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Determinants of customer satisfaction with socially responsible investments: Do ethical and environmental factors impact customer satisfaction with SRI profiled mutual funds?


  • Nilsson, Jonas

    () (Umeå School of Business at Umeå University, Umeå, Sweden)

  • Jansson , Johan

    (Umeå School of Business at Umeå University, Umeå, Sweden)

  • Isberg, Sofia

    (Umeå School of Business at Umeå University, Umeå, Sweden)

  • Nordvall, Anna-Carin

    (Umeå School of Business at Umeå University, Umeå, Sweden)


Although much research has been published on green/ethical consumer behaviour, the question of how consumers evaluate pro-socially positioned products in the post-purchase stage is still virtually unexplored. This is troubling given the significance of post-purchase evaluations within general marketing theory. To address this gap in the literature, this study examines how a set of technical and functional quality attributes contribute to customer satisfaction in a socially responsible investment (SRI) setting. The results of the study show that perceived financial quality of the SRI mutual fund is the most important predictor of customer satisfaction. However, perceived social, ethical, and environmental (SEE) quality is also positively related to satisfaction for the SRI mutual fund. Based on these results, it is argued that although SEE quality is important to customers, marketers of pro-socially profiled products should primarily focus on conventional quality attributes, as a good SEE record unlikely to generate customer satisfaction alone.

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  • Nilsson, Jonas & Jansson , Johan & Isberg, Sofia & Nordvall, Anna-Carin, 2011. "Determinants of customer satisfaction with socially responsible investments: Do ethical and environmental factors impact customer satisfaction with SRI profiled mutual funds?," Sustainable Investment and Corporate Governance Working Papers 2011/2, Sustainable Investment Research Platform.
  • Handle: RePEc:hhb:sicgwp:2011_002

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    References listed on IDEAS

    1. Mackenzie, Craig & Lewis, Alan, 1999. "Morals and Markets: The Case of Ethical Investing," Business Ethics Quarterly, Cambridge University Press, vol. 9(03), pages 439-452, July.
    2. Jonas Nilsson, 2008. "Investment with a Conscience: Examining the Impact of Pro-Social Attitudes and Perceived Financial Performance on Socially Responsible Investment Behavior," Journal of Business Ethics, Springer, vol. 83(2), pages 307-325, December.
    3. Beal, Diana & Goyen, Michelle, 1998. "'Putting Your Money Where Your Mouth Is' A Profile of Ethical Investors," Financial Services Review, Elsevier, vol. 7(2), pages 129-143.
    4. Rob Bauer & Jeroen Derwall & Rogér Otten, 2007. "The Ethical Mutual Fund Performance Debate: New Evidence from Canada," Journal of Business Ethics, Springer, vol. 70(2), pages 111-124, January.
    5. Minton, Ann P. & Rose, Randall L., 1997. "The Effects of Environmental Concern on Environmentally Friendly Consumer Behavior: An Exploratory Study," Journal of Business Research, Elsevier, vol. 40(1), pages 37-48, September.
    6. N. Kreander & R.H. Gray & D.M. Power & C.D. Sinclair, 2005. "Evaluating the Performance of Ethical and Non-ethical Funds: A Matched Pair Analysis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(7-8), pages 1465-1493.
    7. Diamantopoulos, Adamantios & Schlegelmilch, Bodo B. & Sinkovics, Rudolf R. & Bohlen, Greg M., 2003. "Can socio-demographics still play a role in profiling green consumers? A review of the evidence and an empirical investigation," Journal of Business Research, Elsevier, vol. 56(6), pages 465-480, June.
    8. Yu-Shan Chen, 2010. "The Drivers of Green Brand Equity: Green Brand Image, Green Satisfaction, and Green Trust," Journal of Business Ethics, Springer, vol. 93(2), pages 307-319, May.
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    Customer satisfaction; ethics; perceived quality; socially responsible investment; mutual funds;

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