A detailed look at the role of social responsibility in finance and investing The concept of socially responsible finance and investing continues to grow, especially in the wake of one of the most devastating financial crises in history. This includes responsibility from the corporate side (corporate social responsibility) as well as the investor side (socially responsible investing) of the capital markets. Filled with in-depth insights and practical advice, Socially Responsible Finance and Investing offers an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance. As part of the Robert W. Kolb Series in Finance, this book showcases contributed chapters from professionals and academics with extensive expertise on this particular subject. It provides a comprehensive view of socially responsible foundations and their applications to finance and investing as determined by the current state of research. Discusses many important issues associated with socially responsible finance and investing, like moral hazard and the concept of "too big to fail" Contains contributed chapters from numerous thought-leaders in the field of finance Presents comprehensive coverage starting with the basics and bringing you through to cutting-edge, current theory and practice Now more than ever, we need to be mindful of the social responsibilities of all investment practices. The recent financial crisis and recession has changed the financial landscape for years to come and Socially Responsible Finance and Investing is a timely guide to help us navigate this difficult terrain.
Acknowledgments Chapter 1 Socially Responsible Finance and Investing: An Overview (H.Kent Baker and John R. Nofsinger) Introduction Corporate Social Responsibility Socially Responsible Investing Purpose of the Book Features of the Book Intended Audience Structure of the Book Section I. Foundations and Key Concepts Chapter 2 Stakeholder Analysis (Lloyd S. Kurtz) Chapter 3 Corporate Social Responsibility (Heather Elms and Michelle Westermann-Behaylo) Chapter 4 Business Models and Social Entrepreneurship (Michael A. Pirson) Chapter 5 Fiduciary and Other Legal Duties (Benjamin J. Richardson) Chapter 6 International and Cultural Views (Astrid Juliane Salzmann) Section II. Society and Finance Chapter 7 Social, Environmental and Trust Issues in Business and Finance (Christoph F. Biehl, Andreas G. F. Hoepner, and Jianghong Liu) Chapter 8 Religion and Finance (Luc Renneboog and Christophe Spaenjers) Chapter 9 Social Finance and Banking (Olaf Weber and Yayun Duan) Chapter 10 Managerial Compensation (Kose John and Samir Saadi) Chapter 11 Externalities in Financial Decision Making (Janis Sarra) Chapter 12 Real Estate and Society (Piet Eichholtz and Nils Kok) Chapter 13 Federal Housing Policies and the Recent Financial Crisis (Ronnie J. Phillips and Kenneth Spong) Chapter 14 Predatory Lending and Socially Responsible Investors (Christopher L. Peterson) Chapter 15 Use and Misuse of Financial Secrecy in Global Banking (Ingo Walter) Section III. Corporate Engagement Chapter 16 Corporate Social Responsibility and Governance (Lorenzo Sacconi) Chapter 17 Measuring Responsibility to the Different Stakeholders (Amir Rubin and Eran Rubin) Chapter 18 Corporate Philanthropy (Janet Kiholm Smith) Chapter 19 Institutional Investor Activism (Diane Del Guercio and Hai Tran) Chapter 20 Social Activism and Nongovernmental Organizations (Jonathan P. Doh and Deborah Zachar) Section IV. Socially Responsible Investing Chapter 21 Corporate Socially Responsible Investments (John R. Becker-Blease) Chapter 22 SRI Mutual Fund and Index Performance (Halil Kiymaz) Chapter 23 Performance Implications of SR Investing: Past versus Future (Nadja Guenster) Chapter 24 Money-Flows of Socially Responsible Investment Funds around theWorld (Luc Renneboog, Jenke Ter Horst, and Chendi Zhang) Summary and Conclusions References About the Editors Part I: Foundations and Key Concepts Chapter 2 Stakeholder Analysis (Lloyd S. Kurtz) Introduction Stakeholders vs. Shareholders The Input/Output Model Stakeholders and Corporate Strategy Empirical Support for a Stakeholder Worldview Types of Stakeholder Theory Normative Stakeholder Theory Instrumental Stakeholder Theory Descriptive Stakeholder Theory Stakeholder Analysis for Investors Types of Stakeholders: Customers Types of Stakeholders: Suppliers Types of Stakeholders: Contextual Owners as Stakeholders Expropriation Overreach Overinvestment Stakeholder Information in Financial Markets Summary and Conclusions Discussion Questions References About the Author Chapter 3 Corporate Social Responsibility (Heather Elms and Michelle Westermann-Behaylo) Introduction The Business Ethics Literature Friedman vs. Freeman: Stockholders vs. Stakeholders Instrumental vs. Intrinsic Approaches The Separation Thesis Responsibility The Finance Literature The Accounting And Marketing Literatures Emerging Directions In Finance Scholarship Summary And Conclusions Discussion Questions References About The Authors Chapter 4 Business Models and Social Entrepreneurship (Michael A. Pirson) Introduction Social Entrepreneurship As A Blueprint For Shared Value Creation Strategies Models Of Social Entrepreneurship External Social Enterprise Integrated Social Enterprise Embedded Social Enterprise Business Models Of Microfinance Grameen Bank Accion International Lessons Learned For Socially Responsible Finance And Investing The Case Of Social Impact Investing Summary And Conclusi
