메뉴 건너뛰기




Volumn 3, Issue 3, 2013, Pages 264-282

An analysis of sovereign wealth and pension funds' ethical investment guidelines and their commitment thereto

Author keywords

business ethics; ethical guidelines; global compact; pension funds; social responsible investment; sovereign wealth funds; sustainability

Indexed keywords


EID: 84938206100     PISSN: 20430795     EISSN: 20430809     Source Type: Journal    
DOI: 10.1080/20430795.2013.791144     Document Type: Article
Times cited : (10)

References (62)
  • 1
    • 84876077767 scopus 로고    scopus 로고
    • Challenges to Investment Ethics in the Norwegian Petroleum Fund; A Newspaper Debate
    • Alm, K. 2007. Challenges to Investment Ethics in the Norwegian Petroleum Fund; A Newspaper Debate. Philosophica, 80: 21–43
    • (2007) Philosophica , vol.80 , pp. 21-43
    • Alm, K.1
  • 2
    • 85051793463 scopus 로고    scopus 로고
    • International Codes and Conventions: Are Pension Funds Missing in Action?
    • Ambachtsheer, J. 2011. International Codes and Conventions: Are Pension Funds Missing in Action?. Rotman International Journal of Pension Management, 4 (2): 26–36. (doi:10.3138/rijpm.4.2.26)
    • (2011) Rotman International Journal of Pension Management , vol.4 , Issue.2 , pp. 26-36
    • Ambachtsheer, J.1
  • 3
    • 0842323777 scopus 로고    scopus 로고
    • Ethical Investment and the Incentives for Corporate Environmental Protection and Social Responsibility
    • and
    • Aslaksen, I., and Synnestvedt, T., 2003. Ethical Investment and the Incentives for Corporate Environmental Protection and Social Responsibility. Corporate Social Responsibility and Environmental Management, 10: 212–223. (doi:10.1002/csr.47)
    • (2003) Corporate Social Responsibility and Environmental Management , vol.10 , pp. 212-223
    • Aslaksen, I.1    Synnestvedt, T.2
  • 4
    • 85051742167 scopus 로고    scopus 로고
    • Responsible Investment and Exclusion Criteria: A Case Study from a Catholic Private Bank
    • Vanderckhove W., Leys J., Alm K., Scholtens B., Signori S., Schäfer H., (eds), Netherlands: Springer, and,. Edited by
    • Aßländer, M. S., and Schenkel, M., 2011. “ Responsible Investment and Exclusion Criteria: A Case Study from a Catholic Private Bank ”. In In Responsible Investment in Times of Turmoil, Edited by: Vanderckhove, W., Leys, J., Alm, K., Scholtens, B., Signori, S., and Schäfer, H., 93–112. Netherlands: Springer
    • (2011) In Responsible Investment in Times of Turmoil , pp. 93-112
    • Aßländer, M.S.1    Schenkel, M.2
  • 5
    • 77955843169 scopus 로고    scopus 로고
    • Content Analysis in Environmental Reporting Research: Enrichment and Rehearsal of the Method in a British–German Context
    • and
    • Beck, A. C., Campbell, D., and Shrives, P. J., 2010. Content Analysis in Environmental Reporting Research: Enrichment and Rehearsal of the Method in a British–German Context. The British Accounting Review, 42: 207–222. (doi:10.1016/j.bar.2010.05.002)
    • (2010) The British Accounting Review , vol.42 , pp. 207-222
    • Beck, A.C.1    Campbell, D.2    Shrives, P.J.3
  • 7
    • 84957801056 scopus 로고    scopus 로고
    • Evaluating the Governance of Responsible Investment Institutions: An Environmental and Social Perspective
