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Yıl 2023, Cilt: 10 Sayı: 1, 55 - 64, 31.03.2023

Merve Tuncay Bayarmaa Dorjnaran

Öz

Kaynakça

  • Ahn, S.H. & Kim, S.W (2015). Social investment, social service and the economic performance of welfare states. International Journal of Social Welfare, 24(2), 109–119.
  • Artie W.Ng (2019). Socially responsible investing in sustainable development. In book: Encyclopedia of Sustainability in Higher Education, Springer. Retrieved from https://www.researchgate.net/publication/332103339_Socially_Responsible_Investing_in_Sustainable_Development , Accessed: 27.10.2021.
  • Ballestero, E., Pérez-Gladish, B., & García-Bernabeu, A. (Eds.). (2015). Socially responsible investment: A multicriteria decision making approach. Heidelberg: Springer, 3-17.
  • Bernatonyte, D., Vilke, R., & Keizeriene, E. (2009). Economic crisis impact directions concerning corporate social responsibility in Lithuanian SMEs. Economics and Management, (14), 229-236.
  • Boulouta, I. & Pitelis, C.N. (2014). Who needs CSR? The ımpact of corporate social responsibility on national competitiveness. Journal of Business Ethics, 119(3), 349–64.
  • Brundtland, G.H. (1987). Our Common Future: Report of the World Commission on Environment and Development. Geneva, UN-Dokument A/42/427.
  • Chapple, W. & Moon, J. (2005). Corporate social responsibility (CSR) in Asia a seven-country study of CSR web site reporting. Business and Society, 44(4), 415- 441.
  • Chih, H.L., Chih, H.H., & Chen, T.Y. (2010). On the determinants of corporate social responsibility: international evidence on the financial industry. Journal of Business Ethics, 93(1), 115-135.
  • Dam, L. & B. J. Heijdra (2011). The environmental and macroeconomic effects of socially responsible investment. Journal of Economic Dynamics and Control, 35(9), 1424–1434.
  • Domini, A. L., & Kinder, P. D (1984). Ethical investing. Addison-Wesley-Boston, MA, USA.
  • Ekelund, R.B., Hebert, R.F. & Tollison, R.D. (1989). An economic model of the medieval church: usury as a form of rent seeking. Journal of Law, Economics, & Organization, 5(2), 307-331.
  • Emas, R. (2015). The concept of sustainable development: definition and defining principles, Brief for GSDR 2015, https://sustainabledevelopment.un.org/content/documents/5839GSDR%202015_SD_concept_definiton_rev.pdf, Accessed: 21.11.2022.
  • Global Sustainable Investment Alliance-GSIA (2021). Global Sustainable Investment Review 2020. Retrieved from http://www.gsialliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf, Access: 27.10.2021.
  • Harrison, J.S., & Berman, S.L (2016). Corporate social performance and economic cycles. Journal of Business Ethics 138(2), 279–294.
  • Hope, K.R. (2020), Corruption reduction as a target of the sustainable development goals: Applying indicators and policy frameworks, (Ed. Blaustein, J., Fitz-Gibbon, K., Pino, N.W. and White, R.) The Emerald Handbook of Crime, Justice and Sustainable Development, Bingley: Emerald Publishing Limited, pp. 105-130.
  • Investing.com, https://www.investing.com/, Accessed: 29.10.2022. Karen Heese (2005). The development of socially responsible investment in South Africa: experience and evolution of SRI in global markets. Development Southern Africa, 38(5), 729-739.
  • Krajnakova, E., Navickas, V., & Kontautiene, R. (2018). Effect of macroeconomic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia. Oeconomia Copernicana, 9(3), 477–492.
  • Kwarteng, A., Dadzie, S.A. and Famiyeh, S. (2016). Sustainability and competitive advantage from a developing economy. Journal of Global Responsibility, 7(1): 110-125.
  • Lowry, R. P (1993). Good money: A guide to profitable social investing in the’90s. WW Norton & Company.
  • Muzindutsi, P.F. & Sekhampu, T.J (2013). Interaction between socially responsible investment (SRU) sector and selected macroeconomic variables in South Africa. Global Business and Technology Association Fifteenth Annual International Conference, Readings book, 922-929.
  • NBUPPE - The New Brunswick Union of Public & Private Employees (2009). Cool comforts II - A guide for union pension committee members / trustees and investors with all sized portfolios using our capital to save our future, https://labor4sustainability.org/joinus/cool_comforts_2.pdf, Accessed: 21.11.2022.
  • Renneboog, L., ter Horst, J. & Zhang, C. (2008). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14(3), 302–322.
  • Schroders (2016). A short history of responsible investing, https://www.schroders.com/en/insights/global-investor-study/a-short-history-ofresponsible-investing-300-0001/, Accessed: 21.11.2022.
  • Social Investment Forum (2006). Report on Socially Responsible Investing Trends in the United States. Washington, DC.
  • The Forum for Sustainable and Responsible Investment - SIF, https://www.ussif.org/, Accessed: 27.10.2021.
  • The Social Equity Group, History of Socially Responsible Investing, http://socialequity.com/Socially-history.htm, Accessed: 21.11.2022.
  • The Social Equity Group. History of Socially Responsible Investing. Retrieved from https://www.socialequity.com/Socially-history.htm, Accessed: 27.10.2021.
  • Townsend, Blaine (2020). From SRI to ESG: The origins of socially responsible and sustainable investing. The Journal of Impact and ESG Investing, Fall 2020, 1(1):10-25.
  • USSIF (2017). Adding sustainable and responsible ınvesting options to defined contribution plans- A resource guide for plan sponsors, https://www.iscebs.org/Symposium/Documents/2017Sessions/Wednesday/Adding%20SRI%20Options%20to%20DC%20Plans_Resource%20Guide%20for%20Plan%20Sponsors%20-%20US%20SIF%20-%20July%202017.pdf, Accessed: 24.11.2022.
  • Vincent, J. (2014). Historical, religious and scholastic prohibition of usury: The common origins of western and Islamic financial practices. Student Works. 600.
  • Widyawati L. (2019). A systematic literature review of socially responsible investment and environmental social governance metrics. Business Strategy and the Environment, 29(2), 619-637.
  • World Bank, “World Development Indicators”, https://databank.worldbank.org/source/world-development-indicators, Accessed: 16.09.2022.
  • Xiaoyan Z., Caldecott, B., Harnett, E. & Schumacher, K. (2020). The effect of firm-level esg practices on macroeconomic performance. Oxford Sustainable Finance Programme, Smith School of Enterprise and the Environment, University of Oxford, Working Paper No. 20-03.
  • Zadek, S. (2006). Responsible competitiveness: Reshaping global markets through responsible business practices. Corporate Governance, 6(4), 334-348.

