During the last few decades, "regular people" have become increasingly involved with investing in the stock market. One way of doing this, which has become more and more popular, is to invest in mutual funds. The mutual fund industry has, due to its explosive growth, been described as a success story of the 20th century. These days, sources report that over 70% of the Swedish population actively invests in mutual funds. This thesis is an investigation into consumer decision making regarding one specific type of mutual fund: Socially Responsible Investment (SRI). SRI profiled mutual funds are different from "regular" mutual funds in that they incorporate social, ethical, and environmental (SEE) criteria. In this manner, SRI profiled mutual funds could be said to have two separate dimensions. The regular financial dimension has the purpose of generating a high level of financial return while managing risk. The socially responsible dimension, on the other hand, focuses on incorporating SEE issues into the investment process. However, consumers that desire to choose mutual funds that will both perform well financially and have a good socially responsible dimension face a more difficult decision than consumers who choose to invest in "regular" mutual funds. As each of the dimensions come with its own set of challenges which the consumer must overcome, choosing an appropriate combination of these is a difficult task. In this manner, consumers of SRI profiled mutual funds have to navigate through a complex decision making environment to arrive at a good choice. Based in this notion of decision making in complex environments, this thesis investigates how consumers combine their "traditional" financial objectives with their "additional" SEE consideration and examines the impact of personal factors related to these two areas on consumer investment in SRI profiled mutual funds. Four separate essays on these topics, each investigating a specific stage in the Engel-Kollat-Blackwell (1968) consumer decision making process, are presented. Moreover, in order to understand how complexity impacts consumer decision making in the area, the results of each study are analyzed against a conceptual framework focusing on the complexity of the market. The results show that consumers of SRI profiled mutual funds care about both financial and SEE issues. However, how consumers combine these in their decision making differs. Factors, such as the stage of the purchase decision making process, personal abilities, preferences, and perceptions are found to impact consumer decision making.  Against this background, this thesis generates an increased understanding of consumer decision making in complex decision making environments in general and of SRI profiled mutual funds in particular.

This study explores the contemporary practice of Ethical and Socially Responsible Investment and concludes that it is based on an ad hoc construct of empirically derived principles, driven mainly by the commercial self-interest of large financial institutions and fund managers. It explores the relationship between investment and morality, to posit a background theory of investment ethics. The study then proposes a move away from the narrow focus of ethical investment to a broader concern for investment ethics. The study introduces the discipline of investment ethics and examines the criteria that form the basis of morality in investment decisions. The resultant theory is intended to be of practical significance in the business and investment domains and to assist potential investors to evaluate investment opportunities in the context of a consistent set of substantive normative ethical principles.

Syfte: Denna studie syftar till att kartlägga i vilken utsträckning företag på en svensk marknad arbetar med CSR och även att identifiera ett eventuellt samband mellan hållbarhetsarbetets utsträckning och lönsamhet i form av EPS och DuPont. Dessa lönsamhetsmått representerar dels ett investeringsperspektiv, dels ett internt företagsperspektiv. Metod: En kvantitativ studie har gjorts på Stockholmsbörsens Large Cap med en indelning av företagen på en hållbarhetsskala. Datan har analyseratstillsammans med lönsamhetsmåtten EPS och DuPont genomkorstabulering samt en statistisk analys. Slutsats: Denna studie finner att det finns ett engagemang för CSR inom LargeCap och det finns ett negativt samband mellan CSR-arbete och EPS.Studien finner inget samband mellan CSR-arbete och DuPont. Det finns en obalans i prioriteringen av TBL där det ekonomiska perspektivet är det främsta.

