Purpose – The purpose of this research is to develop and contribute with an improved understanding of socially responsible investing and its barriers within the asset management sector. To accomplish the purpose of this research, four areas have been investigated; sustainability, business models, socially responsible investing, and barriers for socially responsible investing. Method – Since the research aimed to use the existing theory, and at the same time explore and gain understanding within the area of sustainable, or responsible, investments, the research approach had iterative characteristics with theoretical and empirical findings. Therefore, an abductive research approach was chosen. For the gathering of data, a multiple case study was conducted by interviewing people working within asset management companies. For the analysis of the data, constant comparison, multilevel interviews, and thematic analysis were used. Results – First, the results indicate that socially responsible investments have greatly affected the business models for asset management companies, and responsible investments are starting to become more of a hygiene factor than a way of differentiation. Second, the most significant barrier for the increase of responsible investments is preconceptions and lack of knowledge. This barrier is rooted in an underlying issue, that is lack of transparency regarding asset management companies’ investments. Furthermore, the findings indicate that government actions within the market invested in, was not such a grand barrier as presented in the literature. Theoretical contributions – The main theoretical contribution with this research is the identification of the barrier preconceptions and lack of knowledge, as this is not highlighted in the literature, but among the asset management companies it was highly significant. By analyzing the findings with an institutional theory lens, it is an understandable behavior as there are no incentives for change, hence the managerial contributions consist of regulations.  Managerial contributions – The practical contributions with this report is the need for reformed regulations in the industry where asset management companies are operating, in order to increase transparency. By seeing the issue through the lens of institutional theory, it is unlikely for self-regulations to happen as the incentives are not great enough. For self-regulation to happen, the agency costs need to surpass the costs for increased responsible investments, as it would generate enough incentives for a change to happen.

<p>This thesis aims to investigate perceptions of sustainability in relation to business</p><p>strategy within the Swedish chemical industry. To this end, a survey was</p><p>distributed with the assistance of industry organization Plast- och Kemiföretagen</p><p>to companies that are part of the Responsible Care® program.</p><p>A second purpose of the study is to explore critical factors when implementing an</p><p>integration of sustainability with business strategy. To do this as well as dig deeper</p><p>into a couple of questions raised in the survey, a qualitative study was carried out</p><p>at Akzo Nobel business unit Pulp and Paper Chemicals (operating under the brand</p><p>name of Eka Chemicals). Semi-structured interviews were performed with seven</p><p>company representatives from different organizational levels, to explore critical</p><p>factors identified in a literary study.</p><p>From the survey, it could be concluded that the studied companies considered</p><p>sustainability as an important issue today and with growing importance for the</p><p>future. It was also observed that sustainability is currently not an issue at the core</p><p>of business strategy, as 35% of respondent companies did not think that top</p><p>management handled issues related to sustainability. Enhanced reputation and</p><p>cost reduction/resource efficiency were seen as the primary creators of business</p><p>value when addressing sustainability. Additional top motivating forces to consider</p><p>sustainability were legislative demands and company core values.</p><p>From the literary study a model of critical factors when implementing changes in</p><p>strategy was developed. Four different aspects identified were explored in the</p><p>semi-structured interviews at Eka Chemicals: change leadership, shared vision,</p><p>sense of urgency and aligning goals. In that specific setting, the critical factors of</p><p>having a shared vision and aligning individual, organizational unit and corporate</p><p>goals were found to exist to a high degree, while the critical factor of change</p><p>leadership was only partially existent, and a sense of urgency not existent.</p>

The review of the ethical funds literature shows the significant growth of the Socially Responsible Investments (SRI) in the last few decades. The increase of the interest towards SRI indicates that ethical issues have become more essential for the investors. However the number of surveys reveals that financial performance remains of an important concern for the socially responsible investors. Therefore the benchmark analysis of the expected returns and management fees of the ethical mutual funds is chosen as a topic for this thesis research. The risk-adjusted measures are used to analyze and compare the performance of the ethical and non-ethical mutual funds in United Kingdom. The analysis does not indicate the significant difference in the expected returns between the two groups of funds. However this study concludes that on average ethical funds charge higher management fees. Thus investing in ethical funds is more costly but gives about the same returns as investing in conventional funds.

