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Alan Lewis - One of the best experts on this subject based on the ideXlab platform.
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you d have to be green to invest in this popular economic models financial journalism and Ethical Investment
Journal of Economic Psychology, 2000Co-Authors: Adrian Winnett, Alan LewisAbstract:The paper examines “popular” models of financial markets constructed in contemporary financial journalism about Ethical Investment. Ethical Investment is likely to be a fruitful area for the identification of popular models as they explicitly include moral criteria in addition to the more familiar concerns of risk and return. Unlike “economic” models, these popular models are characterised by the belief that individual actions have widespread economic consequences; that gains can be made by utilising appropriate insights; and finally, and more tentatively, that morality, including the belief that short-term sacrifice will bring long-term gains, provides privileged access to market predictability.
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Support for Investor Activism among U.K. Ethical Investors
Journal of Business Ethics, 2000Co-Authors: Alan Lewis, Craig MackenzieAbstract:An important goal of Ethical Investment is to influence companies to improve their Ethical and environmental performance. The principal means that many Ethical funds employ is passive market signalling, which may not, on its own, have a significant effect. A much more promising approach may be active engagement. This paper reports on a questionnaire study of a sample of 1146 Ethical investors in order to assess whether U.K. Ethical investors would support more activist Ethical Investment and whether they would be prepared to invest in companies which are failing Ethically in order to do so. The results show general support for the current practice of passive signalling accompanied by "soft" engagement in the form of lobbying and the development of dialogue in order to improve corporate practice. The "harder" options of investing in companies that err in order to change them is, however, favoured by consistent minorities.
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``You’d have to be green to invest in this'': Popular economic models, financial journalism, and Ethical Investment
Journal of Economic Psychology, 2000Co-Authors: Adrian Winnett, Alan LewisAbstract:The paper examines “popular” models of financial markets constructed in contemporary financial journalism about Ethical Investment. Ethical Investment is likely to be a fruitful area for the identification of popular models as they explicitly include moral criteria in addition to the more familiar concerns of risk and return. Unlike “economic” models, these popular models are characterised by the belief that individual actions have widespread economic consequences; that gains can be made by utilising appropriate insights; and finally, and more tentatively, that morality, including the belief that short-term sacrifice will bring long-term gains, provides privileged access to market predictability
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Morals and Markets: The Case of Ethical Investing
Business Ethics Quarterly, 1999Co-Authors: Craig Mackenzie, Alan LewisAbstract:This paper is a report of an empirical psychological study of the relationship between the Ethical and financial beliefs and desires of Ethical investors. Semi-structured interviews of 20 Ethical investors have been carried out by the project 10 of which have been analysed using qualitative data analysis software. All of our participants faced the problem that, while they had Ethical concerns, they were not prepared to sacrifice their essential financial requirements to address them. We found four common ways of dealing with this problem: they divided up their money into core and surplus accounts; they decided that it was enough to only be a partial Ethical investor; they avoided detailed consideration of the costs of Ethical Investment; and they avoided rigorous Ethical thinking. One equilibrium position arising from these responses is a portfolio approach to ethics, which allows people to assuage their consciences by investing only a small proportion of their Investments Ethically, while leaving the rest in non-Ethical Investment vehicles.
Heather Hachigian - One of the best experts on this subject based on the ideXlab platform.
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Ambiguity, discretion and ethics in Norway's sovereign wealth fund
Business and Politics, 2015Co-Authors: Heather HachigianAbstract:An increasing number of public institutional investors are adopting sustainable and Ethical Investment policies. While financial tests of materiality and norm structures are often assumed to guide their implementation, this assumption is challenged by the increasing complexity in global financial markets. This article provides an analytical framework to explain these implementation problems by drawing attention to the ambiguity inherent in Investment policies. Ambiguity means there is no ideal outcome. Agents must use their discretion to interpret Investment policies, which is at odds with conventional theories of discretion that assume a unique policy goal. This article argues that ambiguity impacts institutional investors in two contrasting ways. Ambiguity acts as a built-in mechanism for adapting Investment policies to increasing complexity in global financial markets. But the resources required to maintain legitimacy under ambiguity detract from the investor's capacity to actually implement its policy. This framework is used to analyze the evolution of the Norwegian sovereign wealth fund (SWF)'s Ethical Investment policy. The article finds that agents use their discretion to interpret the Fund's Investment policy in ways that align with its long-term mandate.
Ken Mcphail - One of the best experts on this subject based on the ideXlab platform.
