Why do we invest ethically?

Article

Beal, Diana, Goyen, Michelle and Phillips, Peter J.. 2005. "Why do we invest ethically?" The Journal of Investing. 14 (3), pp. 66-77.
Article Title

Why do we invest ethically?

ERA Journal ID214308
Article CategoryArticle
AuthorsBeal, Diana (Author), Goyen, Michelle (Author) and Phillips, Peter J. (Author)
Journal TitleThe Journal of Investing
Journal Citation14 (3), pp. 66-77
Number of Pages12
Year2005
PublisherPortfolio Management Research
Place of PublicationNew York, United States
ISSN1068-0896
2168-8613
Abstract

Analysis in this paper has proposed three potential motives for ethical investment - financial returns, non-wealth returns and social change. The motives are developed from
the literature and illustrated in the context of a 'best of sector' fund and a socially screened fund. We find that the proposed motives are neither exhaustive nor exclusive and one single motive will not explain the behaviour of all ethical investors. There may be a trade-off between financial and psychic returns for some investors. The trade-off for consumption-investors is expected to be close to zero (total utility is maximised with small levels of ethical investment in the fun of participation model) and is expected to vary with the ethical intensity of investment-investors, as shown when we include ethical
intensity into the investor's utility function. Psychic return can also be viewed as an increase in happiness and this approach would lend itself to empirical testing to increase our understanding of why we invest ethically.

Keywordsethical investment; motives; financial and psychic returns; social responsibility; rational investing; investment motivation
ANZSRC Field of Research 2020350299. Banking, finance and investment not elsewhere classified
350208. Investment and risk management
500102. Business ethics
Byline AffiliationsDepartment of Finance and Banking
Management Development and Research Centre
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