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Socially Responsible Investment: Global Convergence or Local Divergence?

In: Finance for a Better World

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  • Céline Louche

Abstract

The chapter conceptualizes the mechanisms that sustain the development of socially responsible investment (SRI). Empirical observations show that SRI has gained unprecedented momentum worldwide in recent years and has diffused on a global scale. The idea of SRI started several hundred years ago (Domini 2001). It was at that time a curiosity and a niche market phenomenon. No one would have ever expected SRI to grow beyond a marginal movement and cross national boundaries. Today, in 2008, SRI is embraced in most countries around the world — Europe, Asia, Latin America and Africa. The diffusion of SRI is characterized by the increase of SRI funds. Between 1995 and 2007, the number of SRI funds in the US has almost multiplied by five, from 55 to 260 (US SIF 2008) and by eight in Europe from 54 to 437 (SIRI Group 2002, 2007). Another feature of the development of SRI is the diversification of SRI-related products. SRI shifted from one single approach based on exclusion, also called “sin stocks,” to multiple approaches offering different strategies able to satisfy a variety of growing demands.

Suggested Citation

  • Céline Louche, 2009. "Socially Responsible Investment: Global Convergence or Local Divergence?," Palgrave Macmillan Books, in: Henri-Claude Bettignies & François Lépineux (ed.), Finance for a Better World, chapter 4, pages 51-70, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23575-5_4
    DOI: 10.1057/9780230235755_4
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