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Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

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Book part
Publication date: 7 July 2014

Tessa Hebb, Céline Louche and Heather Hachigian

The objective of this chapter is twofold. It first introduces the theme of the book. There are many ways of looking at socially responsible investment (SRI). It can be viewed as a…

Abstract

Purpose

The objective of this chapter is twofold. It first introduces the theme of the book. There are many ways of looking at socially responsible investment (SRI). It can be viewed as a financial product where the financial performance is the outmost important aspect and cannot be compromised. Or it can be regarded as a force for change to promote and stimulate a more sustainable development. In this chapter we provide a literature review on SRI especially on the notion of the impact and how it has been addressed so far in the literature. The second objective of the chapter is to provide an overview of the volume by introducing each chapter.

Methodology

This chapter reviews the literature on SRI as well as the chapters included in this volume.

Findings

If SRI is about making a change toward sustainability, we ought to study its societal and environmental impacts. Although scholar articles on SRI have gained importance in the two last decades, very little is known on its impact. Research has developed from a narrow concern with negative screening and divestment in isolated cases to a rigorous analysis of its financial performance across a range of ethical and ESG issues. While we have identified some studies that are beginning to explore the potential impact of SRI for society, this remains a crucial area to explore.

Originality/value of the chapter

The chapter contributes to the debates on the societal impact of SRI, a debate that needs to be continued even if or just because it raises some fundamental questions that are complex and difficult but also necessary to advance SRI.

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

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Book part
Publication date: 7 July 2014

Ben Jacobsen

Socially responsible investment (SRI) engagement currently performs a variety of supportive regulatory functions such as reframing norms, establishing dialogue and providing…

Abstract

Purpose

Socially responsible investment (SRI) engagement currently performs a variety of supportive regulatory functions such as reframing norms, establishing dialogue and providing resources to improve performance, however corporate responses are voluntary. This chapter will examine the potential gains in effectiveness for SRI engagement in a responsive regulatory regime.

Approach

Global warming is a pressing environmental, social and governance (ESG) issue. By using the example of climate change the effectiveness of SRI engagement actors and the regulatory context can be considered. This chapter builds the conceptual framework for responsive regulation of climate change.

Findings

SRI engagement may face resistance from corporations due to its voluntary nature and conflict with other goals. Legitimacy and accountability limit the effectiveness of SRI engagement functioning as a voluntary regulatory mechanism. This chapter argues that the effectiveness of SRI engagement on climate change could be enhanced if it served as part of a responsive regulation regime.

Practical implications

Engagement is used by SRIs for ESG issues. A comprehensive regulatory regime could enhance corporate adaptation to climate change through increasing compliance with SRI engagement. The implication for SRI practitioners is that lobbying for a supportive regulatory regime has a large potential benefit.

Social implications

Responsive regulatory policy involves both support and sanctions to improve compliance, enhancing policy efficiency and effectiveness. There are potentially large net social benefits from utilising SRI engagement in a regulatory regime.

Originality of chapter

In seeking to re-articulate voluntary and legal approaches this research addresses a gap in the literature on climate change regulation.

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

Keywords

Access Restricted. View access options
Book part
Publication date: 7 July 2014

Céline Louche and Tessa Hebb

This chapter interrogates the idea that Socially Responsible Investment (SRI) is ‘making the world a better place’. It explores the issue of the societal impacts of SRI by…

Abstract

Purpose

This chapter interrogates the idea that Socially Responsible Investment (SRI) is ‘making the world a better place’. It explores the issue of the societal impacts of SRI by addressing five main questions: (1) Is SRI a viable solution to society’s problems? (2) What are the impediments and limits to SRI’s ability to make a difference in society? (3) Where is ‘ethics’ in SRI? (4) How do we measure societal impacts of SRI? and (5) What is the future of SRI?

Methodology

This chapter is a reflective piece debating the societal impacts of SRI. For the purpose of this chapter, a focus group was organised and interviews were conducted involving both academics and practitioners.

Findings

The chapter highlights and discusses several items that can either enhance or on the contrary hinder the societal impacts of SRI. Some of them are related to understanding of SRI, some concern the practice of SRI, while others are more of an epistemological nature. Based on the discussion, we propose three points of leverage that can enhance the capacity and ability of SRI to create change.

Research implications

The chapter is a call for more research on the societal impacts of SRI. Research in SRI has dominantly focused on the technicalities of the activity and the financial implications, but has hardly touched upon the question of the societal impact.

Practical implications

There are three primary managerial implications highlighted in this chapter: rethink the notion of fiduciary duties, strengthen the interaction between asset owners and asset managers, and encourage changes in public policy.

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

Keywords

Access Restricted. View access options
Book part
Publication date: 7 July 2014

Abstract

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

Available. Content available
Book part
Publication date: 7 July 2014

Abstract

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

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Book part
Publication date: 5 February 2015

Abstract

Details

The Human Factor In Social Capital Management: The Owner-manager Perspective
Type: Book
ISBN: 978-1-78441-584-6

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Book part
Publication date: 17 September 2014

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Corporate Social Responsibility and Sustainability: Emerging Trends in Developing Economies
Type: Book
ISBN: 978-1-78441-152-7

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Book part
Publication date: 2 September 2016

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Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance
Type: Book
ISBN: 978-1-78560-980-0

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Book part
Publication date: 16 December 2016

Abstract

Details

Finance and Economy for Society: Integrating Sustainability
Type: Book
ISBN: 978-1-78635-509-6

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