La tesi vuole esaminare i fattori determinanti l’implementazione di sistemi di gestione responsabile degli approvvigionamenti. In particolare, si è voluto verificare la presenza di pressioni – interne ed esterne – che spingono l’impresa a integrare la responsabilità sociale nella gestione delle relazioni di fornitura globali. La prima parte presenta gli sviluppi che hanno portato alla definizione del concetto di Responsible Procurement Management. In particolare, vengono discusse le nuove sfide nel contesto globale che hanno accresciuto l’attenzione nei confronti delle implicazioni sociali e ambientali connesse all’estensione delle catene di fornitura. Successivamente, si propongono le definizioni di Responsible Procurement Management e gli approcci strategici che si stanno affermando nella letteratura. Infine, si presentano le ipotesi di ricerca. La seconda parte si concentra sul progetto di ricerca realizzato durante il periodo di Dottorato. Dopo aver presentato la metodologia utilizzata, la discussione di focalizza sui risultati dell’analisi statistica ed evidenzia se questi confermano o negano le ipotesi di ricerca. / The thesis is aimed at examining the determinants of the Responsible Procurement Management. In particular, attention has been focused on understanding what factors – internal and external the organization – affect the decision to integrate corporate responsibility into the management of global supply relationships. The first part presents the developments that led to the concept of Responsible Procurement Management. In particular it discusses the new challenges in the global context that have increased the attention towards the social and environmental implications of extended supply chains. Then, it proposes the definitions of Responsible Procurement Management in literature and the emerging strategic approaches. Finally, the research hypotheses are introduced. The second part presents the research project aimed at verifying the hypotheses previously discussed. It begins by describing the methodology, then it moves to the discussion of findings in order to understand whether gathered data do support or deny hypothesized determinants.

With issues such as energy crises, climate change and environmental degradation becoming evermore prevalent on national and international levels, industrialized societies are beginning to take heed of the impact they are having on the natural environment and we are beginning to see movements towards socially and environmentally responsible decision-making. With the impact that buildings have on the environment, it is important to understand what barriers are preventing or slowing investment in socially and environmentally responsible property. The present study was conducted to determine whether LEED certification has a significant impact on the market value of office buildings in Toronto, Ontario – value determined by the average net asking rent for each building. For some 68 subject and control buildings, we matched information on the net asking rent for 16 LEED certified (subject) buildings to 52 otherwise comparable properties (control buildings). Using ordinary least squares (OLS) analysis, we looked to find what relationship exists between net asking rent and the LEED label. Controlling for other variables historically shown to have an impact on property value, we expected the results of this study to determine whether there is a business case for LEED certification in the downtown Toronto office market. The results of the study have shown that LEED certification has had no impact on the market value of the sample of office buildings in Toronto. This is a surprising result, given the growth in the number of LEED buildings in Canada, but interviews with three senior executives in the industry have helped to provide insight into this trend. It seems that with time LEED will likely have an impact in this market, but it hasn‘t arrived yet.

With issues such as energy crises, climate change and environmental degradation becoming evermore prevalent on national and international levels, industrialized societies are beginning to take heed of the impact they are having on the natural environment and we are beginning to see movements towards socially and environmentally responsible decision-making. With the impact that buildings have on the environment, it is important to understand what barriers are preventing or slowing investment in socially and environmentally responsible property. The present study was conducted to determine whether LEED certification has a significant impact on the market value of office buildings in Toronto, Ontario – value determined by the average net asking rent for each building. For some 68 subject and control buildings, we matched information on the net asking rent for 16 LEED certified (subject) buildings to 52 otherwise comparable properties (control buildings). Using ordinary least squares (OLS) analysis, we looked to find what relationship exists between net asking rent and the LEED label. Controlling for other variables historically shown to have an impact on property value, we expected the results of this study to determine whether there is a business case for LEED certification in the downtown Toronto office market. The results of the study have shown that LEED certification has had no impact on the market value of the sample of office buildings in Toronto. This is a surprising result, given the growth in the number of LEED buildings in Canada, but interviews with three senior executives in the industry have helped to provide insight into this trend. It seems that with time LEED will likely have an impact in this market, but it hasn‘t arrived yet.