Submitted by MARCEL HENRIQUE BATAIOLA null (marbataiola@yahoo.com.br) on 2016-08-30T12:14:39Z No. of bitstreams: 1 DISSERTAÇÃO - Marcel H. Bataiola - RA 145723-5.pdf: 2089598 bytes, checksum: 84a2963de897772c85fd7a8fa40c1f90 (MD5) / Approved for entry into archive by Ana Paula Grisoto (grisotoana@reitoria.unesp.br) on 2016-08-31T12:51:18Z (GMT) No. of bitstreams: 1 bataiola_mh_me_bauru.pdf: 2089598 bytes, checksum: 84a2963de897772c85fd7a8fa40c1f90 (MD5) / Made available in DSpace on 2016-08-31T12:51:18Z (GMT). No. of bitstreams: 1 bataiola_mh_me_bauru.pdf: 2089598 bytes, checksum: 84a2963de897772c85fd7a8fa40c1f90 (MD5) Previous issue date: 2016-07-05 / A sustentabilidade hoje é uma pauta importante entre as políticas governamentais e programas regionais, tendo mais recentemente sido inserida no ambiente empresarial, se consolidando progressivamente no mercado de capitais. Nesse contexto, nas duas últimas décadas foram criados diversos índices de sustentabilidade empresarial com o intuito de avaliar o desempenho em sustentabilidade de empresas listadas nas bolsas de valores. Em 2005, a Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBOVESPA) lançou o Índice de Sustentabilidade Empresarial (ISE) o primeiro na América Latina. Esta pesquisa tem por objetivo analisar a dimensão social do ISE e identificar pontos de interface com a teoria de desenvolvimento humano de Amartya Sen, utilizando-se da abordagem das liberdades instrumentais num contexto microeconômico. Visando complementar e preencher lacunas existentes, a presente pesquisa irá se utilizar de uma abordagem qualitativa e não-financeira para analisar a dimensão social do índice de sustentabilidade empresarial da bolsa de valores brasileira. Para que esse objetivo fosse alcançado, foram utilizados os métodos de pesquisa documental no questionário da dimensão social do ISE, painel de especialistas, que contou com a participação de cinco especialistas da área de sustentabilidade de diferentes tipos de organizações, e análise de conteúdo, que foi utilizada para sistematizar as informações coletadas. Os principais resultados obtidos indicaram que: (a) é possível e coerente aplicar a abordagem da teoria das liberdades individuais num contexto microeconômico; (b) índices de sustentabilidade empresarial demonstram claramente ganhos complementares aos ganhos financeiros; (c) um melhor desempenho na dimensão social proporciona alguns ganhos intangíveis para as empresas; (d) a importância da área de sustentabilidade nas empresas, bem como sua integração com as demais áreas envolvidas; e (e) as liberdades e stakeholders mais citados foram respectivamente: (i) garantias de transparência (33,3%), e liberdades políticas (30%); (ii) empresários (100%), funcionários (83%) e governo (67%). Os resultados obtidos nesta pesquisa permitiram uma série de análises sobre o ISE BM&FBOVESPA com foco na dimensão social, abrindo caminho para pesquisas futuras. / Sustainability today is an important schedule between government policies and regional programs, and more recently has been inserted in the business environment, gradually consolidating in the capital market. In this context, in the last two decades have created various indices of corporate sustainability in order to assess the sustainability performance of companies listed on stock exchanges. In 2005, the Stock Exchange, Commodities and Futures Exchange (BM&F BOVESPA) launched the Corporate Sustainability Index (ISE) the first in Latin America. This research aims to analyze the social dimension of ISE and identify points of interface with the human development theory of Amartya Sen, using the approach of instrumental freedoms in a microeconomic context. To complement and fill gaps, this research will be used a qualitative approach and non-financial to analyze the social dimension of corporate sustainability index of the Brazilian stock exchange. For this goal to be achieved, the documentary research methods were used in the questionnaire of the social dimension of the ISE, expert panel, which included the participation of five specialists in the field of sustainability of different types of organizations, and content analysis, which it was used to organize the information collected. The main results indicate that: (a) it is possible and coherent to apply the approach of the theory of individual freedoms in a microeconomic context; (b) corporate sustainability indices clearly demonstrate further gains for financial gain; (c) a better performance in the social dimension provides some intangible gains for companies; (d) the importance of the area of sustainability in business as well as its integration with other areas involved; and (e) the freedoms and stakeholders most cited were respectively: (i) transparency guarantees (33.3%) and political freedom (30%); (ii) business (100%), employees (83%) and government (67%). The results obtained in this study allowed a series of analyzes on the ISE BM&FBOVESPA focusing on the social dimension, paving the way for future research.

