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dc.creatorYan, S. (Shipeng)-
dc.creatorFerraro, F. (Fabrizio)-
dc.creatorAlmandoz, J. (Juan)-
dc.identifier.citationYan, S. (Shipeng); Ferraro, F. (Fabrizio); Almandoz, J. (Juan). "The rise of socially responsible investment funds: The paradoxical role of the financial logic". Administrative Science Quarterly. 64 (2), 2019, 466 - 501es_ES
dc.description.abstractSocially responsible investing (SRI) is gaining traction in the financial sector, but it is unclear whether the dominant financial logic complements or competes with the social logic in the founding of SRI funds. Based on insights we gained from observation at an Asian SRI industry association, interviews with SRI professionals in the U.S. and Europe, and other fieldwork, we questioned explanations for SRI’s conflicted relationship with the financial logic. Our observations prompted us to build a panel database of SRI fund foundings from 1970 to 2014 in 19 countries so that we could examine how a dominant logic interacts with alternative logics to promote or stifle institutional change. We decomposed the financial logic into interdependent dimensions as the provider of means (resources, practices, and knowledge) for novel financial ventures to be founded and the enforcer of profit-maximizing ends that constrain such foundings. Our theory suggests a paradoxical role for the financial logic, which explains an intriguing empirical finding: the founding of SRI funds has a curvilinear, inverted-U-shaped relationship with the prevalence of the financial logic. We propose and find that the relationship between the dominant financial logic and the social logic of SRI shifts from complementary to competing as the financial logic becomes more prevalent in society and its profit-maximizing end becomes taken for granted. We examined how certain alternative logics— those of unions, religion, and green political parties—moderate these effects. Our results shed light on how and to what extent institutional change can occur in fields in which one institutional logic is dominant. They also reveal countrylevel institutional factors that drive SRI.es_ES
dc.description.sponsorshipJohn Almandoz acknowledges financial assistance from research project ECO2016-77579-C3-1-P funded by the Spanish Ministry of Economics, Industry and Competitiveness. Finally, this research was supported by the European Research Council under the European Union’s Seventh Framework Programme: ERC-2010-StG 263604-SRITECH.es_ES
dc.publisherSAGE Publicationses_ES
dc.subjectInstitutional logicses_ES
dc.subjectInstitutional complexityes_ES
dc.subjectInstitutional changees_ES
dc.subjectSocially responsible investinges_ES
dc.titleThe rise of socially responsible investment funds: The paradoxical role of the financial logices_ES
dc.description.noteAttribution 4.0 International (CC BY 4.0)es_ES
dadun.citation.publicationNameAdministrative Science Quarterlyes_ES

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