Environmental, Social and Governance (ESG) issues are becoming more and more significant for comprehensive evaluation of companies responsible investing activities. Over the years, the growth in corporate responsibility to the society and policies towards environmental consciousness has necessitated the need for comprehensive ESG integration into investment decision-making process and the impact of such activities on company‟s financial performance. Although, studies suggest that there is an increasing trend in ESG considerations among large-cap companies and public investors, little have been written about the link with private investors. Venture capital and private equity investors have an important role in shaping current innovative companies to become future leaders in the market and therefore posses the ability to influence entrepreneurs towards sustainability by incorporating ESG issues in their investment selection processes. This study sought to find out if venture capital and private equity investors consider ESG issues in their activities and if so, do cultural and institutional contexts in which they operate have any effect on their considerations? We have used two of the most advanced venture capital and private equity industries in the world – USA and UK to analysed the response of this sector to ESG issues. Essential ESG factors have been coded using content analysis method for 122 companies from both countries relating to how they practise and integrate environmental, social and corporate governance issues into their investment decision process. Statistical multivariate analysis was conducted with SPSS to analyse data gathered. Our findings revealed that in general venture capital and private equity investors are responding to calls for ESG considerations in their activities, with almost all studied companies reporting some form of ESG issues on their corporate website. However, majority of them are just at the initial stage of mentioning with little information on how it is been used as part of investment selection criteria. Results of the study also show that, investors in environmental related products and services (Cleantech) have higher levels of ESG considerations than other investors. An indication that investor‟s who finance innovative companies that provide solutions to current environmental problems do impact more positively on society. In addition, findings also confirmed earlier studies that differences in cultural and institutional contexts between countries do affect behaviour and values of companies. Thus, a country with strong regulations and incentives towards sustainability will impact on corporate culture that will increase ESG considerations among venture capital and private equity investors. Therefore, our study concluded that there is an appreciable levels of ESG consideration among venture capital and private equity investor‟s, however investors need to increase their considerations by committing more resources to environmental solutions and social issues such as clean technologies and community philanthropy.

The growing demand for biofuels in the European Union is expected to have a significant impact on rural environments in sub-Saharan Africa. In the wake of Directive 2009/28/EC, Ghana experienced a rapid rise in foreign land acquisitions and direct investments to its agricultural sector. The potential implications of this development are multi-fold: While proponents of the EU biofuels policy stress the potential for agricultural development and improved energy security in the region, its opponents criticise the lack of binding rules and regulations concerning social sustainability and indirect land use changes. As a means of assessing the validity of these opposing views, this research paper provides an analysis of the directive's impact on Ghanaian energy security and agricultural development in the country. The analysis is based on key informant interviews and a comprehensive literature reviews. It is concluded that the potential of host countries to generate benefits from the cultivation of energy crops largely rests on their institutional framework. In Ghana, foreign biofuel investments appear to have at least partially resulted in negative socio-economic impacts on local rural communities. Formal and informal land rights, as well as land acquisition procedures present significant obstacles. Civil action and the proposal for a new national biofuels policy indicate, however, that the country could eventually emerge as a beneficiary of the global trend towards biofuels.

Guidebooks are argued to be significant elements of the tourism infrastructure (Koshar, 1998), influencing the perception of destinations and the travel practices of millions of tourists (Gilbert, 1999). Guidebooks have been depicted as mediators, interpreters, and communicators of place and people, yet the examination of these texts as part of tourism has received little attention in the academic literature. There are few studies focusing on what information guidebooks are presenting to tourists (Bhattacharyya, 1997; Lew, 1991; McGregor, 2000). <br /><br /> In pursuit of cultural, environmental, and leisure experiences, tourists are going all over the world and there is increasing concern over the economic, socio-cultural, and environmental impacts of this activity. Information on these impacts can be found in academic literature and government reports, but rarely is it presented to tourists. <br /><br /> The purpose of this study is to analyse and describe how travel guidebooks communicate information on socio-cultural, environmental, and other destination specific issues. The republic of Peru was the case study area for this research. <br /><br /> Destination data was collected through interviews with tourism representatives in Perú, Destination Management Organisation (DMO) website analysis, and participant observation. This data was analysed to provide a coding scheme for the current issues and impacts in Peru relating to tourism. This coding scheme was used to analyse the content of the most commonly used commercial guidebooks for Peru (Lonely Planet, South American Handbook, Rough Guide) to understand if and how guidebooks are addressing current issues in Peru tourism. <br /><br /> Qualitative content analysis of destination data resulted in 29 emergent categories which were evaluated based on theme distributions (socio-cultural, environmental, and other) and source information. Categories were grouped based on importance values to allow for further examination of the main issues and impacts involved in Peru tourism. <br /><br /> Qualitative analysis of guidebook content resulted in 4 additional categories for a total of 33 items. This was followed by quantitative analysis of guidebook content to better understand theme distributions, statement types, marketing communication types, and relationships with original category intentions. Guidebook content was organised into groups based on importance values and compared with the importance groups found in the destination data to determine differences in category relevance. <br /><br /> The implications of this research in presenting information to tourists are discussed in terms of their relevance to socio-cultural and environmental interpretation, marketing and communication theory, and responsible tourism. Similarities and differences found in comparing destination and guidebook data are examined. Findings and discussions based on this research indicate that the role of the guidebook is multi-dimensional. These texts, juxtaposed between host and guest, mediate and interpret ecological, cultural, and social information. Findings of this research suggest that though guidebooks are involved in persuasive messaging which raises issues of power and representation, guidebooks are the only popular tourist information source in Peru attempting to influence tourists to reduce cultural and environmental impacts. This discussion is followed by suggestions for future research in this area.

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