    • Cadman, T. 2011. Evaluating the Governance of Responsible Investment Institutions: An Environmental and Social Perspective. Journal of Sustainable Finance & Investment, 1 (1): 20–29. (doi:10.3763/jsfi.2010.0004)
    • (2011) Journal of Sustainable Finance & Investment , vol.1 , Issue.1 , pp. 20-29
    • Cadman, T.1
  • 8
    • 0039658576 scopus 로고    scopus 로고
    • The Influence of Institutions on Corporate Governance through Private Negotiations: Evidence from TRIAA-CREF
    • and
    • Carleton, W. T., Nelson, J. M., and Weisbach, M. S., 1998. The Influence of Institutions on Corporate Governance through Private Negotiations: Evidence from TRIAA-CREF. The Journal of Finance, 53 (4): 1335–1361. (doi:10.1111/0022-1082.00055)
    • (1998) The Journal of Finance , vol.53 , Issue.4 , pp. 1335-1361
    • Carleton, W.T.1    Nelson, J.M.2    Weisbach, M.S.3
  • 9
    • 35449002058 scopus 로고    scopus 로고
    • Corporate Social Responsibility Practices and Environmentally Responsible Behavior: The Case of the United Nations Global Compact
    • and
    • Centindamar, D., and Husoy, K., 2007. Corporate Social Responsibility Practices and Environmentally Responsible Behavior: The Case of the United Nations Global Compact. Journal of Business Ethics, 76: 163–176. (doi:10.1007/s10551-006-9265-4)
    • (2007) Journal of Business Ethics , vol.76 , pp. 163-176
    • Centindamar, D.1    Husoy, K.2
  • 10
    • 60349092243 scopus 로고    scopus 로고
    • The Turn to Ethics; Disinvestment from Multinational Corporations for Human Rights Violations–The Case of Norway's Sovereign Wealth Fund
    • Chesterman, S. 2007. The Turn to Ethics; Disinvestment from Multinational Corporations for Human Rights Violations–The Case of Norway's Sovereign Wealth Fund. American University International Law Review, 23 (3): 577–615
    • (2007) American University International Law Review , vol.23 , Issue.3 , pp. 577-615
    • Chesterman, S.1
  • 12
    • 80052578979 scopus 로고    scopus 로고
    • The Norwegian Government Pension Fund; Ethics over Efficiency
    • and
    • Clark, G. L., and Monk, A. H. B., 2010. The Norwegian Government Pension Fund; Ethics over Efficiency. Rotman International Journal of Pension Management, 3 (1): 14–19. (doi:10.3138/rijpm.3.1.14)
    • (2010) Rotman International Journal of Pension Management , vol.3 , Issue.1 , pp. 14-19
    • Clark, G.L.1    Monk, A.H.B.2
  • 13
    • 85051832440 scopus 로고    scopus 로고
    • Business Ethics Today: A Review of Timeless Principles that Apply to the Finance Industry
    • Clements, P. 2010. Business Ethics Today: A Review of Timeless Principles that Apply to the Finance Industry. Corporate Finance Review, 15 (1): 23–28
    • (2010) Corporate Finance Review , vol.15 , Issue.1 , pp. 23-28
    • Clements, P.1
  • 14
    • 68149098663 scopus 로고    scopus 로고
    • Sovereign Wealth Funds and National Security; the Great Tradeoff
    • Cohen, B. J., 2009. Sovereign Wealth Funds and National Security; the Great Tradeoff. International Affairs, 85 (4): 713–731. (doi:10.1111/j.1468-2346.2009.00824.x)
    • (2009) International Affairs , vol.85 , Issue.4 , pp. 713-731
    • Cohen, B.J.1
  • 16
