Concluding Remarks

  • Henry Schäfer
Part of the SpringerBriefs in Finance book series (BRIEFSFINANCE)


Despite the aforementioned potentials of a convergence of ethics and finance, severe obstacles need to be acknowledged and will be discussed in this chapter. In the first part, the main findings of the previous elaborations are recapitulated and summarized. A critical review of common positions in the narrower as well as the wider understanding of sustainability and corporate social responsibility follows. The one-sided view of only negative external effects needs special attention, as free-riding problems can occur whenever the positive external effects of a firm’s conduct are overlooked. In addition the contributions of private households internalizing the negative external effects of their individual consumption require attention. Controversial areas of current discussions in sustainable finance are the shortcomings arising from the classification of “good” and “bad” investment targets, the still dominant role of financial performance within investment decisions, the role of financial intermediaries in their role as sustainability accountants and monitors as financial regulators stress it, the information overload of investors together with as yet the unspecific mental drivers of ethics in individual investment decisions, and the underestimated problem of money laundering for ethics in finance.


Sustainable finance Socially responsible investments External effects Rebound effects Neuroeconomics Information overload Money laundering Financial regulation 


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© The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Henry Schäfer
    • 1
  1. 1.Institute of Business AdministrationUniversity of StuttgartStuttgartGermany

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