Exploring the research landscape of socially responsible investment through bibliometrics

Sangeetha Narayanan; Subhendu Kumar Pradhan

doi:10.31893/multirev.2024022

Keywords:

sustainable investment

bibliographic coupling

green finance

CSR

Abstract

The ethics of investing are more important than ever in light of the pressing issues of global warming, social inequality, human rights violations, and the need to achieve sustainable development objectives. Investors are increasingly aware of their pivotal position in promoting ethical practices and actively seek investment opportunities that align with these objectives. Socially responsible investment (SRI) arises as a means of investing in companies that prioritize ethical practices, support sustainable development, and generate positive financial returns. We conduct a bibliometric analysis of the research landscape in the field of SRI and sustainable investing, investigating bibliographic coupling to identify the dominant themes and areas of interest. Our analysis reveals the existence of five major themes that define research in this field: i) sustainability and SRI, ii) sustainability and financial markets, iii) sustainable investing and corporate responsibility, iv) green finance and supply chain management, and v) CSR and financial performance in sustainable finance. These themes provide a comprehensive overview of the most important research topics and areas of interest within the field of SRI and sustainable investing. We intend to investigate the interrelationships between these themes, identify emergent research areas, and examine the impact of the findings on sustainable investment strategies. To further understand the concepts and their relevance to SRI, we prefer to perform a qualitative investigation of the identified issues. This study provides a comprehensive examination of the SRI and sustainable investing research landscape by employing bibliometric analysis. This study's findings will contribute to the scholarly understanding of sustainable investing and provide investors, policymakers, and financial institutions with valuable insights for making informed decisions and promoting sustainable and ethical investment practices.
References
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7. Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234. https://doi.org/10.1016/j.ecolecon.2018.05.011
8. de Oliveira, U. R., Espindola, L. S., da Silva, I. R., da Silva, I. N., & Rocha, H. M. (2018). A systematic literature review on green supply chain management: Research implications and future perspectives. In Journal of Cleaner Production (Vol. 187, pp. 537–561). Elsevier Ltd. https://doi.org/10.1016/j.jclepro.2018.03.083
9. Deng, Y., Li, Z., & Quigley, J. M. (2012). Economic returns to energy-efficient investments in the housing market: Evidence from Singapore. Regional Science and Urban Economics, 42(3), 506–515. https://doi.org/10.1016/j.regsciurbeco.2011.04.004
10. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640. https://doi.org/10.1016/j.jfineco.2011.03.021
11. El Ghoul, S., & Karoui, A. (2017). Does corporate social responsibility affect mutual fund performance and flows? Journal of Banking and Finance, 77, 53–63. https://doi.org/10.1016/j.jbankfin.2016.10.009
12. Fowler, S. J., & Hope, C. (2007). A critical review of sustainable business indices and their impact. Journal of Business Ethics, 76(3), 243–252. https://doi.org/10.1007/s10551-007-9590-2
13. Friedman, A. L., & Miles, S. (2001). Socially responsible investment and corporate social and environmental reporting in the UK: An explaratory study. British Accounting Review, 33(4), 523–548. https://doi.org/10.1006/bare.2001.0172
14. Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
15. Heinkel, R., Kraus, A., & Zechner, J. (2001). The effect of green investment on corporate Behavior. In Source: The Journal of Financial and Quantitative Analysis (Vol. 36, Issue 4).
16. Kempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908–922. https://doi.org/10.1111/j.1468-036X.2007.00402.x
17. Long, S., Lucey, B. M., Kumar, S., Zhang, D., & Zhang, Z. (2022). Climate finance: What we know and what we should know? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4262960
18. Martin, P. R., & Moser, D. V. (2016). Managers’ green investment disclosures and investors’ reaction. Journal of Accounting and Economics, 61(1), 239–254. https://doi.org/10.1016/j.jacceco.2015.08.004
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20. Nguyen, A. H., Do, M. H. T., Hoang, T. G., & Nguyen, L. Q. T. (2023). Green financing for sustainable development: Insights from multiple cases of Vietnamese commercial banks. Business Strategy and the Environment, 32(1), 321–335. https://doi.org/10.1002/bse.3132
21. 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, 83(2), 307–325. https://doi.org/10.1007/s10551-007-9621-z
22. 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.
23. Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2021). Sustainable investing in equilibrium. Journal of Financial Economics, 142(2), 550–571. https://doi.org/10.1016/j.jfineco.2020.12.011
24. Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572–597. https://doi.org/10.1016/j.jfineco.2020.11.001
25. Pritchard, A. (1969, January). Statistical Bibliography or Bibliometrics? Journal of Documentation 25, 348–349.Redine, A., Deshpande, S., Jebarajakirthy, C., & Surachartkumtonkun, J. (2023). Impulse buying: A systematic literature review and future research directions. In International Journal of Consumer Studies (Vol. 47, Issue 1, pp. 3–41). John Wiley and Sons Inc. https://doi.org/10.1111/ijcs.12862
26. Ren, X., Shao, Q., & Zhong, R. (2020). Nexus between green finance, non-fossil energy use, and carbon intensity: Empirical evidence from China based on a vector error correction model. Journal of Cleaner Production, 277. https://doi.org/10.1016/j.jclepro.2020.122844
27. Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking and Finance, 32(9), 1723–1742. https://doi.org/10.1016/j.jbankfin.2007.12.039
28. Renneboog, L., Ter Horst, J., & Zhang, C. (2011). Is ethical money financially smart? Nonfinancial attributes and money flows of socially responsible investment funds. Journal of Financial Intermediation, 20(4), 562–588. https://doi.org/10.1016/j.jfi.2010.12.003
29. Rosso, F., & García-Salirrosas, E. E. (2023). Strategic Trends in Management by Competencies: A Bibliometric Review. Journal of Law and Sustainable Development, 11(8), e1501. https://doi.org/10.55908/sdgs.v11i8.1501
30. Sparkes, R., & Cowton, C. J. (2004). The Maturing Of Socially Responsible Investment: A Review Of The Developing Link With Corporate Social Responsibility.
31. Suhendar, Zulfikar, R., Bastian, E., & Hanifah, I. A. (2023). Trend of the Research on Islamic Corporate Governance in Islamic Banking: A Bibliometric Analysis. Journal of Law and Sustainable Development, 11(9), e1468. https://doi.org/10.55908/sdgs.v11i9.1468
32. william S. Laufer. (2003). social accountability and corporate greenwashing.
33. Wu, M. W., & Shen, C. H. (2013a). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking and Finance, 37(9), 3529–3547. https://doi.org/10.1016/j.jbankfin.2013.04.023
34. Wu, M. W., & Shen, C. H. (2013b). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking and Finance, 37(9), 3529–3547. https://doi.org/10.1016/j.jbankfin.2013.04.023
35. Zerbib, O. D. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking and Finance, 98, 39–60. https://doi.org/10.1016/j.jbankfin.2018.10.012
36. Zhang, X., & Yousaf, H. M. A. U. (2020). Green supply chain coordination considering government intervention, green investment, and customer green preferences in the petroleum industry. Journal of Cleaner Production, 246. https://doi.org/10.1016/j.jclepro.2019.118984

