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Journal of Business Ethics

, Volume 82, Issue 4, pp 969–983 | Cite as

A History of Scandinavian Socially Responsible Investing

Article
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Abstract

This article contributes to the literature on national varieties of socially responsible investment (SRI) by demonstrating how Scandinavian SRI developed from the 60s and onwards. Combining findings on Scandinavian SRI with insights from previous research and institutional theory, the article accounts for the role of changes in societal values and norms, the mechanisms by which SRI practices spread, and how investors adopt and transform practices to suit their surrounding institutional contexts. Especially, the article draws attention to how different categories of investors act as institutional entrepreneurs during specific historical periods, and how these roles come to shift as institutional rule systems of varying societal levels change. Thus, the insights gained are useful in the future research agenda concerned with advancing knowledge on idiosyncrasies and commonalities of national SRI manifestations, and to understand the reasons underlying such characteristics.

Keywords

institutional change institutional systems negative screening positive screening responsible investments shareholder engagement socially responsible investing (SRI) 

Abbreviations

ATP

Arbejdsmarkedets Tillægspension

BIC

Best in class

CSR

Corporate social responsibility

GPF

Government pension fund

ILO

International Labour Organization

KLP

Kommunal Landspensjonskasse

LO

Landsorganisationen

NGO

Non-governmental organization

OECD

Organization for Economic Co-operation and Development

PKA

Pensionskassernes Administration

SRI

Socially responsible investing

UN

United Nations

UNCED

United Nations Conference on Environment and Development

UN-PRI

United Nations Principles of Responsible Investment

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Notes

Acknowledgements

The author wishes to express his gratitude to Letterstedska Stiftelsen for financial support, and to all those who contributed by agreeing to be interviewed. He also wishes to thank Rebecca Rothstein and Örjan Teleman for their useful comments on earlier drafts of the article.

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Copyright information

© Springer Science+Business Media B.V. 2007

Authors and Affiliations

  1. 1.European Fund and Asset Management Association B-1050 BrusselBelgium

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