Browsing by Subject "taloustieteet"

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  • Economics 
    Mäki, Uskali (Routledge, 2008)
    Routledge philosophy companions
  • Kurikka, Matti (Elämä osuuskunta, 1906)
  • Sievänen, Riikka (Helsingin yliopisto, 2013)
    Responsible investment has seen strong global growth, of which significant institutional investors, such as pension funds, are the main drivers. However, a considerable gap exists with respect to what drives responsible investment. This thesis aims to narrow this gap and focuses on the following research question: "Which drivers explain the responsible investment of European pension funds?" Responsible investment refers to the consideration of environmental, social and corporate governance factors in investment decision-making. Pension funds are organisations which ensure pension payments for retirees, and form one group of institutional investors. Pension funds receive assets from employees, mainly in the form of statutory pension payments, and manage these assets profitably to ensure necessary pension payments. To answer the research question, the researcher held ten face-to-face interviews with ten key financial decision makers of pension funds in Belgium and Finland, and conducted a survey of more than 250 pension funds in 15 European countries. Five articles and an introductory article, which provides a theoretical framework, constitute the thesis. The theoretical framework and the results of the five articles indicate that pension fund-level drivers also are important when explaining responsible investment in the context of pension funds. This level, impacted by macro-level drivers (culture, institutions, organisations, economics and finance), comprises the characteristics of pension funds and their key financial decision makers. Although micro-level drivers such as heuristics, beliefs, values, attitudes and motives are essential to explaining responsible investment in the context of pension funds, key financial decision makers may be unaware of their influence. More specifically, Article 1 showed on a macro level that, in particular economic openness, the size of the pension industry, as well as cultural values of masculinity (femininity) and uncertainty avoidance, can be associated with differences in responsible investment. Article 2 pointed out that during the financial crisis (Economics and Finance), the attitudes of key financial decision makers of pension funds were not a negative driver of responsible investment. Article 3 found that practical struggle is a negative driver for responsible investment by pension funds and that heuristics, such as the use of readily available information, may impact the way the key financial decision makers of pension funds think about responsible investment. Article 4 confirmed the findings of Article 3 with regard to practical struggle and demonstrated that the pension fund level (i.e. responsible investment practices) can impact the macro level. Article 5 found that several pension fund characteristics drive responsible investment: legal origin (in particular Scandinavian and English origins), pension fund ownership type (in particular public pension funds) and size-related variables (e.g. portfolio size; in particular the smallest and the largest pension funds). The article also showed that the pension fund level matters when examining the drivers of responsible investment by pension funds. To conclude, responsible investment by pension funds responds to drivers that are embedded in the environment in which the pension funds function, the characteristics of the pension funds as well as the ways in which their key financial decision makers think. In general, the contribution to sustainable development is that pension funds - including those with no responsible investment strategy - seem to be positive towards responsible investment. The results may be helpful when considering the practice of responsible investment in different economies, which, consequently, may prove interesting to researchers, decision makers at national and international levels, responsible investment organisations such as UN PRI and Eurosif, institutional investors and responsible investment service providers. Future research is encouraged to investigate in greater detail what motivates or discourages pension funds towards or from responsible investment. Key words: responsible investment, pension funds, drivers of responsible investment
  • Kautsky, Karl (Kehitys, 1906)
  • Marx, Karl (Työväen sanomalehti, 1909)
  • Marx, Karl; Engels, Friedrich (Työväen sanomalehti, 1907)
  • Mäki, Uskali (Palgrave Macmillan, 2008)
  • Niura, Martti (Työväenperinne ry, 2021)