The need to reconcile moral (or ethical) values and economic choices has given rise to a lengthy and interesting debate since ancient times. The initial statements and ensuing guidelines have led to a variety of very different behaviors. The financial field, in particular, has seen and continues to see the creation of many tools capable of reconciling economic values with moral ones: ethical investments being one of them. The correlation between these two aspects has interested many scholars, especially foreigners, belonging to different disciplines. Purely as an example, mention can be made in particular of psychologists and sociologists who have been concerned with investigating the motivations and behaviors, while philosophers and theologians have studied the moral foundations and economists and business researchers have verified the financial sustainability of socially responsible investing. However, little or no investigation has been carried out of the possible implications for companies. The complexity of the phenomenon, especially in the ways in which it has developed, has led researchers not to search for a theoretical model but, rather, to look for possible divergences and similarities in the different practices, often focalizing on specific and limited points of view. It is quite difficult to represent an overall picture of what can be considered an ethical investment and, therefore, an ethical investor. Moreover, the Italian market of socially responsible investments (in the modern sense of the term) is still relatively young and partially unexplored. The great potential that the sector has, both in quantitative and qualitative terms, makes it particularly interesting. This research aims to provide a systematic reference framework of what can be termed as ethical investor, and what the behaviors that distinguish it are, in order to verify the existence of possible connections with disciplines related to business economics (in particular with the Italian Economia Aziendale). The relevance of this study lies both in the systematization of previous fragmented analyses and in the new business administration approach. A study of “ethicality” and the performance of ethical funds traded in Italy enriches the theoretical examination.

L’esigenza di conciliare principi morali e scelte economiche ha generato, fin da tempi antichi, un ampio ed interessante dibattito. Le affermazioni di principio e le prescrizioni che ne sono scaturite si sono concretizzate in una molteplicità di comportamenti tra loro molto differenti. La finanza, in specifico, ha assistito, e continua ad assistere, alla nascita di numerosi strumenti capaci di conciliare valori economici e valori morali. La correlazione tra questi due aspetti ha interessato numerosi studiosi, soprattutto stranieri, appartenenti ad ambiti disciplinari diversi. In particolare, e solo a titolo esemplificativo, psicologi e sociologi si sono preoccupati di indagare le motivazioni ed i comportamenti, filosofi e teologi i fondamenti morali, mentre economisti, aziendalisti e operatori finanziari hanno verificato la sostenibilità economico-finanziaria degli investimenti socialmente responsabili. Poco o quasi nulla è stato indagato sulle possibili implicazioni dal lato dell’impresa. La complessità del fenomeno, soprattutto nelle forme in cui si è evoluto, ha indotto i ricercatori a non affermare un unico modello teorico di riferimento ma, piuttosto, a cercare possibili analogie e similitudini nelle svariate pratiche. I diversi lavori hanno privilegiato l’esplorazione di profili di analisi molto specifici e difficilmente hanno fornito un quadro di insieme. Il mercato italiano degli investimenti socialmente responsabili (nell’accezione moderna del termine) è ancora relativamente giovane e parzialmente inesplorato. Le grosse potenzialità di sviluppo che il settore presenta, sia in termini quantitativi che qualitativi, lo rendono particolarmente interessante. Questa ricerca, pur non ponendosi l’obiettivo di definire un modello sintetico generale, si prefigge di fornire un quadro di riferimento sistematico di ciò che si può intendere per investitore etico e di quali siano i comportamenti che lo contraddistinguono al fine di verificare l’esistenza di possibili interconnessioni con le discipline economico-aziendali. Il lavoro vuole quindi essere un contributo all’analisi e alla discussione in corso, senza avere la pretesa di descrivere l’intero fenomeno o di arrivare a formalizzazioni teoriche generalmente riconosciute, ma con l’obiettivo di stimolare spunti di riflessione soprattutto in un ambiente, quello dell’economia aziendale, in cui anche in tempi recenti poco se ne è discusso.

(2006). Gli investitori etici: implicazioni aziendali. Problemi e prospettive [book - libro]. Retrieved from http://hdl.handle.net/10446/27037

Gli investitori etici: implicazioni aziendali. Problemi e prospettive

SIGNORI, Silvana
2006-01-01

Abstract

The need to reconcile moral (or ethical) values and economic choices has given rise to a lengthy and interesting debate since ancient times. The initial statements and ensuing guidelines have led to a variety of very different behaviors. The financial field, in particular, has seen and continues to see the creation of many tools capable of reconciling economic values with moral ones: ethical investments being one of them. The correlation between these two aspects has interested many scholars, especially foreigners, belonging to different disciplines. Purely as an example, mention can be made in particular of psychologists and sociologists who have been concerned with investigating the motivations and behaviors, while philosophers and theologians have studied the moral foundations and economists and business researchers have verified the financial sustainability of socially responsible investing. However, little or no investigation has been carried out of the possible implications for companies. The complexity of the phenomenon, especially in the ways in which it has developed, has led researchers not to search for a theoretical model but, rather, to look for possible divergences and similarities in the different practices, often focalizing on specific and limited points of view. It is quite difficult to represent an overall picture of what can be considered an ethical investment and, therefore, an ethical investor. Moreover, the Italian market of socially responsible investments (in the modern sense of the term) is still relatively young and partially unexplored. The great potential that the sector has, both in quantitative and qualitative terms, makes it particularly interesting. This research aims to provide a systematic reference framework of what can be termed as ethical investor, and what the behaviors that distinguish it are, in order to verify the existence of possible connections with disciplines related to business economics (in particular with the Italian Economia Aziendale). The relevance of this study lies both in the systematization of previous fragmented analyses and in the new business administration approach. A study of “ethicality” and the performance of ethical funds traded in Italy enriches the theoretical examination.
book - libro
2006
Signori, Silvana
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