Several organisations have called for clarifications on sustainable investment. The aim of this study is to map and compare the ethical criteria used by Socially Responsible Investment (SRI) funds in their assessment of companies. My attention is also to seek for clarifications on the definition on SRI. A theoretical framework has been used to identify core issues of socially responsible investment. The areas of interest are charitable giving, environmental technologies, negative and positive screening and shareholder activism. The empirical material consisted of qualitative interviews with 4 fund managers from 5 investment management firms in addition to written documents on the funds’ ethical criteria. The conclusions are that all of the funds use negative criteria in their assessment of companies, with similarities in what may be considered as unethical activity and differences in the extent. Most of the funds also seek to identify better-managed companies through an assessment of how companies comply with international agreements. Differences occur in the choices of international agreements as well as the minimum criteria for investing. Most of the investment management firms engage in shareholder activism with the aim to influence the companies’ corporate behaviour, thus with different levels of engagement. Some have dialogue with whom they invest in, some favour the idea of communicate with companies they do not invest in as well. Furthermore, the results of this study show that investments in environmental technologies are rare since these companies are too small. When it comes to charitable giving, donations to charity may be seen as SRI or may not be seen as SRI depending on if the concept refers to investment criteria.

Board gender diversity has been on the corporate agenda for several years, despite numerous gender diversity initiatives around the EU-Member States, women remain underrepresented in the boardroom. There is an intense debate and the problem is frequently raised and discussed by politicians, journalists, shareholders and investors. The thesis examines if gender diversity in the boardroom has any significant effects on firm performance and stock volatility based on 318 firm-year observations with firms listed on the Stockholm Stock Exchange, Copenhagen Stock Exchange and Helsinki Stock Exchange from 2013 to 2015. The authors find no significant relationship between gender diversified board and firm performance for the overall sample at any conventional level. However, the authors find a positive and statistically significant relationship between gender diversified board and firm performance for only Swedish firms, measured by Tobin’s q. Furthermore, the empirical findings from the relationship between board gender diversity and stock volatility using 1 272 firm-quarter observations, are statistical significant and shows that firms with high gender diversified board have lower stock volatility compared to firms with low gender diversified board.

L'Investissement Socialement Responsable (ISR) est un mode d'investissement en pleine expansion. L'ontologie qui l'accompagne suggère que le caractère « socialement responsable » interpelle l'investisseur potentiel quant aux critères à retenir pour définir la recherche de performance. Celle-ci ne se mesure plus à travers un prisme exclusivement financier, mais s'ouvre à d'autres critères plus qualitatifs. La satisfaction de l'actionnaire bien que légitimement maximisée se trouve associée à la prise en compte d'intérêts des autres parties prenantes au processus de production. La Responsabilité Sociale de l'Entreprise (RSE) vérifie cette démarche validant ou invalidant ainsi l'éligibilité d'une entreprise à un processus d'investissement ISR. Cette thèse propose d'évaluer la performance d'un OPCVM ISR de manière multidimensionnelle en s'appuyant sur un possible triptyque de performance boursière, extra-financière et morale. Les conclusions de cette recherche soulignent la complexité de mise en œuvre d'une telle démarche tant les enjeux, les perceptions et les objectifs divergent d'une catégorie d'acteurs à l'autre. Enfin, la thèse souligne l'importance de la confiance des investisseurs à adhérer à la stratégie ISR d'un OPCVM conforme à leurs souhaits sans pour autant avoir la capacité de vérifier ou de contrôler de manière irréfutable la mise en œuvre de la démarche. / The Socially Responsible Investment (SRI) is a mode of rapidly growing investment. The ontology which accompanies it suggests that the "socially responsible" character calls questions to the potential investor as for the criteria to be retained to define the research for performance. This one does not confront any more through an exclusively financial prism, but opens in the other more qualitative criteria. The satisfaction of the shareholder well that legally maximized is associated with the consideration of interests of the other stakeholders in the process of production. The Corporate Social Responsability (CSR) verifies this validating approach initiative or so invalidating the eligibility of a company in a process of investment ISR. This thesis estimates the performance of an OPCVM ISR in a multidimensional way by leaning on a possible triptych of stock-exchange, extra-financial and moral performance. The conclusions of this research underline the complexity of implementation of such an approach so much the stakes, the perceptions collections and the objectives can diverge from a category of actors in the other one. Finally, the thesis underlines the importance of the confidence of the investors to adhere to the strategy ISR of an OPCVM in compliance with their wishes without having the capacity to verify or to control in a irrefutable way the implementation of the approach.