    • 85051784748 scopus 로고    scopus 로고
    • Recommendation of 15th of November 2005. Accessed July 15, 2012
    • Recommendation of 15th of November 2005Council on Ethics. 2005. Accessed July 15, 2012. http://www.regjeringen.no/en/dep/fin/Selected-topics/the-government-pension-fund/responsible-investments/Recommendations-and-Letters-from-the-Advisory-Council-on-Ethics/Recommendation-of-15-November-2005.html?id=450120
    • (2005)
  • 17
    • 84977052583 scopus 로고
    • Influencing Managers to Change Unpopular Corporate Behavior Through Boycotts and Divestitures; a Stock Market Test
    • and
    • Davidson, W. N., III, Worell, D. L., and El-Jelly, A., 1995. Influencing Managers to Change Unpopular Corporate Behavior Through Boycotts and Divestitures; a Stock Market Test. Business Society, 34 (2): 171–196. (doi:10.1177/000765039503400204)
    • (1995) Business Society , vol.34 , Issue.2 , pp. 171-196
    • Davidson, W.N.1    Worell, D.L.2    El-Jelly, A.3
  • 18
    • 68149154799 scopus 로고    scopus 로고
    • Wanted: SWFs’ Money Sans Politics
    • Published December 20, 2007. Accessed July 13, 2012
    • Davis, B. 2007. “Wanted: SWFs’ Money Sans Politics.” The Wall Street Journal. Published December 20, 2007. Accessed July 13, 2012. http://online.wsj.com
    • (2007) The Wall Street Journal
    • Davis, B.1
  • 20
    • 77957136375 scopus 로고    scopus 로고
    • Firm Values and Sovereign Wealth Fund Investments
    • and
    • Dewenter, K. L., Han, X., and Malatesta, P. H., 2009. Firm Values and Sovereign Wealth Fund Investments. Journal of Financial Economics, 98: 256–278. (doi:10.1016/j.jfineco.2010.05.006)
    • (2009) Journal of Financial Economics , vol.98 , pp. 256-278
    • Dewenter, K.L.1    Han, X.2    Malatesta, P.H.3
  • 21
    • 85012019316 scopus 로고    scopus 로고
    • Reconciling Transparency and Long-Term Investing within Sovereign Funds
    • Dixon, A. D., and Monk, A. H. B., 2012. Reconciling Transparency and Long-Term Investing within Sovereign Funds. Journal of Sustainable Finance & Investment, 2 (3–4): 275–286. doi: 10.1080/20430795.2012.703126
    • (2012) Journal of Sustainable Finance & Investment , vol.2 , Issue.3-4 , pp. 275-286
    • Dixon, A.D.1    Monk, A.H.B.2
  • 22
  • 26
    • 85051829051 scopus 로고    scopus 로고
    • Accessed July 15
    • G8 Summit Declaration. 2007. Growth and Responsibility in the World Economy. Accessed July 15, 2012. http://www.unglobalcompact.org/docs/news_events/9.1_news_archives/2007_06_08/2007-06-07-gipfeldokument-wirtschaft-engxpropertyxpublicationFile.pdf
    • (2012) Growth and Responsibility in the World Economy
  • 27
    • 52049103296 scopus 로고    scopus 로고
    • Accessed September 15, 2012
    • Global Compact. 2012. The Ten Principles. Accessed September 15, 2012. http://www.unglobalcompact.org/AboutTheGC/TheTenPrinciples/index.html
    • (2012) The Ten Principles
  • 28
    • 47849118339 scopus 로고    scopus 로고
    • Norges Offentlige Utredninger 2003:22. English Version. Accessed September 15, 2012
    • Forvaltning for Fremtiden. Norges Offentlige Utredninger 2003:22Graver, H. P. 2003. English Version. Accessed September 15, 2012. http://www.regjeringen.no/Rpub/NOU/20032003/022/PDFS/NOU200320030022000DDDPDFS.pdf
