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Journal of Business Ethics

Erschienen in:

01.11.2013

Will Women Lead the Way? Differences in Demand for Corporate Social Responsibility Information for Investment Decisions

verfasst von: Leda Nath, Lori Holder-Webb, Jeffrey Cohen

Erschienen in: Journal of Business Ethics | Ausgabe 1/2013

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Abstract

Recent years have featured a leap in academic and public interest in Corporate Social Responsibility (CSR) activities and related corporate reporting. Two main themes in this literature are the exploration of management incentives to engage in and disclose this information, and of the use and value of this information to market participants. We extend the second theme by examining the interest that specific investor classes have in the use of CSR information. We rely on feminist intersectionality, which suggests that gender intersects with other identities to yield different values, experiences, and opportunities that can lead to gender-based preferences for CSR information. Based upon a survey of 750 US-based retail investors, we find that female retail investors have a greater interest in the use of CSR information, relative to male retail investors. Women express greater anticipated future demand for this information than do men. Further, the magnitude of the increase from current use to anticipated future demand is greater for women than men. Age is a significant modifying factor in that the discrepancy between women of any age and older men is greater than that between women and younger men. Finally, women also exhibit greater demand for streamlining of the information flow, consistent with pressures induced by time poverty. It appears that current disclosure practices provide a less than optimal match with the needs of the information consumers that are primarily interested in using this information. This mismatch may result in a systematic disenfranchisement of female investing classes which suggests an ethical need to level the playing field.

Vorheriger Artikel Identity, Moral, and Equity Perspectives on the Relationship Between Experienced Injustice and Time Theft

Nächster Artikel How do Universities Make Progress? Stakeholder-Related Mechanisms Affecting Adoption of Sustainability in University Curricula

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Gelvin (2007) found that 41 % of sampled investors were interested in socially responsible organizations to add to their portfolio in the near future.

For example, only 7 % of the sample of investment professionals assembled by Chevalier and Ellison (1999) were women, and only 10 % of the sample of investment professionals assembled by Niessen and Ruenzi (2007) were women. This is consistent with the presence of a gender-based selection bias into finance among college students and job applicants (Worthington and Higgs 2004; Penner and Petersen 2004) as well as the presence of alleged glass ceilings and/or widespread gender discrimination in the area (Stempel 2008; Stempel and Comlay 2009; Lattman 2010).

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While there is a quantity of reliable information about the volume of assets held in socially responsible investments, there is a dearth of information on the individuals who comprise the members of the socially responsible investing class. Estimates in the business press place the proportion of women in this class as high as 60 %, although these estimates do not appear to be backed with rigorous study and we thus do not consider them—or any of the other ball-park figures available through the business press—to be reliable measures of women’s involvement with CSR investing. This very lack of reliable data on the subject represents a direction for further research. Despite the lack of hard evidence on the investing activity, there is hard evidence on other resource allocation activities, and it is upon the trends and concerns revealed by the rigorous analyses that we base our expectations.

We employ a sample of non-professional (retail) investors versus surveying professional investors as the hypothesized preference for CSR information is a function of individual decision-making to satisfy personal values; professional investors may be less likely to incorporate gender biases because they are making decisions for clients rather than for themselves. Furthermore, we would expect professional investors to have different demand functions for information content and format than non-professional investors due to the routine nature of the use of this information by professionals.

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Titel: Will Women Lead the Way? Differences in Demand for Corporate Social Responsibility Information for Investment Decisions
verfasst von: Leda Nath
Lori Holder-Webb
Jeffrey Cohen
Publikationsdatum: 01.11.2013
Verlag: Springer Netherlands
Erschienen in: Journal of Business Ethics / Ausgabe 1/2013
Print ISSN: 0167-4544
Elektronische ISSN: 1573-0697
DOI: https://doi.org/10.1007/s10551-012-1573-2

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