. Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15-36.
33. Hood, M., Nofsinger, J. R., & Varma, A. (2011). Conservation discrimination, and salvation: Investors' social concerns in the stock market. Working Paper. Retrieved from http://marriottschool.byu.edu
34. Hovland, C., Janis, I., & Kelley, H. (1953). Communication and persuasion. New Haven, CT: Yale University Press.
35. Inglehart, R., et al. (2000). World values surveys and European values surveys : 1981-1984, 1990- 1993, and 1995-1997. Ann Arbor-Michigan, Institute for Social Research, ICPSR version.
36. Jansen, W., & Nahuis, N. (2003). The stock market and consumer confidence: European evidence. Economics Letters, 79(1), 89-98.
37. Kahle, L. (1983). Social values and social change: Adaptation to life in America. New York, NY: Praeger Publishers.
38. Knack, S., & Keefer, P. (1997). Does social capital have an economic payoff? A cross-country investigation. Quarterly journal of economics, 112(4), 1251-1288.
39. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1997). Trust in large organizations. The American Economic Review, 87, 333-338.
40. Lewis, A., & Mackenzie, C. (2000a). Morals, money, ethical investing and economic psychology. Human Relations, 52, 179-191.
41. Lewis, A., & Mackenzie, C. (2000b). Support for investor activism among UK ethical investors. Journal of Business Ethics, 24, 215-222.
42. Lieberman, J. (1983). The litigious society. New York, NY: Basic Books.
43. Loureiro, M., & Lotade, J. (2005). Do fair trade and eco-labels in coffee wake up the consumer conscience? Ecological Economics, 53(1), 129-138.
44. Luther, R. G., Matatko, J., & Corner, D. (1992). The investment performance of UK "ethical" unit trusts. Accounting, Auditing and Accountability Journal, 5(4), 1327-1344.
45. Luther, R. G., & Matatko, J. (1994). The performance of ethical unit trusts: Choosing an appropriate benchmark. The British Accounting Review, 26(1), 77-89.
46. MacKenzie, C., & Lewis, A. (1999). Morals and markets: The case of ethical investing. Business Ethics Quarterly, 9, 439-452.
47. Mallin, C., Saadouni, B., & Briston, R. (1995). The financial performance of ethical investment funds. Journal of Business Finance & Accounting, 22(4), 483-496.
48. Mayer, R. C., Davis, J. H., & Schoormann, F. D. (1995). An integrative model of organizational trust. Academy of Management Review, 20, 709-734.
49. McLachlan, J., & Gardner, J. (2004). A comparison of socially responsible and conventional investors. Journal of Business Ethics, 52, 11-52.
50. Mishra, A. (1996). Organizational responses to crisis: The centrality of trust. Trust in organizations, 261, 287. Frontiers of theory and research.
51. Mitchell, A. (1983). The nine American lifestyles: Who we are and where we're going. New York, NY: Scribner.
52. Moorman, C., Deshpande, R., & Zaltman, G. (1993). Factors affecting trust in market research relationships. The Journal of Marketing, 57(1), 81-101.
53. Morgan, R., & Hunt, S. (1994). The commitment-trust theory of relationship marketing. The Journal of Marketing, 58, 20-38.
54. Nillson, J. (2008). Investment with a conscience: Examining the impact of prosocial attitudes and perceived financial performance on socially responsible investment behavior. Journal of Business Ethics, 83, 307-325.
55. OECD. (2010, September). OECD guidelines for multinational enterprises. Online. 2, rue André Pascal, 75775 Paris Cedex 16, France. Retrieved from http://www.oecd.org/contactus/0,3364,en264920118518990481111;00:html
56. Otoo, M. (1999). Consumer sentiment and the stock market. Finance and Economics Discussion Series. Federal Reserve Board.
57. Pasewark, W., & Riley, M. (2010). It's a matter of principle: The role of personal values in investment decisions. Journal of Business Ethics, 93(2), 237-253.
58. Poortinga, W., & Pidgeon, N. (2003). Exploring the dimensionality of trust in risk regulation. Risk Analysis, 23(5), 961-972.
59. Renneboog, L., Ter Horst, J., & Zhang, Z. (2008a). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14, 302-322.
60. Renneboog, L., Ter Horst, J., & Zhang, C. (2008b). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking and Finance, 32, 1723-1742.
61. Renneboog, L., Ter Horst, J., & Zhang, Z. (2011). Is ethical money financially smart? Non financial attributes and money flows of socially responsible investment funds. Journal of Financial Intermediation.
62. Ring, P., & Van de Ven, A. (1992). Structuring cooperative relationships between organizations. Strategic Management Journal, 13(7), 483-498.
63. Schoorman, D., Mayer, R., & Davis, J. (2007). An integrative model of organizational trust: Past, present, and future. Academy of Management Review, 32, 344-354.
64. Schroeder, M. (2007). The performance of socially responsible investments: Investment funds and indices. Financial Markets and Portfolio Management, 18, 122-142.
65. Sethi, S. (2005). Investing in socially responsible companies is a must for public pension fundsbecause there is no better alternative. Journal of Business Ethics, 56(2), 99-129.
66. Siegrist, M., Cvetkovich, G., & Gutscher, H. (2001). Shared values, social trust, and the perception of geographic cancer clusters. Risk Analysis, 21(6), 1047-1054.
67. Siegrist, M., Cvetkovich, G., & Roth, C. (2000). Salient value similarity, social trust, and risk/benefit perception. Risk Analysis, 20(3), 353-362.
68. Siegrist, M., Earle, T., & Gutscher, H. (2003). Test of a trust and confidence model in the applied context of electromagnetic field (emf) risks. Risk Analysis, 23(4), 705-716.
69. Solomon, J. F., & Solomon, A. (2006). Private social, ethical and environmental disclosure. Accounting, Auditing and Accountability Journal, 19, 564-591.
70. Statman, M., & Fisher, K. (2002). Consumer confidence and stock returns. Working Paper. Retrieved from http://papers.ssrn.com
71. Veroff, J., Douvan, E., & Kulka, R. (1981). The inner American: A self-portrait from 1957 to 1976. New York, NY: Basic Books.
72. Webley, P., Lewis, A., & Mackenzie, C. (2001). Commitment among ethical investors: An experimental approach. Journal of Economic Psychology, 22(1), 27-42.
73. Winnet, A., & Lewis, A. (2000). "You'd have to be green to invest in this": Popular economic models, financial journalism, and ethical investment. Journal of Economic Psychology, 21, 319-339.
74. Yaniv, I., Choshen-Hillel, S., & Milyavsky, M. (2010). Receiving advice on matters of taste: Similarity, majority influence, and taste discrimination. Organizational Behavior and Human Decision Processes, 115, 111-120.