The Demography of Socially Responsible Investors across Countries and Time: A Systematic ReviewAuthor : Anjum Ubaid Siddiqui
Volume 7 No.2 July-September 2018 pp 7-15
The field of investment has received considerable changes in recent years. Over the past decade one of the major trends in the finance domain is the emergence of Socially Responsible Investments, reflecting the increasing awareness of investors to social and environmental and corporate governance issues. Over the past three decades many surveys have been conducted to understand and segment the demographic profile of socially responsible investors. This article aims to provide an overview of the existing literature on the demographic characteristics of socially responsible investors that has been studied across countries and time .We have limited our focus to insights generated by the articles specifically, dealing with relative influence of socio-demographic factors on the attitude towards Socially Responsible Investment, as opposed to broadening the scope of our inquiry to a larger set of studies related to the SRI such as fund performance, financial risk/return characteristics etc. The articles published have been classified into four broad demographic categories viz. Age, Gender, Education and Income on the basis of the importance of each category in context of Socially Responsible Investment. Finally the conclusion and future research directions are suggested which would be of importance for both academicians and investment world.
socially responsible investing, demographics, screening strategy, demographic factors
 Rob Bauer, and Smeets, Paul, “Social Identification and Investment Decisions”, Journal of Economic Behaviour and Organization (April 24, 2015).
 Beal, D. and Goyen, M. (1998), “’Putting your money where your mouth is’ a profile of ethical investors”, Financial Services Review, Vol. 7 No. 2, pp. 129-143.
 Berry, R.H. and Yeung, F. (2013), “Are investors willing to sacrifice cash for morality?.” Journal of Business Ethics, Vol. 117 No. 3, pp. 477-492
 Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests., Journal of Corporate Finance, 26, 164-181.
 Chan, K. (1999), ‘‘Market segmentation of green consumers in Hong Kong’’, Journal of International Consumer Marketing, Vol. 12 No. 2, pp. 7-24.
 Cheah, E.-T., Jamali, D., Johnson, J.E. and Sung, M.-C. (2011), “Drivers of corporate social responsibility attitudes: the demography of socially responsible investors”, British Journal of Management, Vol. 22 No. 2,pp. 305-323
 Delmas, M. and Blass, V.D. (2010), “Measuring corporate environmental performance: the trade-offs of sustainability ratings”, Business Strategy and the Environment, Vol. 19 No. 4, pp. 245-260
 De Silva .D & Rachel A. J. Pownall (2013) Going green: does it depend on education, gender or income? Applied Economics, 46:5, 573-586, (Working paper)
 Diamantopoulos, A., Schlegelmilch, B.B., Sinkovics, R.R. and Bohlen, G.M. (2003), “Can socio-demographics still play a role in pro ling green consumers? A review of the evidence and an empirical investigation”, Journal of Business Research, Vol. 56 No. 6, pp. 465-480.
 Dorfleitner, G. and Utz, S. (2014), “Profiling German-speaking socially responsible investors”, Qualitative Research in Financial Markets, Vol. 6 No. 2, pp. 118-156
 Dorfleitner,G. and Nguyen. M. (2016) “Which proportion of SR investment is enough? A survey based approach”, Business Research, Vol. 9 pp. 1-25.
 E. Escrig-Olmedo, E., Muñoz-Torres, M.J. and Fernández-Izquierdo, M.Á. (2013), “Sustainable development and the financial system: society’s perceptions about socially responsible investing”, Business Strategy and the Environment, Vol. 22 No. 6, pp. 410-428.
 Getzner, M. and Grabner-Krauter, S. (2004), “Consumer preferences and marketing strategies for ‘green share’ specifics of
Austrian market”, International Journal of Bank Marketing, Vol. 22.No.4, pp. 260-79
 Hayes, J. (2001). “ The greater good: how ethical investment pays off”, Australian Financial Review, 26-27, pp. 29-31
 Haigh, M. (2008), “What counts in social managed investments: evidence from an international survey”, Advances in Public Interest Accounting, Vol. 13, pp. 35-62.
 Heinkel, R., Kraus, A. and Zechner, J. (2001), “The effect of green investment on corporate behavior”, The Journal of Financial and Quantitative Analysis, Vol. 36 No. 4, pp. 431-449.
 Junkus, J.C. and Berry, T.C. (2010), “The demographic profile of socially responsible investors”, Managerial Finance, Vol. 36 No. 6, pp. 474-481.
 Joyce K.H. Nga, Leong Ken Yien, (2013) “The influence of personality trait and demographics on financial decision making among Generation Y”, Young Consumers, Vol. 14 Issue: 3, pp.230-243
 Lewis, A. and Mackenzie, C. (2000a), “Morals, money, ethical investing and economic psychology”, Human Relations, Vol. 53 No. 2, pp. 179-191.
 Laroche, M., Bergeron, J. and Barbaro-Forleo, G. (2001), “Targeting consumers who are willing to pay more for environmentally friendly products”, Journal of Consumer Marketing, Vol. 18 No. 6, pp. 503-520.
 McLachlan, J. and Gardner, J. (2004), “A comparison of socially responsible and conventional investors”, Journal of Business Ethics, Vol. 52 No. 1, pp. 11-25
 Nilsson, J. (2008), “Investment with a conscience: examining the impact of pro-social attitudes and perceived financial performance on socially responsible investment behavior”, Journal of Business Ethics, Vol. 83 No. 2, pp. 307-325.
 Pérez-Gladish, B., Benson, K. and Faff, R. (2012), “Profiling socially responsible investors: Australian evidence”, Australian Journal of Management, Vol. 37 No. 2, p. 189.
 Renneboog, Luc, Ter Horst, Jenke and Zhang, Chendi (2008) Socially responsible Investments: institutional aspects, performance, and investor behavior. Journal of Banking & Finance, Vol.32 (No.9). pp. 1723-1742.
 Rosen, B.N., Sandler, D.M. and Shani, D. (1991), “Social issues and socially responsible investment behavior: a preliminary empirical investigation”, Journal of Consumer Affairs, Vol. 25 No. 2, pp. 221-234.
 Schueth, S. (2003), “Socially responsible investing in the United States”, Journal of Business Ethics, Vol. 43 No. 3, pp. 189-194.
 Tippet, J. and Leung, P. (2001), “Defining ethical investment and its demography in Australia”, Australian Accounting Review, Vol.11 No. 25, pp. 44-55.
 Viviers S, Krüger J, Venter DJ. The relative importance of ethics, environmental, social and governance criteria. African Journal of Business Ethics 2012;6:120-32.
 Williams, G. (2007), “Some determinants of the socially responsible investment decision: a cross-country study”, Journal of Behavioral Finance, Vol. 8 No. 1, pp. 43-57.
 Wins & Bernhard Zwergel. 2016. Comparing those who do, might and will not invest in sustainable funds: a survey among German retail fund investors. Business Research 9:1, 51-99.