Do socially responsible fund managers really invest differently?

To date, research into socially responsible investment (SRI), and in particular the socially responsible investment funds industry, has focused on whether investing in SRI assets has any differential impact on investor returns. Prior findings generally suggest that, on a risk-adjusted basis, there is no difference in performance between SRI and conventional funds. This result has led to questions about whether SRI funds are really any different from conventional funds. This paper examines whether the portfolio allocation across industry sectors and the stock-picking ability of SRI managers are different when compared to conventional fund managers. The study finds that SRI funds exhibit different industry betas consistent with different portfolio positions, but that these differences vary from year to year. It is also found that there is little difference in stock-picking ability between the two groups of fund managers.

Returns from investing in Australian equity superannuation funds, 1991-1999

In this analysis of investment manager performance, two questions are addressed. First, do managers that actively trade stocks create value for investors? Second, can the multifactor model of Gruber capture the cross-section of average fund returns for the Australian setting? The answers from this study are as follows: as an industry, investment managers destroyed value for superannuation investors for the period 1991 through 1999, under-performing passive portfolio returns by 2.80-4.00 per cent per annum on a risk-unadjusted basis and 0.50-0.93 per cent per annum on a risk-adjusted basis. Evidence is provided in support of the four-factor model of Gruber; however, the model fails to capture the impact of investment style for the Australian setting. The findings suggest that Australian superannuation investors would transform their retirement savings into retirement income more efficiently through the use of passive alternatives to the stock selection problem.

The experiences and perceptions of unit managers in facilitating oral health in adults with intellectual disability

This qualitative research investigated the experiences and perceptions of unit managers regarding their involvement with oral health management of adults with intellectual disability. Semi-structured individual interviews were conducted with eight participants working in four different area offices of a metropolitan disability service, whose experience as unit managers ranged from 1 to 17 years. Key themes identified in the interview data focused on unit managers' views of the oral health of this group, the support roles involved in the oral health of adults with intellectual disability, the priority of oral health, the experiences of the participants within the oral health system, and the strategies for supporting adults with intellectual disability in oral health management. Implications of the findings included the need to improve education for all persons involved in the oral health of adults with intellectual disability, to encourage a collaborative approach to oral health by workers within accommodation support services and the oral health system, and to enable adults with intellectual disability to maximally participate in their own oral health management.

Demographic effects on the use of vertical sources of guidance by managers in widely differing cultural contexts

Data provided by 7380 middle managers from 60 nations are used to determine whether demographic variables are correlated with managers’ reliance on vertical sources of guidance in different nations and whether these correlations differ depending on national culture characteristics. Significant effects of Hofstede’s national culture scores, age, gender, organization ownership and department function are found. After these main effects have been discounted, significant although weak interactions are found, indicating that demographic effects are stronger in individualist, low power distance nations than elsewhere. Significant non-predicted interaction effects of uncertainty avoidance and masculinity-femininity are also obtained. The implications for theory and practice of the use of demographic attributes in understanding effective management procedures in various parts of the world are discussed.

Shadowing experiences and the extension of communities of practice: A case study of women education managers

Recent developments in workplace learning have focused on relational and social network views of learning that introduce practitioners to the norms, values and assumptions of the workplace as well as the learning processes through which knowledge is acquired. This article reports on a qualitative study of a mentoring programme designed to assist women education managers gain promotion by broadening their networks and stimulating insights into the senior management positions for which they were being prepared. The findings are that members reflexively assess and reassess goals and values to demystify knowledge and resolved cognitive dissonance in these processes. Moreover, this article shows that women participants learn from the networks, and that the networks learn from the participant in a reciprocal and informal way. The article concludes that organizational learning programmes must focus on enabling such networks to flourish.