HOW DO SOCIALLY RESPONSIBLE INVESTMENT AND MACROECONOMIC INDICATORS INTERACT WITH EACH OTHER? THE CASE OF SELECTED DEVELOPING COUNTRIES

Yıl 2023, Cilt: 10 Sayı: 1, 55 - 64, 31.03.2023

Merve Tuncay Bayarmaa Dorjnaran

Öz

Purpose- Sustainability is a multidimensional concept that expresses not only sensitivity to environmental policies, biodiversity and climate change, but also corporate governance principles and human rights. Accordingly, socially responsible investment is a kind of investment considering not only financial criteria but also environmental, social and corporate governance factors as well. In today's world, both the increase in social chaos, disasters and epidemics all over the world reveal the importance of addressing the issue of sustainability at the institutional and even governmental level and taking urgent action.
In this context, sustainability indices have been created in many international stock markets since the end of the 1990s, which are created according to various criteria. These indices follow the companies that comply with the concept of sustainability. Today, many developing country stock markets also have sustainability indices. In this study, the interaction between the change in the sustainability index and macroeconomic indicators in developing countries was examined in order to be able to set forth the significance of the impact level of sustainability on the economy in the developing countries.
Methodology- Within the scope of the subject, the importance of adapting to sustainability in the developing countries and the activities carried out are also discussed. Within the analysis, the annual percentage change in the sustainability index in seven selected developing countries and macroeconomic indicators such as change in consumer price index and change in dollar-based exchange rates were examined for the period of 2015-2022 by the panel data methodology.
Findings- According to the findings, the impacts of changes in exchange rates and consumer price index on the sustainability indices are statistically significant. While exchange rates have negative effect, consumer price indices have positive effect on the sustainability indices.
Conclusion- Findings are expected to reveal the supportability and importance of sustainability in the developing countries and shed light for future research that this issue needs and worth to be investigated more deeply.

Anahtar Kelimeler

: Sustainability socially responsible investment macroeconomic indicators developing countries panel data