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to cite

Narayanan, S., & Pradhan, S. K. (2023). Exploring the research landscape of socially responsible investment through bibliometrics. Multidisciplinary Reviews, 7(1), 2024022. https://doi.org/10.31893/multirev.2024022

[1] Bauer, R., Koedijk, K., & Otten, R. (2005). International evidence on ethical mutual fund performance and investment style. Journal of Banking and Finance, 29(7), 1751–1767. https://doi.org/10.1016/j.jbankfin.2004.06.035

[2] 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. https://doi.org/10.1016/j.jcorpfin.2014.03.008

[3] Broadus, R. N. (1987, November). Toward a definition of “bibliometrics”. Scientometrics 12 (5), 373–379.

[4] Busch, T., Bauer, R., & Orlitzky, M. (2016). Sustainable Development and Financial Markets: Old Paths and New Avenues. Business and Society, 55(3), 303–329. https://doi.org/10.1177/0007650315570701

[5] Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220–230. https://doi.org/10.1016/j.ecolecon.2015.03.020

[6] Comyns, B., Figge, F., Hahn, T. and Barkemeyer, R. (2013).“Sustainability reporting: the role of ‘search’, ‘experience’ and ‘credence’ information”, Accounting Forum, Vol. 37 No. 3, pp. 231-243.

[7] Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234. https://doi.org/10.1016/j.ecolecon.2018.05.011

[8] de Oliveira, U. R., Espindola, L. S., da Silva, I. R., da Silva, I. N., & Rocha, H. M. (2018). A systematic literature review on green supply chain management: Research implications and future perspectives. In Journal of Cleaner Production (Vol. 187, pp. 537–561). Elsevier Ltd. https://doi.org/10.1016/j.jclepro.2018.03.083

[9] Deng, Y., Li, Z., & Quigley, J. M. (2012). Economic returns to energy-efficient investments in the housing market: Evidence from Singapore. Regional Science and Urban Economics, 42(3), 506–515. https://doi.org/10.1016/j.regsciurbeco.2011.04.004

[10] Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640. https://doi.org/10.1016/j.jfineco.2011.03.021

[11] El Ghoul, S., & Karoui, A. (2017). Does corporate social responsibility affect mutual fund performance and flows? Journal of Banking and Finance, 77, 53–63. https://doi.org/10.1016/j.jbankfin.2016.10.009

[12] Fowler, S. J., & Hope, C. (2007). A critical review of sustainable business indices and their impact. Journal of Business Ethics, 76(3), 243–252. https://doi.org/10.1007/s10551-007-9590-2

[13] Friedman, A. L., & Miles, S. (2001). Socially responsible investment and corporate social and environmental reporting in the UK: An explaratory study. British Accounting Review, 33(4), 523–548. https://doi.org/10.1006/bare.2001.0172

[14] Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002

[15] Heinkel, R., Kraus, A., & Zechner, J. (2001). The effect of green investment on corporate Behavior. In Source: The Journal of Financial and Quantitative Analysis (Vol. 36, Issue 4).

