SOCIALLY RESPONSIBLE INVESTMENT IN POST-COMMUNIST AND DEVELOPED EUROPEAN COUNTRIES

The recent financial crisis has boosted the popularity of ethical investing, evidence of this being the large number of European investment funds based on corporate social responsibility and the increasing value of the assets they manage. These funds are not developing evenly, their positions varyin...

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Bibliographic Details
Published in:Revue d'études comparatives est-ouest 2016-09, Vol.47 (3), p.7-43
Main Authors: ADAMSKA, Agata, DABROWSKI, Tomasz, GRYGIEL-TOMASZEWSKA, Anna
Format: Article
Language:English
Subjects:
Communism
Communist societies
Comparative analysis
Comparative studies
Economic crisis
Ethics
Investments
Markets
Popularity
Postcommunist societies
Social responsibility
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Summary:The recent financial crisis has boosted the popularity of ethical investing, evidence of this being the large number of European investment funds based on corporate social responsibility and the increasing value of the assets they manage. These funds are not developing evenly, their positions varying from country to country. Significant disproportions can be seen between European countries with mature financial markets and the emerging markets in post-Communist countries. A comparative analysis confirms the hypothesis of a major asymmetry in the development of these funds in favor of non-post-Communist countries. This asymmetry can be set down not only to a generally higher level of development of financial markets there but also to a more favorable set of institutional conditions in many of these countries. La crise financière a accru la popularité de l’investissement éthique. Ceci est visible dans l’augmentation du nombre des fonds d’investissement européens ouverts (ISR) et dans l’augmentation de la valeur des actifs gérés. Néanmoins ce segment particulier des fonds d’investissement se développe de façon irrégulière, et sa position varie en fonction des pays. Des différences particulièrement grandes apparaissent entre les pays européens avec des marchés financiers matures et les pays postcommunistes considérés comme des marchés émergents. À partir d’une analyse comparative, cet article confirme l’hypothèse d’une grande asymétrie dans les niveaux de développement des fonds ISR en faveur des pays non postcommunistes. Cette asymétrie n’est pas uniquement due à un niveau de développement général des marchés plus élevé dans ces pays, mais aussi aux conditions institutionnelles plus favorables dans beaucoup d’entre eux.
ISSN:0338-0599
2259-6100
DOI:10.4074/S0338059916003016