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Responsible Investing as Social Innovation

In: Social Innovation

Author

Listed:
  • Stefanie Hiss

    (Department of Sociology, Friedrich Schiller University Jena, Bachstr)

Abstract

The 2008 financial crisis led to an enormous loss of financial assets. Exuberant profits in the private sector before the crisis were followed by immense public costs, caused in particular by a rise in unemployment. Apart from this, the precrisis financial system can generally be characterized by high private incomes, on the one hand, and immense negative externalities, on the other hand. Responsible investing (RI) attempts to reduce this burden and decrease negative externalities. Initiated mainly by entrepreneurs from outside the financial sector, it can be considered an innovation responding to a pressing societal problem, a social innovation. The main idea of RI is quite easy, to broaden the perspective of investors from a narrow focus on purely financial indicators to a broader focus which integrates nonfinancial aspects, such as social, ecological, or ethical ones into the investment process. RI aims to develop tools that financial firms use to recognize, assess, and implement these non-financial concerns into their investment processes.

Suggested Citation

  • Stefanie Hiss, 2013. "Responsible Investing as Social Innovation," CSR, Sustainability, Ethics & Governance, in: Thomas Osburg & RenĂ© Schmidpeter (ed.), Social Innovation, edition 127, pages 229-237, Springer.
    • Handle: RePEc:spr:csrchp:978-3-642-36540-9_20
    DOI: 10.1007/978-3-642-36540-9_20
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