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Sources of Stakeholder Salience in the Responsible Investment Movement: Why Do Investors Sign the Principles for Responsible Investment?

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  • Arleta A Majoch

    (ICMA Centre, Henley Business School, University of Reading)

  • Andreas G F Hoepner

    (ICMA Centre, Henley Business School, University of Reading)

  • Tessa Hebb

Abstract

Using five years of internal proprietary data collected directly from United Nations supported Principles for Responsible Investment (PRI) signatories, we examine the attributes of the stakeholder relationship between investment organisations and the PRI. The analysis is carried out in the framework of Mitchell's et al. (1997) theory of stakeholder salience and its further developments by Gifford (2010).The findings highlight pragmatic legitimacy, organisational legitimacy, power attributes and management values as the factors having the most impact on the salience of the claim to sign the PRI in the eyes of investors.

Suggested Citation

  • Arleta A Majoch & Andreas G F Hoepner & Tessa Hebb, 2014. "Sources of Stakeholder Salience in the Responsible Investment Movement: Why Do Investors Sign the Principles for Responsible Investment?," ICMA Centre Discussion Papers in Finance icma-dp2014-13, Henley Business School, University of Reading.
    • Handle: RePEc:rdg:icmadp:icma-dp2014-13
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    References listed on IDEAS

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    More about this item

    Keywords

    Stakeholder salience theory; Principles for Responsible Investment; PRI; UNPRI; responsible investment; socially responsible investment; stakeholder theory;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G1 - Financial Economics - - General Financial Markets
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles

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