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Charity Ethical Investments in Norway and the UK: A comparative institutional analysis including the impact of a sovereign wealth fund
Accounting Auditing & Accountability Journal, 2015Co-Authors: Niklas Kreander, Ken Mcphail, Vivien BeattieAbstract:Purpose – The purpose of this paper is to explore whether, how and why Ethical Investment practices of charities differ between two countries with quite different ideological and institutional frameworks – Norway and the UK. Design/methodology/approach – The paper uses mixed methods and a cross-sectional field study design to explore the Ethical Investment practices of 300 of the largest charities by Investments in the UK and Norway. Practices are theorized using the dual lens of institutional theory and social origins theory. Findings – The paper provides evidence on why charities established the practice of Ethical Investment. The results show that large charities were more likely to have an Ethical policy; that charities with moderate public sector funding were more likely to have an Ethical policy. In line with institutional theory some Norwegian charities with public sector funding mimic the policy of the Government Pension Fund, and the Ethical Investment policy of Norwegian charities was more influenced by donors. Institutional entrepreneurs (charity founders) had a more prominent influence in UK charities. Research limitations/implications – The paper highlights that more research is needed on sovereign wealth funds, their Investment practices and how they affect charities. Practical implications – The findings of this paper highlight the potential role that the Ethical Investment practices of sovereign can play a soft regulatory function in changing the behaviour of other investors. Social implications – To the extent that Ethical Investment practices are construed as having a positive social impact, then this study shows how a government sovereign wealth fund can influence the spread of Ethical Investment practices. Originality/value – This paper, which sits at the nexus of the charity and corporate social responsibility (CSR) literatures, contributes by responding to calls for more research on charity practices in different countries and CSR practices in different countries. This comparison also contributes to the development of institutional theory by shedding light on the institutional influence of a sovereign wealth fund and its impact on others. The paper will be of value to academics, policy setters and regulators.
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Putting our money where their mouth is: Alignment of charitable aims with charity Investments – Tensions in policy and practice
The British Accounting Review, 2009Co-Authors: Niklas Kreander, Vivien Beattie, Ken McphailAbstract:Given the values-driven nature of the mission of most charities, it might be expected that Investment behaviour would be similarly values-driven. This paper documents the Ethical Investment policies and practices of the largest UK charities and explores how these are aligned with the charitable aims, drawing upon accountability, behavioural and managerial perspectives as theoretical lenses. The study employs two distinct research methods: responses to a postal questionnaire and follow-up semi-structured interviews with selected charities. The evidence indicates that a significant minority of large charities do not have a written Ethical Investment policy. Charities with larger Investments, fundraising charities and religious charities were more likely to have a written Ethical policy. We suggest that there is a pressing need for improved alignment between charities' aims and their Investment practices and better monitoring of Investment policies.
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AN IMMANENT CRITIQUE OF UK CHURCH Ethical Investment
2003Co-Authors: Niklas Kreander, David Molyneaux, Ken McphailAbstract:While the literature contains a number of studies of Ethical Investment funds, relatively little is known about church Investment processes and practices. This paper attempts to address this lacuna by studying the Ethical Investment programmes of three UK churches: the Methodist Church, the Church of England and the Church of Scotland, The paper initially explores the relationship between the Judeo-Christian church and the development of the Ethical Investment movement across Europe. This history reveals an engagement both at the institutional and individual level that challenges the assumption of a sacred secular divide now commonplace within the literature (see for example Laughlin, 1988; 1990; 1991; Booth, 1993; 1995; Parker 2000) and the more recent guardianadvocate dichotomy (Lightbody, 2000). Secondly, the paper delineates both the forms this engagement has taken in the three churches in our sample and its theological bases. The final section of the paper provides an immanent critique of church Investments both at a performative and theological level. The objective of the final section is to contribute towards our understanding of the practice of accountability within the religious context of church Ethical Investment programmes (See Laughlin, 1988).
Niklas Kreander - One of the best experts on this subject based on the ideXlab platform.
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Charity Ethical Investments in Norway and the UK: A comparative institutional analysis including the impact of a sovereign wealth fund
Accounting Auditing & Accountability Journal, 2015Co-Authors: Niklas Kreander, Ken Mcphail, Vivien BeattieAbstract:Purpose – The purpose of this paper is to explore whether, how and why Ethical Investment practices of charities differ between two countries with quite different ideological and institutional frameworks – Norway and the UK. Design/methodology/approach – The paper uses mixed methods and a cross-sectional field study design to explore the Ethical Investment practices of 300 of the largest charities by Investments in the UK and Norway. Practices are theorized using the dual lens of institutional theory and social origins theory. Findings – The paper provides evidence on why charities established the practice of Ethical Investment. The results show that large charities were more likely to have an Ethical policy; that charities with moderate public sector funding were more likely to have an Ethical policy. In line with institutional theory some Norwegian charities with public sector funding mimic the policy of the Government Pension Fund, and the Ethical Investment policy of Norwegian charities was more influenced by donors. Institutional entrepreneurs (charity founders) had a more prominent influence in UK charities. Research limitations/implications – The paper highlights that more research is needed on sovereign wealth funds, their Investment practices and how they affect charities. Practical implications – The findings of this paper highlight the potential role that the Ethical Investment practices of sovereign can play a soft regulatory function in changing the behaviour of other investors. Social implications – To the extent that Ethical Investment practices are construed as having a positive social impact, then this study shows how a government sovereign wealth fund can influence the spread of Ethical Investment practices. Originality/value – This paper, which sits at the nexus of the charity and corporate social responsibility (CSR) literatures, contributes by responding to calls for more research on charity practices in different countries and CSR practices in different countries. This comparison also contributes to the development of institutional theory by shedding light on the institutional influence of a sovereign wealth fund and its impact on others. The paper will be of value to academics, policy setters and regulators.
