IDEAS home Printed from https://ideas.repec.org/a/wly/corsem/v16y2009i1p1-14.html
   My bibliography  Save this article

Understanding demand for retail socially responsible investments: a survey of individual investors and financial consultants

Author

Listed:
  • Carmen Valor
  • Marta de la Cuesta
  • Beatriz Fernandez

Abstract

There is an intimate connection between socially responsible investment (SRI) and corporate social responsibility (CSR): faced with the demands of their investors, listed companies have started to adopt CSR strategies to comply with the demands of ethical fund managers and ethical index managers. This paper is an exploratory study of the obstacles to SRI among individual investors in Spain. Individuals and financial consultants were surveyed about their current investment strategies, their preferences as regards criteria and ethical strategies, and the perceived obstacles for the development of SRI. The findings unveil the factors leading to the limited development of the SRI Spanish retail market. The paper offers guidelines that can be used by Spanish financial consultants and foreign fund managers when approaching the Spanish market. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

Suggested Citation

  • Carmen Valor & Marta de la Cuesta & Beatriz Fernandez, 2009. "Understanding demand for retail socially responsible investments: a survey of individual investors and financial consultants," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 16(1), pages 1-14, January.
    • Handle: RePEc:wly:corsem:v:16:y:2009:i:1:p:1-14
    DOI: 10.1002/csr.172
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/csr.172
    Download Restriction: no
    File URL: https://libkey.io/10.1002/csr.172?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Michael Ross Jayne & Glynn Skerratt, 2003. "Socially responsible investment in the UK—criteria that are used to evaluate suitability," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 10(1), pages 1-11, March.
    2. Iulie Aslaksen & Terje Synnestvedt, 2003. "Ethical investment and the incentives for corporate environmental protection and social responsibility," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 10(4), pages 212-223, December.
    3. Daniel J. Tschopp, 2005. "Corporate social responsibility: a comparison between the United States and the European Union," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 12(1), pages 55-59, March.
    4. J. Madariaga & C. Valor, 2007. "Stakeholders Management Systems: Empirical Insights from Relationship Marketing and Market Orientation Perspectives," Journal of Business Ethics, Springer, vol. 71(4), pages 425-439, April.
    5. Josep Lozano & Laura Albareda & M. Balaguer, 2006. "Socially Responsible Investment in the Spanish financial market," Journal of Business Ethics, Springer, vol. 69(3), pages 305-316, December.
    6. Ronald Hill & Thomas Ainscough & Todd Shank & Daryl Manullang, 2007. "Corporate Social Responsibility and Socially Responsible Investing: A Global Perspective," Journal of Business Ethics, Springer, vol. 70(2), pages 165-174, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Estapé-Dubreuil, Glòria & Ashta, Arvind & Hédou, Jean-Pierre, 2016. "Micro-equity for sustainable development: Selection, monitoring and exit strategies of micro-angels," Ecological Economics, Elsevier, vol. 130(C), pages 117-129.
    2. Jean-François Gajewski & Marco Heimann & Luc Meunier, 2022. "Nudges in SRI: The Power of the Default Option," Post-Print hal-03156921, HAL.
    3. Vítor Manuel de Sousa Gabriel & David Rodeiro‐Pazos, 2018. "Do Short‐ and Long‐Term Environmental Investments Follow the Same Path?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(1), pages 14-28, January.
    4. Umit Alniacik & Esra Alniacik & Nurullah Genc, 2011. "How corporate social responsibility information influences stakeholders' intentions," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 18(4), pages 234-245, July.
    5. Gunnar Friede, 2019. "Why don't we see more action? A metasynthesis of the investor impediments to integrate environmental, social, and governance factors," Business Strategy and the Environment, Wiley Blackwell, vol. 28(6), pages 1260-1282, September.
    6. Antonio Chamorro‐Mera & María Manuela Palacios‐González, 2019. "Socially responsible investment: An analysis of the structure of preferences of savers," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(6), pages 1423-1434, November.
    7. José M. Agudo‐Valiente & Concepción Garcés‐Ayerbe & Manuel Salvador‐Figueras, 2015. "Corporate Social Performance and Stakeholder Dialogue Management," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 22(1), pages 13-31, January.
    8. José María Agudo & Pilar Gargallo & Manuel Salvador, 2015. "Measuring corporative social performance in firms: a Bayesian factor analysis approach," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 16(3), pages 638-659, June.
    9. Francisco José López-Arceiz & Ana José Bellostas-Pérezgrueso & José Mariano Moneva, 2018. "Evaluation of the Cultural Environment’s Impact on the Performance of the Socially Responsible Investment Funds," Journal of Business Ethics, Springer, vol. 150(1), pages 259-278, June.
    10. Samuel Adomako & Mai Dong Tran, 2023. "Doing well and being responsible: The impact of corporate social responsibility legitimacy on responsible entrepreneurship," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(4), pages 1794-1804, July.
    11. Shih‐Fang Lo, 2010. "Performance evaluation for sustainable business: a profitability and marketability framework," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 17(6), pages 311-319, November.
    12. Daniel Brodback & Nadja Guenster & David Mezger, 2019. "Altruism and egoism in investment decisions," Review of Financial Economics, John Wiley & Sons, vol. 37(1), pages 118-148, January.
