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Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries

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Abstract

In this study, we try to establish what determines the substantial differences in the Nordic countries’ size and composition of socially responsible investing (SRI). We investigate if these differences between Denmark, Finland, Norway, and Sweden can be associated with key characteristics in economics, finance, culture, and institutions. We find that in particular economic openness, the size of the pension industry, and cultural values of masculinity (femininity) and uncertainty avoidance can be associated with the differences in SRI in the four countries. On basis of these findings, we lay foundations for an international theory of SRI.

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Authors and Affiliations

  1. Faculty of Economics and Business - Energy and Sustainability Centre, University of Groningen, P.O. Box 800, 9700 AV, Groningen, The Netherlands

    Bert Scholtens

  2. Department of Economics and Management, Faculty of Forestry and Agriculture, University of Helsinki, P.O. Box 27, 00014, Helsinki, Finland

    Riikka Sievänen

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  1. Bert Scholtens
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  2. Riikka Sievänen
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Correspondence to Bert Scholtens.

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Scholtens, B., Sievänen, R. Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries. J Bus Ethics 115, 605–616 (2013). https://doi.org/10.1007/s10551-012-1410-7

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  • DOI: https://doi.org/10.1007/s10551-012-1410-7

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