    • (2003) Forvaltning for Fremtiden
    • Graver, H.P.1
  • 29
    • 4043049352 scopus 로고    scopus 로고
    • Non-Governmental Organizations, Shareholder Activism, and Socially Responsible Investments: Ethical, Strategic, and Governance Implications
    • and
    • Guay, T., Doh, J. P., and Sinclair, G., 2004. Non-Governmental Organizations, Shareholder Activism, and Socially Responsible Investments: Ethical, Strategic, and Governance Implications. Journal of Business Ethics, 52: 125–139. (doi:10.1023/B:BUSI.0000033112.11461.69)
    • (2004) Journal of Business Ethics , vol.52 , pp. 125-139
    • Guay, T.1    Doh, J.P.2    Sinclair, G.3
  • 30
    • 44649167390 scopus 로고    scopus 로고
    • Accessed December 15, 2011
    • International Monetary Fund. 2008. Sovereign Wealth Funds–A Work Agenda. Accessed December 15, 2011. http://www.imf.org/external/np/pp/eng/2008/022908.pdf
    • (2008) Sovereign Wealth Funds – A Work Agenda
  • 32
    • 34248182011 scopus 로고    scopus 로고
    • Environmental Reporting of Global Corporations: A Content Analysis based on Website Disclosures
    • and
    • Jose, A., and Lee, S.-M., 2007. Environmental Reporting of Global Corporations: A Content Analysis based on Website Disclosures. Journal of Business Ethics, 72: 307–321. (doi:10.1007/s10551-006-9172-8)
    • (2007) Journal of Business Ethics , vol.72 , pp. 307-321
    • Jose, A.1    Lee, S.-M.2
  • 33
    • 35548966695 scopus 로고    scopus 로고
    • The Effect of Socially Responsible Investing on Portfolio Performance
    • and
    • Kempf, A., and Osthoff, P., 2007. The Effect of Socially Responsible Investing on Portfolio Performance. European Financial Management, 13 (5): 908–922. (doi:10.1111/j.1468-036X.2007.00402.x)
    • (2007) European Financial Management , vol.13 , Issue.5 , pp. 908-922
    • Kempf, A.1    Osthoff, P.2
  • 34
    • 10844280202 scopus 로고    scopus 로고
    • An Analysis of European Ethical Funds
    • Research Paper No. 33
    • An Analysis of European Ethical FundsKreander, N. 2001. ACCA Occasional Research Paper No. 33
    • (2001) ACCA Occasional
    • Kreander, N.1
  • 36
    • 85051826877 scopus 로고    scopus 로고
    • undated, Accessed July 15
    • Kuwait Investment Authority (KIA). (undated). Kuwait Investment Authority. Accessed July 15, 2012. http://www.kia.gov.kw
    • (2012) Kuwait Investment Authority
  • 37
    • 84925204727 scopus 로고    scopus 로고
    • The New York Times. Published May 4, 2007. Accessed September 24, 2011
    • The New York TimesLandler, M. 2007. Norway Keeps Nest Egg From Some U.S. Companies. Published May 4, 2007. Accessed September 24, 2011. http://www.nytimes.com/2007/05/04/business/worldbusiness/04norway.html?pagewanted=all
    • (2007) Norway Keeps Nest Egg From Some U.S. Companies
    • Landler, M.1
  • 39
    • 84995186518 scopus 로고
    • Portfolio Selection
    • Markowitz, H. M., 1952. Portfolio Selection. The Journal of Finance, 7 (1): 77–91. doi: 10.2307/2975974
    • (1952) The Journal of Finance , vol.7 , Issue.1 , pp. 77-91
    • Markowitz, H.M.1
  • 42
    • 77955803312 scopus 로고    scopus 로고
    • Dubai Ports World under Exon-Florio: A Threat to National Security or a Tempest in a Seaport?
