Socially Responsible Finance and Investing : Financial Institutions, Corporations, Investors, and Activists.
H. Kent. Baker
Bok Engelsk 2012 · Electronic books.
Omfang | 1 online resource (530 pages)
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Utgave | 1st ed.
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Opplysninger | Intro -- SOCIALLY RESPONSIBLE FINANCE AND INVESTING : Financial Institutions, Corporations, Investors, and Activists -- Contents -- Acknowledgments -- CHAPTER 1 Socially Responsible Finance and Investing: An Overview -- 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 -- Section II. Society and Finance -- Section III. Corporate Engagement -- Section IV. Socially Responsible Investing -- SUMMARY AND CONCLUSIONS -- REFERENCES -- ABOUT THE EDITORS -- PART I Foundations andKey Concepts -- CHAPTER 2 Stakeholder Analysis -- INTRODUCTION -- STAKEHOLDERS VERSUS 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 -- INTRODUCTION -- THE BUSINESS ETHICS LITERATURE -- Friedman versus Freeman: Stockholders versus Stakeholders -- Instrumental versus Intrinsic Approaches -- The Separation Thesis -- Stakeholders versus Society -- Corporate Social Performance (CSP) versus Corporate Financial Performance (CFP) -- To Whom versus What, and the Relationship between Corporate and Stakeholder Responsibility -- THE FINANCE LITERATURE -- THE ACCOUNTING AND MARKETING LITERATURES -- The Accounting Literature.. - 1940s: The Post-WorldWar II Era -- 1950s: The Discovery of Pension Funds as a Tool -- 1960s: The Movement Decade -- 1970s: The Organization and Implementation Decade -- 1980s: The Decade of Societal and Political Attention -- 1990s: SET Issues Reach Finance -- 2000s: The Era of Responsible Investment Starts -- 2010s: Trust Issues Enter the Stage, and Social andEnvironmental Issues Enter theMainstream -- SET CHALLENGES AND OPPORTUNITIES IN BUSINESS AND FINANCE -- Social Issues -- Environmental Issues -- Trust Issues -- SUMMARY AND OUTLOOK -- DISCUSSION QUESTIONS -- REFERENCES -- ACKNOWLEDGMENTS -- ABOUT THE AUTHORS -- CHAPTER 8 Religion and Finance -- INTRODUCTION -- LITERATURE REVIEW -- Religion and Economic Attitudes -- Religion and Economic Development -- Religion, Firms, and Mutual Funds -- Religion and Household Finance -- EMPIRICAL ANALYSIS OF RELIGION AND FINANCIAL DECISION MAKING -- Data -- Results: Religion and Economic Attitudes -- Results: Religion and Household Finance -- Results: Religion, Economic Attitudes, and Household Finance -- Limitations -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- CHAPTER 9 Social Finance and Banking -- INTRODUCTION -- TYPES OF SOCIAL FINANCE -- Social Banking -- Impact Investment -- Microfinance -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- CHAPTER 10 Managerial Compensation -- INTRODUCTION -- STRUCTURE AND LEVEL OF EXECUTIVE COMPENSATION -- DETERMINANTS OF STOCK OPTION COMPENSATION -- Growth Opportunities -- Firm Size -- Risk -- Capital Structure -- Managerial Horizon -- CEO Tenure -- Ownership Structure -- Liquidity Constraints -- IS CEO COMPENSATION JUSTIFIABLE? -- STOCK OPTION GRANT MANIPULATION -- MANAGERIAL COMPENSATION AND CSR -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS.. - CHAPTER 11 Externalities in Financial Decision Making -- INTRODUCTION -- EXTERNALITIES CAN BE POSITIVE OR NEGATIVE -- POSITIVE EXTERNALITIES IN FINANCIAL MARKETS -- History -- Derivatives and Securitization Developed as Risk Management Tools -- INCREASED NEGATIVE EXTERNALITIES -- On the Debt Side -- On the Equity Side -- Syndication as the New Lending Norm -- The Role of Risk in These Changes -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- CHAPTER 12 Real Estate and Society -- INTRODUCTION -- THE ECONOMIC PERFORMANCE OF GREEN BUILDINGS -- Green Office Buildings in the United States -- International Comparisons: Commercial Properties in the United Kingdom -- International Comparisons: Office Buildings in the Netherlands -- International Comparisons: Dutch Housing -- International Comparisons: Housing in Asia -- WHY DO CORPORATIONS PAY A PREMIUM FOR GREEN? -- IMPLICATIONS FOR INSTITUTIONAL INVESTORS: THE GRESB BENCHMARK -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- CHAPTER 13 Federal