    13. Sangiorgi, Ivan & Schopohl, Lisa, 2021. "Why do institutional investors buy green bonds: Evidence from a survey of European asset managers," International Review of Financial Analysis, Elsevier, vol. 75(C).
    14. Jean-Francois Gajewski & Marco Heimann & Luc Meunier, 2022. "Nudges in SRI: The Power of the Default Option," Journal of Business Ethics, Springer, vol. 177(3), pages 547-566, May.
    15. Sang‐June Park & Sungchul Choi & Eun‐Jeong Kim, 2012. "The Relationships between Socio‐demographic Variables and Concerns about Environmental Sustainability," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 19(6), pages 343-354, November.
    16. Stutz, Adrian & Schell, Sabrina & Hack, Andreas, 2022. "In family firms we trust – Experimental evidence on the credibility of sustainability reporting: A replication study with extension," Journal of Family Business Strategy, Elsevier, vol. 13(4).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Surekha Rana & Padma Misra, 2010. "Operational Dimension of CSR: An Empirical Assessment of BSE and NSE Listed Companies," Vision, , vol. 14(1-2), pages 57-66, January.
    2. Maike van Dijk-de Groot & Andre H.J. Nijhof, 2015. "Socially Responsible Investment Funds: a review of research priorities and strategic options," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(3), pages 178-204, July.
    3. Francisco José López-Arceiz & Ana José Bellostas-Pérezgrueso & José Mariano Moneva, 2018. "Evaluation of the Cultural Environment’s Impact on the Performance of the Socially Responsible Investment Funds," Journal of Business Ethics, Springer, vol. 150(1), pages 259-278, June.
    4. David J. Collison & George Cobb & David M. Power & Lorna A. Stevenson, 2008. "The financial performance of the FTSE4Good indices," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 15(1), pages 14-28, January.
    5. Hayam Wahba, 2008. "Exploring the moderating effect of financial performance on the relationship between corporate environmental responsibility and institutional investors: some Egyptian evidence," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 15(6), pages 361-371, November.
    6. Antonio Chamorro‐Mera & María Manuela Palacios‐González, 2019. "Socially responsible investment: An analysis of the structure of preferences of savers," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(6), pages 1423-1434, November.
    7. Ivan Hilliard, 2013. "Responsible Management, Incentive Systems, and Productivity," Journal of Business Ethics, Springer, vol. 118(2), pages 365-377, December.
    8. Alice Martini, 2019. "Socially responsible investing: from the ethical origins to the sustainable development framework of the european union," Public Finance Research Papers 36, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    9. Thomä, Jakob & Murray, Clare & Jerosch-Herold, Vincent & Magdanz, Janina, 2019. "Do you manage what you measure? Investor views on the question of climate actions with empirical results from the Swiss pension fund and insurance sector," LSE Research Online Documents on Economics 115100, London School of Economics and Political Science, LSE Library.
    10. Amornsak Kitthananan, 2009. "Creating Business and Social Value: the Asian Way to Integrate CSR into Business Strategies," Studies in Trade and Investment 68, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    11. Zdenka Gyurák Babeľová & Augustín Stareček & Dagmar Cagáňová & Martin Fero & Miloš Čambál, 2019. "Perceived Serviceability of Outplacement Programs as a Part of Sustainable Human Resource Management," Sustainability, MDPI, vol. 11(17), pages 1-21, August.
    12. Irina – Eugenia IAMANDI & Andreea Raluca CARAGIN, & Alina CHICIUDEAN & Mihaela Cristina DRAGOI, 2007. "Corporate Social Responsibility – Analysing Social and Financial Performance The Case of Romania," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 19-30.
    13. Anthony Goerzen & Michael Sartor & Kristin Brandl & Stacey Fitzsimmons, 2023. "Widening the lens: Multilevel drivers of firm corporate social performance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(1), pages 42-60, February.
    14. Irene Bengo & Leonardo Boni & Alessandro Sancino, 2022. "EU financial regulations and social impact measurement practices: A comprehensive framework on finance for sustainable development," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(4), pages 809-819, July.
    15. V. Veeravel & E. K. S. Sadharma & Bandi Kamaiah, 2024. "Do ESG disclosures lead to superior firm performance? A method of moments panel quantile regression approach," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(1), pages 741-754, January.
    16. Joachim H. Spangenberg, 2008. "Second order governance: learning processes to identify indicators," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 15(3), pages 125-139, May.
    17. Vanita Tripathi & Amanpreet Kaur, 2022. "Does Socially Responsible Investing Pay in Developing Countries? A Comparative Study Across Select Developed and Developing Markets," FIIB Business Review, , vol. 11(2), pages 189-205, June.
    18. Brian R. Johnson & Eric Connolly & Timothy S. Carter, 2011. "Corporate social responsibility: the role of Fortune 100 companies in domestic and international natural disasters," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 18(6), pages 352-369, November.
    19. Chen, Shihua & Chen, Yulin & Jebran, Khalil, 2021. "Trust and corporate social responsibility: From expected utility and social normative perspective," Journal of Business Research, Elsevier, vol. 134(C), pages 518-530.
    20. Dang, Rey & Houanti, L'Hocine & Sahut, Jean-Michel & Simioni, Michel, 2021. "Do women on corporate boards influence corporate social performance? A control function approach," Finance Research Letters, Elsevier, vol. 39(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:corsem:v:16:y:2009:i:1:p:1-14. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://doi.org/10.1002/(ISSN)1535-3966 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.