    • Mostaghel, D. M., 2007. Dubai Ports World under Exon-Florio: A Threat to National Security or a Tempest in a Seaport?. Albany Law Review, 70: 583–623
    • (2007) Albany Law Review , vol.70 , pp. 583-623
    • Mostaghel, D.M.1
  • 43
    • 84859966367 scopus 로고    scopus 로고
    • Investor Responsibility and Norway's Government Pension Fund–Global
    • Nagell, H. 2011. Investor Responsibility and Norway's Government Pension Fund–Global. Etikk I praksis. Nordic Journal of Applied Ethics, 5 (1): 79–96
    • (2011) Etikk I praksis. Nordic Journal of Applied Ethics , vol.5 , Issue.1 , pp. 79-96
    • Nagell, H.1
  • 45
    • 0042090748 scopus 로고    scopus 로고
    • Corporate Social and Financial Performance: A Meta-analysis
    • and
    • Orlitzky, M., Schmidt, F. L., and Rynes, S. L., 2003. Corporate Social and Financial Performance: A Meta-analysis. Organization Studies, 24: 403–441. (doi:10.1177/0170840603024003910)
    • (2003) Organization Studies , vol.24 , pp. 403-441
    • Orlitzky, M.1    Schmidt, F.L.2    Rynes, S.L.3
  • 47
    • 79952442639 scopus 로고    scopus 로고
    • Institutionalizing Sustainability: An Empirical Study of Corporate Registration and Commitment to the United Nations Global Compact Guidelines
    • and
    • Perez-Batres, L. A., Miller, V. V., and Pisani, M. J., 2009. Institutionalizing Sustainability: An Empirical Study of Corporate Registration and Commitment to the United Nations Global Compact Guidelines. Journal of Cleaner Production, 19: 843–851. (doi:10.1016/j.jclepro.2010.06.003)
    • (2009) Journal of Cleaner Production , vol.19 , pp. 843-851
    • Perez-Batres, L.A.1    Miller, V.V.2    Pisani, M.J.3
  • 48
    • 70449097646 scopus 로고    scopus 로고
    • ‘A Necessary Supplement’: What the United Nations Global Compact Is and Is Not
    • Rasche, A. 2009. ‘A Necessary Supplement’: What the United Nations Global Compact Is and Is Not. Business Society, 48 (4): 511–537. (doi:10.1177/0007650309332378)
    • (2009) Business Society , vol.48 , Issue.4 , pp. 511-537
    • Rasche, A.1
  • 49
    • 77955268128 scopus 로고    scopus 로고
    • Sovereign Wealth Funds as a New Instrument of Climate Protection Policy? A Case Study of Norway as a Pioneer of Ethical Guidelines for Investment Policy
    • Reiche, D. 2010. Sovereign Wealth Funds as a New Instrument of Climate Protection Policy? A Case Study of Norway as a Pioneer of Ethical Guidelines for Investment Policy. Energy, 35 (9): 3569–3577. (doi:10.1016/j.energy.2010.04.030)
    • (2010) Energy , vol.35 , Issue.9 , pp. 3569-3577
    • Reiche, D.1
  • 51
    • 84876434730 scopus 로고    scopus 로고
    • From Fiduciary Duties to Fiduciary Relationships for Socially Responsible Investing: Responding to the Will of Beneficiaries
    • Richardson, B. J., 2011. From Fiduciary Duties to Fiduciary Relationships for Socially Responsible Investing: Responding to the Will of Beneficiaries. Journal of Sustainable Finance & Investment, 1 (1): 5–19. (doi:10.3763/jsfi.2010.0002)
    • (2011) Journal of Sustainable Finance & Investment , vol.1 , Issue.1 , pp. 5-19
    • Richardson, B.J.1
  • 52
    • 58149494566 scopus 로고    scopus 로고
    • Governing Corporate Social Responsibility: An Assessment of the Contribution of the UN Global Compact to CSR Strategies in the Telecommunications Industry
    • and
    • Runhaar, H., and Lafferty, H., 2008. Governing Corporate Social Responsibility: An Assessment of the Contribution of the UN Global Compact to CSR Strategies in the Telecommunications Industry. Journal of Business Ethics, 84: 479–495. (doi:10.1007/s10551-008-9720-5)
