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Socially Responsible Investment and Pro-Social Change

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  • Martha A. Starr

Abstract

Socially responsible investment (SRI) refers to investing in companies based on financial and social performance, where the latter includes such concerns as the environment, sweatshop labor, and animal testing. This paper argues that SRI strongly resembles pro-social behaviors and social dynamics found in experimental settings. The role of fairness-related sanctioning is emphasized, wherein companies that treat their various stakeholders “fairly” are screened into SRI portfolios, while those treating them poorly are screened out. It is argued that because SRI creates opportunities for businesses to thrive relative to their competitors by improving social performance, it creates some scope for pro-social change. Still, the magnitude of changes that can be expected from voluntary changes in business behavior remains to be determined.

Suggested Citation

  • Martha A. Starr, 2008. "Socially Responsible Investment and Pro-Social Change," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(1), pages 51-73, March.
    • Handle: RePEc:mes:jeciss:v:42:y:2008:i:1:p:51-73
    DOI: 10.1080/00213624.2008.11507114
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    Cited by:

    1. Julia M. Puaschunder, 2016. "The Role of Political Divestiture for Sustainable Development," Journal of Management and Sustainability, Canadian Center of Science and Education, vol. 6(1), pages 76-91, March.
    2. Simon Cornée & Marc Jegers & Ariane Szafarz, 2018. "A Theory of Social Finance," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 2018-02, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
    3. Julia M. Puaschunder, 2022. "Science Diplomacy," RAIS Conference Proceedings 2022-2023 0214, Research Association for Interdisciplinary Studies.
    4. Tzu-Kuan Chiu & Yi-Hsin Wang, 2015. "Determinants of Social Disclosure Quality in Taiwan: An Application of Stakeholder Theory," Journal of Business Ethics, Springer, vol. 129(2), pages 379-398, June.
    5. repec:dau:papers:123456789/7349 is not listed on IDEAS
    6. Degnet, Mohammed B. & van der Werf, Edwin & Ingram, Verina & Wesseler, Justus, 2018. "Forest plantations’ investments in social services and local infrastructure: an analysis of private, FSC certified and state-owned, non-certified plantations in rural Tanzania," Land Use Policy, Elsevier, vol. 79(C), pages 68-83.
    7. Mohammed B. Degnet & Edwin van der Werf & Verina Ingram & Justus Wesseler, 2017. "Private Capital, Public Goods: Forest Plantations' Investment in Local Infrastructure and Social Services in Rural Tanzania," CESifo Working Paper Series 6690, CESifo.
    8. Devon Reynolds & David Ciplet, 2023. "Transforming Socially Responsible Investment: Lessons from Environmental Justice," Journal of Business Ethics, Springer, vol. 183(1), pages 53-69, February.

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