Sources of Stakeholder Salience in the Responsible Investment Movement: Why Do Investors Sign the Principles for Responsible Investment?

52 Pages Posted: 30 Aug 2014 Last revised: 18 Apr 2017

See all articles by Arleta Majoch

Arleta Majoch

University of Reading - ICMA Centre

Andreas G. F. Hoepner

Smurfit Graduate Business School, University College Dublin; Stockholm School of Economics - Mistra Financial Systems (MFS); European Commission's Technical Expert Group for Sustainable Finance

Tessa Hebb

Carleton Centre for Community Innovation

Date Written: August 26, 2014

Abstract

Using five years of internal proprietary data collected directly from United Nations supported Principles for Responsible Investment (PRI) signatories, we examine the attributes of the stakeholder relationship between the PRI and investment organizations. The analysis is carried out in the framework of Mitchell et al.’s (1997) theory of stakeholder salience and its further developments by Gifford (2010).

The findings highlight pragmatic legitimacy, organizational legitimacy, power attributes and management values as the factors having the most impact on the salience of the claim to sign the PRI in the eyes of investors.

Keywords: stakeholder salience theory, Principles for Responsible Investment, PRI, UNPRI, responsible investment, socially responsible investment, stakeholder theory

Suggested Citation

Majoch, Arleta and Hoepner, Andreas G. F. and Hebb, Tessa M., Sources of Stakeholder Salience in the Responsible Investment Movement: Why Do Investors Sign the Principles for Responsible Investment? (August 26, 2014). Journal of Business Ethics, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2487351 or http://dx.doi.org/10.2139/ssrn.2487351

Arleta Majoch (Contact Author)

University of Reading - ICMA Centre ( email )

Whiteknights Park
P.O. Box 242
Reading RG6 6BA
United Kingdom

Andreas G. F. Hoepner

Smurfit Graduate Business School, University College Dublin ( email )

Blackrock, Co. Dublin
Ireland

Stockholm School of Economics - Mistra Financial Systems (MFS) ( email )

MISUM
Box 6501, SE-113 83 Stockholm
Sweden

European Commission's Technical Expert Group for Sustainable Finance ( email )

2 Rue de Spa
Brussels, 1000
Belgium

Tessa M. Hebb

Carleton Centre for Community Innovation ( email )

1125 Colonel By Drive
DT 2125
Ottawa, Ontario K1S0R2
Canada

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