Qu’est-ce qu’une entreprise citoyenne ? Comment se distingue-t-elle d’une entreprise classique ? Le droit as-t-il un rôle à jouer dans ce processus de distinction ? Qu’en est-il de l’éthique et de la RSE ? Une entreprise peut-elle prendre un engagement citoyen ? Est-il légitime qu’une entreprise citoyenne valorise ses engagements citoyens ? Par quels leviers ? Voici quelques-unes des questions abordées dans notre thèse. L’entreprise citoyenne est celle qui effectue des engagements citoyens. En dehors de toute règle obligatoire, elle agit de manière volontaire, non centrée sur son intérêt restreint et de court terme en direction de ses cocontractants ou de tiers (ses salariés, des organismes sans but lucratif), afin de les placer dans une meilleure situation que si elle n’était pas intervenue. Une telle entreprise doit pouvoir valoriser ses engagements citoyens avec l’aide du droit, auprès du public, de ses clients et investisseurs. Les possibilités de l’entreprise citoyenne sont vastes ! / What is a responsible company? How do such companies differ from standard companies? What role does law play in ascertaining whether a company is responsible or not? What about ethics and CSR? Can a company engage in responsible actions? Should a company seek to enhance and promote such responsible actions? How should such enhancement and promotion take place? These questions will be answered in our thesis which is a study under French law. A responsible company is one that engages in responsible actions. In the absence of any legal requirement, the responsible company will voluntarily act beyond its strict short-term interest to reach out to contracting parties as well as third parties (e.g. employees, suppliers and non-profit organisations) and place them in a better situation, had the company not taken any action. Law should enable such companies to promote their responsible actions and enhance their attractiveness with stakeholders

The aim of this study is to analyze whether creating an own category for Socially Responsible Investment Funds (FISR) in Brazil generates time series changes in heritage and cash flow of these funds. We studied all FISR Brazilians during the period 2001 to 2009. The methodology used was the Box & Jenkins (1970) and interventions. The results reveal interventions in the two variables; however, the interventions take place before the change of category. Another important conclusion is that the category change does not cause alterations in the time series of the two variables considered. / El objetivo de este estudio es analizar si la creación de una categoría propia para los Fondos de Inversión Socialmente Responsables (FISR) de Brasil generó cambios en las series temporales de patrimonio y flujo de dinero de estos fondos. Para ello se han analizado todos los FISR brasileños existentes durante el periodo comprendido entre los años 2001 y 2009, aplicando las metodologías de Box y Jenkins (1970) y de intervenciones. Los resultados revelan intervenciones en las dos variables, sin embargo las intervenciones tuvieron lugar antes del cambio de categoría. Otra importante conclusión es que el cambio de categoría no provocó alteraciones en las series temporales de las dos variables consideradas.