Housing Policies and the Recent Financial Crisis -- INTRODUCTION -- PUBLIC POLICYMAKERS AND SOCIAL OBJECTIVES IN HOUSING -- THE HOUSING COLLAPSE AND THE FINANCIAL CRISIS -- FEDERAL HOUSING POLICY -- Overall Public Policy Focus -- Federal Housing GSEs and Agencies -- Community Reinvestment Act -- Home Mortgage Disclosure Act -- Federal Tax Policy Regarding Housing -- Other Federal Laws and Policies Influencing Home Ownership -- ALTERNATIVE APPROACHES FOR EXPANDING HOME OWNERSHIP -- Homeowner Tax Credits -- First-Time Homeowner Grants or Down Payment Assistance -- Alternative Mortgage Instruments -- SUMMARY AND CONCLUSIONS -- DISCLAIMER -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- CHAPTER 14 Predatory Lending and Socially Responsible Investors -- INTRODUCTION.. - IN THE EYE OF THE BEHOLDER: CONTROVERSIAL CREDIT PRODUCTS -- A PALSY IN THE INVISIBLE HAND: DISTORTED CONSUMER FINANCE MARKETS -- THE EVOLVING LAW OF PREDATORY LENDING: A BRIEF OVERVIEW -- PREDATORY WARNING SIGNS FOR THE SOCIALLY RESPONSIBLE INVESTOR -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- CHAPTER 15 Use and Misuse of Financial Secrecy in Global Banking -- MICROECONOMICS OF FINANCIAL SECRECY -- The Demand for Financial Confidentiality -- The Supply of Financial Confidentiality -- Market Distortions and the Supply of Confidentiality -- Product Differentiation -- Market Interactions in Financial Confidentiality -- The Agency Problem in Financial Confidentiality -- Market Equilibrium -- Money Laundering -- The Laundering Process -- Laundering Vehicles -- Combating Negative Externalities Associated With Financial Secrecy -- Tax Pressures on Financial Secrecy -- More Pressure on Switzerland -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- PART III Corporate Engagement -- CHAPTER 16 Corporate Social Responsibility and Corporate Governance -- INTRODUCTION -- THE PLACE OF CSR IN THE CORPORATE GOVERNANCE DEBATE -- The Agency Model of Corporate Governance -- The Mediating Hierarchy Model of CG -- Diversity of CG Legal Frameworks Regarding the Place Reserved for Stakeholders -- CSR AS A MULTIFIDUCIARY MODEL OF CG -- CSR SOCIAL NORMS AND SELF-SUSTAINING INSTITUTIONS OF CG -- SOCIAL CONTRACT AS AN EQUILIBRIUM SELECTION DEVICE -- CORRESPONDENCE TO THE MULTISTAKEHOLDER MODEL OF CG -- The Mediating Hierarch's Mode of Reasoning -- Two-Step Social Contract Derivation of the Multiple Fiduciary Structure -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- CHAPTER 17 Measuring Responsibility to the Different Stakeholders -- INTRODUCTION.. - MEASURING SOCIAL PERFORMANCE.. - The Marketing Literature -- EMERGING DIRECTIONS IN FINANCE SCHOLARSHIP -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHORS -- CHAPTER 4 Business Models and Social Entrepreneurship -- INTRODUCTION -- SOCIAL ENTREPRENEURSHIP AS A BLUEPRINTFOR 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 -- Acumen Fund -- Calvert Social Investment Foundation -- Lessons Learned -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- CHAPTER 5 Fiduciary and Other Legal Duties -- INTRODUCTION -- BASIC FIDUCIARY PRINCIPLES AND THEIR IMPACT ON SRI -- OBEY THE TRUST DEED -- DUTY OF LOYALTY TO BENEFICIARIES -- BENEFICIARIES' VIEWS AND THE DUTY OF IMPARTIALITY -- DUTY OF CARE -- STATUTORY REFORM -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- CHAPTER 6 International and Cultural Views -- INTRODUCTION -- LEGAL ORIGIN -- The Economic Consequences of Legal Origin -- Legal Origin and Ethical Behavior -- ENDOWMENTS -- The Economic Consequences of Endowments -- Endowments and Ethical Behavior -- RELIGION -- The Economic Consequences of Religion -- Religion and Ethical Behavior -- CULTURAL VALUES -- The Economic Consequences of Cultural Values -- Cultural Values and Ethical Behavior -- SUMMARY AND CONCLUSIONS -- DISCUSSION QUESTIONS -- REFERENCES -- ABOUT THE AUTHOR -- PART II Finance and Society -- CHAPTER 7 Social, Environmental, and Trust Issues in Business and Finance -- INTRODUCTION -- HISTORICAL CONTEXT OF SET ISSUES -- Pre-1940s: The Early Centuries.. - 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.
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ISBN | 9781118223758
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