Performances of socially responsible investment and environmentally friendly funds

The socially responsible investment (SRI) funds performances remain inconclusive. Hence, more studies need to be conducted to determine if SRI funds systematically underperform or outperform conventional funds. This paper has employed dynamic mean-variance model using shortage function approach to evaluate the performance of SRI and Environmentally friendly funds (EF). Unlike the traditional methods, this approach estimates fund performance considering both the return and risk at the same time. The empirical results show that SRI funds outperformed conventional funds in EU and US. In addition, the results of EU are among the top-performing categories. EF do not perform as well as SRI, but perform in manners equal or superior to conventional funds. These results show statistically significant in some cases.

Do socially responsible investment indexes outperform conventional indexes?

The question of whether more Socially Responsible (SR) firms outperform or underperform other conventional firms has been debated in the economic literature. In this study, using the Socially Responsible Investment (SRI) indexes and conventional stock indexes in the US, the UK and Japan, first and second moments of firm performance distributions are estimated based on the Markov Switching (MS) model. We find two distinct regimes (bear and bull) in the SRI markets as well as the stock markets for all the three countries. These regimes occur with the same timing in both types of market. No statistical difference in means and volatilities generated from the SRI indexes and conventional indexes in either region was found. Furthermore, we find strong comovements between the two indexes in both the regimes.

Conference report : ‘For the Socially Responsible University’. Reflections on Universidad 2014, the 9th International Higher Education congress in Havana, Cuba, February 2014

This article describes salient aspects of 'Universidad', the 9th International Higher Education conference held in Havana, Cuba, in February 2014. Addressing the conference theme, 'For the Socially Responsible University', participants debated the university's capacity to lead societies in matters of knowledge creation and diffusion, and discussed how it could help governments in the quest for solutions to inequality and exclusion. A particularly interesting panel was one that discussed the social commitment of Hugo Chavez, the late president of Venezuela, and his work to support the expansion of education.

We are what we eat: The demise of the ethical grocery shopper

In 1954, American consumer behaviour academic, Gregory Stone identified four different types of consumers. Consisting of 150 in-depth interviews, Stone’s research found there was an “economic” shopper, who was after bargains, a “personalising” shopper, who liked interaction with staff, and an “apathetic” shopper, who was disillusioned and unengaged in shopping activity. Then there was the “ethical” grocery shopper – consumers who demonstrated a moral obligation to patronise local merchants, purchase locally produced products and felt the need to “shop where they ought to”. This ethical shopper was willing to sacrifice lower prices, convenience and range, in order to “help the little guys out”.The idea of the ethical shopper has since taken hold in mainstream retailing. But my new research has suggested that socially responsible consumption may be a thing of the past.

Are family firms really more socially responsible?

This is the peer reviewed version of the following article: Cruz, C., Larraza-Kintana, M., Garcés-Galdeano, L. and Berrone, P. (2014), Are Family Firms Really More Socially Responsible? Entrepreneurship Theory and Practice, 38: 1295–1316, which has been published in final form at http://dx.doi.org/10.1111/etap.12125. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.

From Quality Management to Socially Responsible Organisations: the Case for CSR

Purpose – The purpose of this paper is to focus on the growing interest of the role of business in society, commonly referred to as CSR. Historically CSR can be traced back to the 1950s, although in very recent times there has been a virtual explosion of interest in its use and applicability in organisations. However, there are many unresolved issues, most notably in terms of how CSR should or can be implemented and embedded in an organisation. This paper therefore seeks to explore the relationship and potential synergies between quality management and CSR. Design/methodology/approach – The qualitative exploratory study in this paper represents the first stage of an ongoing research programme, and is based on an in-depth analysis of quality award submission documentation from six case organisations that have recently been recognised as winners in relation to their quest for business improvement. Findings – The paper finds that substantial evidence from each of the case organisations demonstrates the breadth and depth of activities in which they are engaging under the broad headings of workplace, environment, social impact, and economic impact. However, whilst there is no doubting the sincerity of the actions, the approaches and activities, a strategic focus on CSR is still very much in its infancy. Research limitations/implications – In this paper there is a paucity of empirical research examining how existing management tools, techniques and methodologies can be used to further the CSR debate. This paper represents an important first step in redressing this imbalance. Practical implications – The paper suggests that the quality management and business excellence frameworks can offer a strong foundation from which to develop CSR strategies, behaviours and activities in an organisation. Originality/value – This paper represents an important first step in understanding how and where CSR “fits” into an organisation and potentially how existing quality methodologies, tools and frameworks can be used to aid the implementation of CSR.

Does it pay to be socially responsible? Evidence from spanish retail banking sector

This paper presents a theoretical and empirical analysis of strategic competition in retail banking when some of the financial firms are non-profit organisations that invest in social activities. Banking literature about competition is fairly large, but the strategic interaction between profit maximizing and non profit maximizers has not been extensively analysed except for Purroy and Salas (1999). In this paper, a completely different approach is taken. An adaptation of Hotelling’s two stage model of spatial competition is developed to take into account consumer perceptions respect to the two different types of financial institutions. The empirical analysis confirms that consumers take into account other features different from the price, such as social contribution or closer service to make a deposit or mortgage decision. These conclusions are of interest in the debate about a firm’s social or ethical activities. It is shown that if consumers value social activities, firms can improv

Understanding issue complexity when building a socially responsible brand

Purpose of the Manuscript- To discusses the importance of understanding Corporate Social Responsibility (CSR) by analysing the issues that comprise CSR. Without this understanding it will not be possible for organisations to develop responsible brands.

Approach – The paper draws on the existing business and marketing literature to define four aspects of issue complexity. It also draws on a range of real and hypothetical examples affecting local and global organisations to explain the four components.

Limitations – The work is conceptual in nature and additional research needs to be undertaken to better understand how organisations define the CSR issues that they will integrate into activities and how the management of these issues can be undertaken to ensure system wide implementation.

Practical Implications – The work suggests that by understanding the four components of issues complexity organisations will be in a better position to integrate CSR related branding. Without understanding these issues, organisations may potentially unintentionally exaggerate claims or set themselves up to be criticised that they are unfairly exploiting consumers’ interest in CSR issues.

Value- Previous research has documented the value of CSR, but to date there have been only limited attempts to systematically examine how managers could know whether they have considered the issue completely and realistically.

Building a corporate socially responsible brand : an investigation of organizational complexity

Past research has suggested that developing CSR linked brands is a complex activity that needs to consider the social issues being addressed as well as multiple facets of organisational activities. This paper proposes that organisational activities need to be considered at four different levels – corporate brand, product/line brands, location/functional activities and supply chain issues. The four activities are discussed and implications for developing CSR-leveraged brands are explored.

Building a corporate socially responsible brand : an investigation of issue complexity

Corporate social responsibility (CSR) is increasingly being leveraged in branding activities. This paper suggests that there are four types of issue complexity associated with defining what issues should be considered for CSR branding activities to be effective. These include the number of social issues considered, diversity of sub-issues, measurement difficulties and
determination of appropriate performance levels. Some implications for developing CSR leveraged brands are discussed.