    • (2008) Journal of Business Ethics , vol.84 , pp. 479-495
    • Runhaar, H.1    Lafferty, H.2
  • 53
    • 85113400732 scopus 로고    scopus 로고
    • Responsible Investment by Pension Funds After the Financial Crisis
    • Vanderckhove W., Leys J., Alm K., Scholtens B., Signori S., Schäfer H., (eds), Netherlands: Springer,. Edited by
    • Sievänen, R. 2011. “ Responsible Investment by Pension Funds After the Financial Crisis ”. In In Responsible Investment in Times of Turmoil, Edited by: Vanderckhove, W., Leys, J., Alm, K., Scholtens, B., Signori, S., and Schäfer, H., 93–112. Netherlands: Springer
    • (2011) In Responsible Investment in Times of Turmoil , pp. 93-112
    • Sievänen, R.1
  • 54
    • 0039120739 scopus 로고    scopus 로고
    • Shareholder Activism by Institutional Investors: Evidence from CalPERS
    • Smith, M. P., 1996. Shareholder Activism by Institutional Investors: Evidence from CalPERS. The Journal of Finance, 51 (1): 227–252. (doi:10.1111/j.1540-6261.1996.tb05208.x)
    • (1996) The Journal of Finance , vol.51 , Issue.1 , pp. 227-252
    • Smith, M.P.1
  • 55
    • 0345997304 scopus 로고    scopus 로고
    • Social Investments by Non-profit Corporations and Charitable Trusts: A Legal and Business Primer for Foundation Managers and Other Non-profit Fiduciaries
    • Solomon, L. D., and Coe, K. C., 1998. Social Investments by Non-profit Corporations and Charitable Trusts: A Legal and Business Primer for Foundation Managers and Other Non-profit Fiduciaries. UMKC Law Review, 66 (2): 213–250
    • (1998) UMKC Law Review , vol.66 , Issue.2 , pp. 213-250
    • Solomon, L.D.1    Coe, K.C.2
  • 56
    • 85051833212 scopus 로고    scopus 로고
    • undated, Accessed July 15
    • Sovereign Wealth Fund Institute, (undated). Linaburg-Maduell Transparency Index. Accessed July 15, 2012. http://www.swfinstitute.org/statistics-research/linaburg-maduell-transparency-index/
    • (2012) Linaburg-Maduell Transparency Index
  • 57
    • 69049085619 scopus 로고    scopus 로고
    • The Wages of Social Responsibility
    • and
    • Statman, M., and Glushkov, D., 2009. The Wages of Social Responsibility. Financial Analysts Journal, 65: 33–46. (doi:10.2469/faj.v65.n4.5)
    • (2009) Financial Analysts Journal , vol.65 , pp. 33-46
    • Statman, M.1    Glushkov, D.2
  • 60
    • 0002635166 scopus 로고    scopus 로고
    • Ethics and the Investment Profession: An International Survey
    • Viet, T., Murphy, M., and Baker, H. K., 1996. Ethics and the Investment Profession: An International Survey. Financial Analysts Journal, 53 (1): 9–14
    • (1996) Financial Analysts Journal , vol.53 , Issue.1 , pp. 9-14
    • Viet, T.1    Murphy, M.2    Baker, H.K.3
  • 61
    • 0030554346 scopus 로고    scopus 로고
    • Public Pension Fund Activism and Firm Performance
    • Wahal, S. 1996. Public Pension Fund Activism and Firm Performance. Journal of Financial & Quantitative Analysis, 3 (1): 1–23. (doi:10.2307/2331384)
    • (1996) Journal of Financial & Quantitative Analysis , vol.3 , Issue.1 , pp. 1-23
    • Wahal, S.1
  • 62
    • 80055042042 scopus 로고    scopus 로고
    • How do the Capital Markets Undermine Sustainable Development? What can be done to Correct this?
    • Waygood, S. 2011. How do the Capital Markets Undermine Sustainable Development? What can be done to Correct this?. Journal of Sustainable Finance and Investment, 1: 81–87. (doi:10.3763/jsfi.2010.0008)
    • (2011) Journal of Sustainable Finance and Investment , vol.1 , pp. 81-87
    • Waygood, S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.