[16] Kempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908–922. https://doi.org/10.1111/j.1468-036X.2007.00402.x

[17] Long, S., Lucey, B. M., Kumar, S., Zhang, D., & Zhang, Z. (2022). Climate finance: What we know and what we should know? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4262960

[18] Martin, P. R., & Moser, D. V. (2016). Managers’ green investment disclosures and investors’ reaction. Journal of Accounting and Economics, 61(1), 239–254. https://doi.org/10.1016/j.jacceco.2015.08.004

[19] Mukherjee, D., W. M. Lim, S. Kumar, and N. Donthu (2022, September). Guidelines for advancing theory and practice through bibliometric research. Journal of Business Research 148, 101–115.

[20] Nguyen, A. H., Do, M. H. T., Hoang, T. G., & Nguyen, L. Q. T. (2023). Green financing for sustainable development: Insights from multiple cases of Vietnamese commercial banks. Business Strategy and the Environment, 32(1), 321–335. https://doi.org/10.1002/bse.3132

[21] 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, 83(2), 307–325. https://doi.org/10.1007/s10551-007-9621-z

[22] 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.

[23] Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2021). Sustainable investing in equilibrium. Journal of Financial Economics, 142(2), 550–571. https://doi.org/10.1016/j.jfineco.2020.12.011

[24] Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572–597. https://doi.org/10.1016/j.jfineco.2020.11.001

[25] Pritchard, A. (1969, January). Statistical Bibliography or Bibliometrics? Journal of Documentation 25, 348–349.Redine, A., Deshpande, S., Jebarajakirthy, C., & Surachartkumtonkun, J. (2023). Impulse buying: A systematic literature review and future research directions. In International Journal of Consumer Studies (Vol. 47, Issue 1, pp. 3–41). John Wiley and Sons Inc. https://doi.org/10.1111/ijcs.12862

[26] Ren, X., Shao, Q., & Zhong, R. (2020). Nexus between green finance, non-fossil energy use, and carbon intensity: Empirical evidence from China based on a vector error correction model. Journal of Cleaner Production, 277. https://doi.org/10.1016/j.jclepro.2020.122844

[27] Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking and Finance, 32(9), 1723–1742. https://doi.org/10.1016/j.jbankfin.2007.12.039

[28] Renneboog, L., Ter Horst, J., & Zhang, C. (2011). Is ethical money financially smart? Nonfinancial attributes and money flows of socially responsible investment funds. Journal of Financial Intermediation, 20(4), 562–588. https://doi.org/10.1016/j.jfi.2010.12.003

[29] Rosso, F., & García-Salirrosas, E. E. (2023). Strategic Trends in Management by Competencies: A Bibliometric Review. Journal of Law and Sustainable Development, 11(8), e1501. https://doi.org/10.55908/sdgs.v11i8.1501

[30] Sparkes, R., & Cowton, C. J. (2004). The Maturing Of Socially Responsible Investment: A Review Of The Developing Link With Corporate Social Responsibility.

[31] Suhendar, Zulfikar, R., Bastian, E., & Hanifah, I. A. (2023). Trend of the Research on Islamic Corporate Governance in Islamic Banking: A Bibliometric Analysis. Journal of Law and Sustainable Development, 11(9), e1468. https://doi.org/10.55908/sdgs.v11i9.1468

[32] william S. Laufer. (2003). social accountability and corporate greenwashing.

[33] Wu, M. W., & Shen, C. H. (2013a). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking and Finance, 37(9), 3529–3547. https://doi.org/10.1016/j.jbankfin.2013.04.023

[34] Wu, M. W., & Shen, C. H. (2013b). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking and Finance, 37(9), 3529–3547. https://doi.org/10.1016/j.jbankfin.2013.04.023

[35] Zerbib, O. D. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking and Finance, 98, 39–60. https://doi.org/10.1016/j.jbankfin.2018.10.012

[36] Zhang, X., & Yousaf, H. M. A. U. (2020). Green supply chain coordination considering government intervention, green investment, and customer green preferences in the petroleum industry. Journal of Cleaner Production, 246. https://doi.org/10.1016/j.jclepro.2019.118984

Abstract

References

How to cite