Cette thèse de doctorat s'inscrit dans le courant de recherche qui étudie les implications financières associées à une meilleure responsabilité sociale des entreprises (RSE). Après un chapitre préliminaire qui nous permet de présenter la littérature antérieure et de situer notre recherche, nous effectuons trois études empiriques. Dans la première étude, nous étudions l'impact de la RSE sur le risque financier des entreprises (mesuré par le risque total, systématique et spécifique). En utilisant un échantillon de 5716 observations entre 2001 et 2011, nous montrons que les entreprises socialement responsables réduisent significativement leur risque systématique. Les résultats de cette étude suggèrent aussi que ces entreprises disposent d'un capital moral qui absorbe l'impact de potentiels chocs spécifiques. Quant à l'analyse des dimensions de la RSE, nous démontrons que les “ressources humaines” réduisent le plus le risque financier des firmes, suivies par le “ comportement sur le marché” et le “gouvernement d'entreprise”. Dans la deuxième étude empirique, nous nous intéressons à l'impact de la RSE sur la maturité de la dette des entreprises. En utilisant un large échantillon d'entreprises américaines, nous montrons que les entreprises socialement responsables réduisent significativement la maturité de leur dette. Nous montrons aussi que ces entreprises substituent les capitaux propres à la dette long-terme. Un niveau élevé de RSE réduit la proportion des investissements financés par de la dette long-terme et augmente la proportion des investissements financés par des capitaux propres et de la dette court-terme. Dans la troisième étude empirique, nous utilisons un échantillon de 22389 observations entre 1991 et 2012 et nous nous intéressons à la relation entre la RSE et la politique de dividendes. Nous soulignons que les entreprises socialement responsables paient plus de dividendes que les entreprises non socialement responsables. Nous démontrons aussi que les entreprises socialement responsables ont une politique de dividendes plus stable. Globalement, nos résultats empiriques valident nos hypothèses. Ils suggèrent que les entreprises socialement responsables utilisent la maturité de leur dette et leur politique de dividendes comme des mécanismes qui permettent de contrôler les phénomènes de surinvestissement en RSE. Ces mécanismes permettent de renforcer les effets positifs liés à une meilleure RSE (i.e., la réduction du risque). / Corporate Social Responsibility (CSR) is, nowadays, considered one of the most debated topics in both theory and practice. This dissertation investigates some financial implications associated with high CSR involvement. After Synthesizing the existing literature in the field, we perform three empirical studies. The first empirical study examines the impact of CSR on firm financial risk (measured by total, systematic and specific risks). Using a database of 5,716 firm-year observations between 2001 and 2011, we show that a socially responsible firm avoids certain risks acknowledged by the financial market as socially responsible systematic risks, like environment penalties and consumer disloyalty. Socially responsible firms also own a moral capital that reduces the impact of some firm specific shocks and thus the idiosyncratic risk level. It appears that the most important reduction of financial risk is due to the “human resources” sub-rating, followed by “business behavior” and “corporate governance”. The second empirical study investigates the impact of CSR on firm debt maturity. Using a large sample of US firms, we find robust evidence that high CSR firms significantly reduce their debt maturity. Furthermore, high CSR firms substitute shareholders' equity for long-term debt. CSR decreases the extent to which investments are financed with long-term debt and increases the extent to which investments are financed by short-term debt and shareholders' equity. The third empirical study uses a sample of 22,839 US firm-year observations over the 1991–2012 period in order to explore the relationship between CSR and dividend payout policy. We find that high CSR firms pay more dividends than low CSR firms. Moreover, socially irresponsible firms adjust dividends quicker than socially responsible firms: dividend payout is more stable in high CSR firms than in low CSR firms. Additional results show that firms involved in two controversial activities –military business and alcohol – are associated with low dividend payouts, which is likely to be due to the high cost of external funding for these firms. Overall, our results support the expectation that socially responsible firms use debt maturity and dividend payout as mechanisms to avoid CSR overinvestment problems and to maintain the positive effects associated with high CSR strategies (i.e., risk reduction).