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Putting our money where their mouth is: Alignment of charitable aims with charity Investments – Tensions in policy and practice
The British Accounting Review, 2009Co-Authors: Niklas Kreander, Vivien Beattie, Ken McphailAbstract:Given the values-driven nature of the mission of most charities, it might be expected that Investment behaviour would be similarly values-driven. This paper documents the Ethical Investment policies and practices of the largest UK charities and explores how these are aligned with the charitable aims, drawing upon accountability, behavioural and managerial perspectives as theoretical lenses. The study employs two distinct research methods: responses to a postal questionnaire and follow-up semi-structured interviews with selected charities. The evidence indicates that a significant minority of large charities do not have a written Ethical Investment policy. Charities with larger Investments, fundraising charities and religious charities were more likely to have a written Ethical policy. We suggest that there is a pressing need for improved alignment between charities' aims and their Investment practices and better monitoring of Investment policies.
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AN IMMANENT CRITIQUE OF UK CHURCH Ethical Investment
2003Co-Authors: Niklas Kreander, David Molyneaux, Ken McphailAbstract:While the literature contains a number of studies of Ethical Investment funds, relatively little is known about church Investment processes and practices. This paper attempts to address this lacuna by studying the Ethical Investment programmes of three UK churches: the Methodist Church, the Church of England and the Church of Scotland, The paper initially explores the relationship between the Judeo-Christian church and the development of the Ethical Investment movement across Europe. This history reveals an engagement both at the institutional and individual level that challenges the assumption of a sacred secular divide now commonplace within the literature (see for example Laughlin, 1988; 1990; 1991; Booth, 1993; 1995; Parker 2000) and the more recent guardianadvocate dichotomy (Lightbody, 2000). Secondly, the paper delineates both the forms this engagement has taken in the three churches in our sample and its theological bases. The final section of the paper provides an immanent critique of church Investments both at a performative and theological level. The objective of the final section is to contribute towards our understanding of the practice of accountability within the religious context of church Ethical Investment programmes (See Laughlin, 1988).
Vivien Beattie - One of the best experts on this subject based on the ideXlab platform.
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Charity Ethical Investments in Norway and the UK: A comparative institutional analysis including the impact of a sovereign wealth fund
Accounting Auditing & Accountability Journal, 2015Co-Authors: Niklas Kreander, Ken Mcphail, Vivien BeattieAbstract:Purpose – The purpose of this paper is to explore whether, how and why Ethical Investment practices of charities differ between two countries with quite different ideological and institutional frameworks – Norway and the UK. Design/methodology/approach – The paper uses mixed methods and a cross-sectional field study design to explore the Ethical Investment practices of 300 of the largest charities by Investments in the UK and Norway. Practices are theorized using the dual lens of institutional theory and social origins theory. Findings – The paper provides evidence on why charities established the practice of Ethical Investment. The results show that large charities were more likely to have an Ethical policy; that charities with moderate public sector funding were more likely to have an Ethical policy. In line with institutional theory some Norwegian charities with public sector funding mimic the policy of the Government Pension Fund, and the Ethical Investment policy of Norwegian charities was more influenced by donors. Institutional entrepreneurs (charity founders) had a more prominent influence in UK charities. Research limitations/implications – The paper highlights that more research is needed on sovereign wealth funds, their Investment practices and how they affect charities. Practical implications – The findings of this paper highlight the potential role that the Ethical Investment practices of sovereign can play a soft regulatory function in changing the behaviour of other investors. Social implications – To the extent that Ethical Investment practices are construed as having a positive social impact, then this study shows how a government sovereign wealth fund can influence the spread of Ethical Investment practices. Originality/value – This paper, which sits at the nexus of the charity and corporate social responsibility (CSR) literatures, contributes by responding to calls for more research on charity practices in different countries and CSR practices in different countries. This comparison also contributes to the development of institutional theory by shedding light on the institutional influence of a sovereign wealth fund and its impact on others. The paper will be of value to academics, policy setters and regulators.
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Putting our money where their mouth is: Alignment of charitable aims with charity Investments – Tensions in policy and practice
The British Accounting Review, 2009Co-Authors: Niklas Kreander, Vivien Beattie, Ken McphailAbstract:Given the values-driven nature of the mission of most charities, it might be expected that Investment behaviour would be similarly values-driven. This paper documents the Ethical Investment policies and practices of the largest UK charities and explores how these are aligned with the charitable aims, drawing upon accountability, behavioural and managerial perspectives as theoretical lenses. The study employs two distinct research methods: responses to a postal questionnaire and follow-up semi-structured interviews with selected charities. The evidence indicates that a significant minority of large charities do not have a written Ethical Investment policy. Charities with larger Investments, fundraising charities and religious charities were more likely to have a written Ethical policy. We suggest that there is a pressing need for improved alignment between charities' aims and their Investment practices and better monitoring of Investment policies.