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Ethical funds as a tool for promoting ethics in business


  • Argandoña, Antonio

    () (IESE Business School)

  • Sarsa, Domingo

    (Inverco Catalunya)


Studies on ethical funds have usually focused on how to establish criteria for choosing stock in which to invest, which are the most commonly used criteria, ethical funds' relative return, the unique features of their management, etc. In contrast, this paper focuses on deeper dimensions of the behaviour of investors and fund managers. First of all, it considers the personal process followed by the investor who is aware of his responsibility and seeks instruments in which to invest his assets that will enable him to achieve a return while, at the same time, fulfilling that responsibility. And, secondly, it looks at the answer offered by the promoters and managers of ethical funds. The paper starts with a brief description of the situation as regards ethical funds in Spain. It continues with a discussion of the investor's moral responsibility based on the traditional theory of responsibility within the framework of co-operation with third party actions, and the difficulties that arise in exercising it. This is followed by an overview of the solutions offered by financial institutions (ethical funds) and the main problems that arise in promoting and managing such funds. The paper closes with some conclusions. (Also available in Spanish - nº 421)

Suggested Citation

  • Argandoña, Antonio & Sarsa, Domingo, 2000. "Ethical funds as a tool for promoting ethics in business," IESE Research Papers D/421, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0421

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    References listed on IDEAS

    1. Campa, Jose Manuel & Goldberg, Linda S, 1999. "Investment, Pass-Through, and Exchange Rates: A Cross-Country Comparison," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 287-314, May.
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    4. Graciela Kaminsky & Saul Lizondo & Carmen M. Reinhart, 1998. "Leading Indicators of Currency Crises," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 1-48, March.
    5. Jose Manuel Campa & Linda S. Goldberg, 1997. "The evolving external orientation of manufacturing: a profile of four countries," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 53-81.
    6. Pinelopi Koujianou Goldberg & Michael M. Knetter, 1997. "Goods Prices and Exchange Rates: What Have We Learned?," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1243-1272, September.
    7. Obstfeld, Maurice, 1996. "Models of currency crises with self-fulfilling features," European Economic Review, Elsevier, vol. 40(3-5), pages 1037-1047, April.
    8. Glick, Reuven & Rose, Andrew K., 1999. "Contagion and trade: Why are currency crises regional?," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 603-617, August.
    9. Amartya Lahiri & Carlos A. Vegh, 2000. "Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises," NBER Working Papers 7734, National Bureau of Economic Research, Inc.
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    More about this item


    ethics in business; behaviour of investors; responsibility;

    JEL classification:

    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L29 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Other


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