Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries

Bert Scholtens, Riikka Sievänen

Research output: Contribution to journalArticleScientificpeer-review

Abstract

In this study, we try to establish what determines
the substantial differences in the Nordic countries’
size and composition of socially responsible investing
(SRI). We investigate if these differences between Denmark,
Finland, Norway, and Sweden can be associated
with key characteristics in economics, finance, culture, and
institutions. We find that in particular economic openness,
the size of the pension industry, and cultural values of
masculinity (femininity) and uncertainty avoidance can be
associated with the differences in SRI in the four countries.
On basis of these findings, we lay foundations for an
international theory of SRI.
Original languageEnglish
JournalJournal of Business Ethics
Volume115
Issue number3
Pages (from-to)605-616
Number of pages12
ISSN0167-4544
DOIs
Publication statusPublished - 2013
MoE publication typeA1 Journal article-refereed

Fields of Science

  • 511 Economics
  • Socially responsible investments Nordic countries Economics Finance Culture Institutions

Cite this

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Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries. / Scholtens, Bert; Sievänen, Riikka.

In: Journal of Business Ethics, Vol. 115, No. 3, 2013, p. 605-616.

Research output: Contribution to journalArticleScientificpeer-review

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AB - In this study, we try to establish what determinesthe substantial differences in the Nordic countries’size and composition of socially responsible investing(SRI). We investigate if these differences between Denmark,Finland, Norway, and Sweden can be associatedwith key characteristics in economics, finance, culture, andinstitutions. We find that in particular economic openness,the size of the pension industry, and cultural values ofmasculinity (femininity) and uncertainty avoidance can beassociated with the differences in SRI in the four countries.On basis of these findings, we lay foundations for aninternational theory of SRI.

KW - 511 Economics

KW - Socially responsible investments Nordic countries Economics Finance Culture Institutions

U2 - 10.1007/s10551-012-1410-7

DO - 10.1007/s10551-012-1410-7

M3 - Article

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JF - Journal of Business Ethics

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