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Some Determinants of the Socially Responsible Investment Decision: A Cross Country Study

Geoffrey Williams

Academy of Responsible Management

December 2005

This paper develops a general model of investor choice to analyse Socially Responsible Investment (SRI). Drawing on data from a large survey of investors across five countries we show that SRI may be driven more by investor attitudes to the social aims of firms rather than by financial returns. We also show that investors who care about social issues as consumers appear to carry this behaviour over into their portfolio strategy. We find little evidence that demographic factors affect SRI but some indirect evidence that market context in terms of institutional ownership and the regulatory environment may play a role.

Number of Pages in PDF File: 38

Keywords: Socially Responsible Investment, Demographics, Investor Attitudes, Consumer Behaviour, Probit Models

JEL Classification: G11, G14, G15, M14

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Date posted: May 31, 2006  

Suggested Citation

Williams, Geoffrey, Some Determinants of the Socially Responsible Investment Decision: A Cross Country Study (December 2005). Available at SSRN: http://ssrn.com/abstract=905189 or http://dx.doi.org/10.2139/ssrn.905189

Contact Information

Geoffrey Alan Williams (Contact Author)
Academy of Responsible Management
Suite 2B-12-3, Block 2B, Plaza Sentra
2 Jalan Stesen Sentral 5
Kuala Lumpur, 50470
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