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This paper aims to conduct a systematic literature review of Socially Conscious Investment (SCI) articles published in premier journals. Its objective is to shed light on the publication trend, leading authors, journals, countries and themes in contemporary SCI research. The article also provides a conceptual model of SCI to enhance understanding of the knowledge structure and the future research direction.

A systematic review followed the PRISMA guidelines and encompasses 264 full-text articles indexed in A* and A category journals listed in ABDC is reviewed. The literature synthesis adopts the theories, contexts, characteristics and methodology (TCCM) framework.

The article has identified the research trends related to author impact, journal impact, article impact and the outcomes derived from the TCCM framework. Additionally, it highlights three key themes: Performance of SCI, Behavioural issues and SCI development literature.

The insight on various aspects of SCI was explored for a comprehensive understanding. The authors also developed a conceptual model for socially conscious investment.

Sell-side equity analysts are key information intermediaries, although prior literature has found that they exhibit behavioural biases. The aim of this study is to describe the process followed by analysts in formulating recommendations and to identify the behavioural biases that are likely to influence the process.

Semi-structured interviews were conducted with 20 sell-side equity analysts in an emerging market. This direct interaction allowed the researchers to gain insights into analysts’ use of information, related challenges and proclivity for biases.

The authors find evidence of intentional and spurious herding, availability, overconfidence and the disposition effect. In spite of the volume of information in corporate reports, a key source of new information is direct interaction with management, where analysts use their intuition or “gut feel”. Weary of the possibility of financial misstatement, they use these direct interactions to assess management’s trustworthiness. The authors find reputational motivations for the safety of herding around the broker consensus. Declining coverage of JSE-listed companies is therefore concerning for the analysts.

The study contributes to the limited qualitative research on analyst bias in the emerging South African economy. In addition, the focus on the information context of analysts juxtaposes corporate reporting and behavioural finance research to provide insights on the use of various sources of information for decision-making.

Blockchain-based traceability labels is increasingly adopted in supply chain, yet there is little empirical research to examine effectiveness from consumer perspective. Can blockchain technology motivate consumers to purchase sustainable products? Drawing on signaling theory, this paper answers this question by comparing the effect of blockchain-based traceability labels with certification-based labels on consumer purchase intention of sustainable products. We further investigate consumers’ perception of sustainability level as a mediating variable and social enterprise as a boundary condition.

This study uses three online between-subject experiments with a total of 750 participants. The proposed hypotheses are tested using analysis of covariance (ANCOVA) as well as mediation analysis based on PROCESS macro.

The results suggest that (1) blockchain-based traceability labels lead to greater consumer purchase intention of sustainable products than certification-based labels; (2) such a positive effect of blockchain-based traceability labels occurs as consumers perceive a higher sustainability level; (3) however, the effect is attenuated when the company is a social enterprise.

This study contributes to the operations and supply chain management (OSCM) literature by studying the effectiveness of blockchain-based traceability labels from the overlooked yet emerging perspective of consumers. We provide a theoretical explanation and empirical evidence of how blockchain-based traceability labels influence consumer purchase intention during sustainable consumption compared with certification-based labels. We thus additionally contribute to the extant research on the intersection of blockchain and sustainability. Moreover, the incorporation of social enterprise as a moderator enriches the application of signaling theory on the context of sustainability signaling.

The students should be able to understand the potential and competitive advantage of community-based business model. The students should be able to familiarise themselves with the concept of entrepreneurship through acquisitions. The students should be able to decide when a firm should use acquisition as a key driver coupled with fewer efforts on organic growth or vice-versa. The student should be able to evaluate the success or failure acquisition as a growth strategy. The student should be able to evaluate the key metrics and other variables in the acquisition of target companies. The students should be able to wear the shoes of the protagonist and resolve the dilemma.

The teaching case looks at the dilemma of Sairee Chahal. Chahal is the founder of SHEROES, an online community for women. SHEROES started as an online career ecosystem for women. As time progressed Chahal witnessed conversations beyond career and moved towards women-centric themes. Chahal decided to pivot it into an online community for women. Her growth strategy for SHEROES has primarily been driven by serial acquisitions coupled with dispersed efforts on organic growth. In the meanwhile, Chahal had harboured an ambition to bring 100 million users to SHEROES by the year 2024. In a period spanning from 2016–2020, SHEROES acquired six niche women-centric companies. SHEROES grew to be a community of 1 million users to 20+million women users by 2020. On the other hand, the industry leader, Mogul used a diametrical approach to grow the platform into 30+million users by 2020. It had primarily used organic growth strategies such as content development, designing courses, referrals and many more. However, Chahal found herself in a dilemma when a reporter posed a question to Chahal. Chahal’s growth strategy depended on acquisitions, coupled with less effort in organic growth. Conversely, Mogul grew primarily via organic growth strategies. The reporter’s question forced her to question and revisit her growth strategies. She wondered if a target of 100 million users could be achieved with the acquisition as a major driver and less effort invested in organic growth or whether it might be better to make organic growth the key growth strategy while pushing acquisitions to the back seat. The uniqueness of the case lies in the female protagonist who is trying to build a larger-than-life community primarily via acquisitions with little effort on organic growth. Such a phenomenon has rarely been explored in teaching cases. The case is based on secondary data and the information is available in the public domain.

The case is designed for post-graduate students in the entrepreneurship curriculum. Within entrepreneurship, it is well-suited for use in specialised courses on “growth of an entrepreneurial venture” or “entrepreneurial strategies”. An instructor may take it up in the middle of the module as students would have familiarised themselves with various growth strategies. An instructor may use the case for a very niche course such as entrepreneurship through acquisition. An instructor may take it up as an introductory case in such a course. It can also be used in the executive programme aimed at “women entrepreneurship”, “community-based model” and “serial acquisitions” to teach how women or founders create and grow entrepreneurial ventures with acquisitions or communities as their focal tenet. The case has been tested in the authors’ post-graduate student’s entrepreneurship course. An instructor can use it when the instructor wants to discuss the various growth strategies available to an entrepreneurial firm.

Teaching Notes are available for educators only.

CSS 3: Entrepreneurship.