A detailed look at the role of social responsibility in finance
and investing
The concept of socially responsible finance and investing
continues to grow, especially in the wake of one of the most
devastating financial crises in history. This includes
responsibility from the corporate side (corporate social
responsibility) as well as the investor side (socially responsible
investing) of the capital markets. Filled with in-depth insights
and practical advice, Socially Responsible Finance and
Investing offers an important basis of knowledge regarding both
the theory and practice of this ever-evolving area of finance.
As part of the Robert W. Kolb Series in Finance, this book
showcases contributed chapters from professionals and academics
with extensive expertise on this particular subject. It provides a
comprehensive view of socially responsible foundations and their
applications to finance and investing as determined by the current
state of research.
* Discusses many important issues associated with socially
responsible finance and investing, like moral hazard and the
concept of ‚too big to fail‘
* Contains contributed chapters from numerous thought-leaders in
the field of finance
* Presents comprehensive coverage starting with the basics and
bringing you through to cutting-edge, current theory and
practice
Now more than ever, we need to be mindful of the social
responsibilities of all investment practices. The recent financial
crisis and recession has changed the financial landscape for years
to come and Socially Responsible Finance and Investing is a
timely guide to help us navigate this difficult terrain.
Inhaltsverzeichnis
Acknowledgments ix
1 Socially Responsible Finance and Investing: An Overview 1
H. Kent Baker and John R. Nofsinger
Part I Foundations and Key Concepts 15
2 Stakeholder Analysis 17
Lloyd S. Kurtz
3 Corporate Social Responsibility 39
Heather Elms and Michelle Westermann-Behaylo
4 Business Models and Social Entrepreneurship 55
Michael A. Pirson
5 Fiduciary and Other Legal Duties 69
Benjamin J. Richardson
6 International and Cultural Views 87
Astrid Juliane Salzmann
Part II Finance and Society 109
7 Social, Environmental, and Trust Issues in Business and Finance 111
Christoph F. Biehl, Andreas G. F. Hoepner, and Jianghong Liu
8 Religion and Finance 143
Luc Renneboog and Christophe Spaenjers
9 Social Finance and Banking 161
Olaf Weber and Yayun Duan
10 Managerial Compensation 181
Kose John and Samir Saadi
11 Externalities in Financial Decision Making 197
Janis Sarra
12 Real Estate and Society 213
Piet Eichholtz and Nils Kok
13 Federal Housing Policies and the Recent Financial Crisis 239
Ronnie J. Phillips and Kenneth Spong
14 Predatory Lending and Socially Responsible Investors 257
Christopher L. Peterson
15 Use and Misuse of Financial Secrecy in Global Banking 275
Ingo Walter
Part III Corporate Engagement 297
16 Corporate Social Responsibility and Corporate Governance 299
Lorenzo Sacconi
17 Measuring Responsibility to the Different Stakeholders 323
Amir Rubin and Eran Rubin
18 Corporate Philanthropy 341
Janet Kiholm Smith
19 Institutional Investor Activism 359
Diane Del Guercio and Hai Tran
20 Social Activism and Nongovernmental Organizations 381
Jonathan P. Doh and Deborah Zachar
Part IV Socially Responsible Investing 403
21 Corporate Socially Responsible Investments 405
John R. Becker-Blease
22 SRI Mutual Fund and Index Performance 425
Halil Kiymaz
23 Performance Implications of SR Investing: Past versus Future 443
Nadja Guenster
24 Money-Flows of Socially Responsible Investment Funds around the World 455
Luc Renneboog, Jenke Ter Horst, and Chendi Zhang
Answers to Chapter Discussion Questions 479
Index 503
Über den Autor
H. KENT BAKER, PHD, CFA, CMA, is University Professor of Finance and Kogod Research Professor at the Kogod School of Business at American University, Washington, D.C. As one of the most prolific finance academics, he has published 16 books, and more than 150 refereed articles in such publications as the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, Journal of Portfolio Management, and Harvard Business Review. He has consulting and training experience with more than 100 organizations. Professor Baker holds a BSBA from Georgetown University; MEd, MBA, and DBA degrees from the University of Maryland; and a MA, MS, and two Ph Ds from American University. He also holds CFA and CMA designations.
JOHN R. NOFSINGER is a Professor of Finance and Nihoul Faculty Fellow at Washington State University. He is one of the world’s leading experts in behavioral finance and is a frequent speaker on this topic and socially responsible finance at investment management conferences, universities, and academic conferences. Professor Nofsinger has also published more than 50 articles in scholarly and practitioner journals. His research has appeared in the Journal of Finance, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Banking and Finance, Financial Management, Financial Analysts Journal, Journal of Behavioral Decision Making, and many others. Professor Nofsinger earned a Ph D in finance from Washington State University.
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