Kaynakça

  • Ahn, S.H. & Kim, S.W (2015). Social investment, social service and the economic performance of welfare states. International Journal of Social Welfare, 24(2), 109–119.
  • Artie W.Ng (2019). Socially responsible investing in sustainable development. In book: Encyclopedia of Sustainability in Higher Education, Springer. Retrieved from https://www.researchgate.net/publication/332103339_Socially_Responsible_Investing_in_Sustainable_Development , Accessed: 27.10.2021.
  • Ballestero, E., Pérez-Gladish, B., & García-Bernabeu, A. (Eds.). (2015). Socially responsible investment: A multicriteria decision making approach. Heidelberg: Springer, 3-17.
  • Bernatonyte, D., Vilke, R., & Keizeriene, E. (2009). Economic crisis impact directions concerning corporate social responsibility in Lithuanian SMEs. Economics and Management, (14), 229-236.
  • Boulouta, I. & Pitelis, C.N. (2014). Who needs CSR? The ımpact of corporate social responsibility on national competitiveness. Journal of Business Ethics, 119(3), 349–64.
  • Brundtland, G.H. (1987). Our Common Future: Report of the World Commission on Environment and Development. Geneva, UN-Dokument A/42/427.
  • Chapple, W. & Moon, J. (2005). Corporate social responsibility (CSR) in Asia a seven-country study of CSR web site reporting. Business and Society, 44(4), 415- 441.
  • Chih, H.L., Chih, H.H., & Chen, T.Y. (2010). On the determinants of corporate social responsibility: international evidence on the financial industry. Journal of Business Ethics, 93(1), 115-135.
  • Dam, L. & B. J. Heijdra (2011). The environmental and macroeconomic effects of socially responsible investment. Journal of Economic Dynamics and Control, 35(9), 1424–1434.
  • Domini, A. L., & Kinder, P. D (1984). Ethical investing. Addison-Wesley-Boston, MA, USA.
  • Ekelund, R.B., Hebert, R.F. & Tollison, R.D. (1989). An economic model of the medieval church: usury as a form of rent seeking. Journal of Law, Economics, & Organization, 5(2), 307-331.
  • Emas, R. (2015). The concept of sustainable development: definition and defining principles, Brief for GSDR 2015, https://sustainabledevelopment.un.org/content/documents/5839GSDR%202015_SD_concept_definiton_rev.pdf, Accessed: 21.11.2022.
  • Global Sustainable Investment Alliance-GSIA (2021). Global Sustainable Investment Review 2020. Retrieved from http://www.gsialliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf, Access: 27.10.2021.
  • Harrison, J.S., & Berman, S.L (2016). Corporate social performance and economic cycles. Journal of Business Ethics 138(2), 279–294.
  • Hope, K.R. (2020), Corruption reduction as a target of the sustainable development goals: Applying indicators and policy frameworks, (Ed. Blaustein, J., Fitz-Gibbon, K., Pino, N.W. and White, R.) The Emerald Handbook of Crime, Justice and Sustainable Development, Bingley: Emerald Publishing Limited, pp. 105-130.
  • Investing.com, https://www.investing.com/, Accessed: 29.10.2022. Karen Heese (2005). The development of socially responsible investment in South Africa: experience and evolution of SRI in global markets. Development Southern Africa, 38(5), 729-739.
  • Krajnakova, E., Navickas, V., & Kontautiene, R. (2018). Effect of macroeconomic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia. Oeconomia Copernicana, 9(3), 477–492.
  • Kwarteng, A., Dadzie, S.A. and Famiyeh, S. (2016). Sustainability and competitive advantage from a developing economy. Journal of Global Responsibility, 7(1): 110-125.
  • Lowry, R. P (1993). Good money: A guide to profitable social investing in the’90s. WW Norton & Company.
  • Muzindutsi, P.F. & Sekhampu, T.J (2013). Interaction between socially responsible investment (SRU) sector and selected macroeconomic variables in South Africa. Global Business and Technology Association Fifteenth Annual International Conference, Readings book, 922-929.
  • NBUPPE - The New Brunswick Union of Public & Private Employees (2009). Cool comforts II - A guide for union pension committee members / trustees and investors with all sized portfolios using our capital to save our future, https://labor4sustainability.org/joinus/cool_comforts_2.pdf, Accessed: 21.11.2022.
  • Renneboog, L., ter Horst, J. & Zhang, C. (2008). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14(3), 302–322.
  • Schroders (2016). A short history of responsible investing, https://www.schroders.com/en/insights/global-investor-study/a-short-history-ofresponsible-investing-300-0001/, Accessed: 21.11.2022.
  • Social Investment Forum (2006). Report on Socially Responsible Investing Trends in the United States. Washington, DC.
  • The Forum for Sustainable and Responsible Investment - SIF, https://www.ussif.org/, Accessed: 27.10.2021.
  • The Social Equity Group, History of Socially Responsible Investing, http://socialequity.com/Socially-history.htm, Accessed: 21.11.2022.
  • The Social Equity Group. History of Socially Responsible Investing. Retrieved from https://www.socialequity.com/Socially-history.htm, Accessed: 27.10.2021.
  • Townsend, Blaine (2020). From SRI to ESG: The origins of socially responsible and sustainable investing. The Journal of Impact and ESG Investing, Fall 2020, 1(1):10-25.
  • USSIF (2017). Adding sustainable and responsible ınvesting options to defined contribution plans- A resource guide for plan sponsors, https://www.iscebs.org/Symposium/Documents/2017Sessions/Wednesday/Adding%20SRI%20Options%20to%20DC%20Plans_Resource%20Guide%20for%20Plan%20Sponsors%20-%20US%20SIF%20-%20July%202017.pdf, Accessed: 24.11.2022.
  • Vincent, J. (2014). Historical, religious and scholastic prohibition of usury: The common origins of western and Islamic financial practices. Student Works. 600.
  • Widyawati L. (2019). A systematic literature review of socially responsible investment and environmental social governance metrics. Business Strategy and the Environment, 29(2), 619-637.
  • World Bank, “World Development Indicators”, https://databank.worldbank.org/source/world-development-indicators, Accessed: 16.09.2022.
  • Xiaoyan Z., Caldecott, B., Harnett, E. & Schumacher, K. (2020). The effect of firm-level esg practices on macroeconomic performance. Oxford Sustainable Finance Programme, Smith School of Enterprise and the Environment, University of Oxford, Working Paper No. 20-03.
  • Zadek, S. (2006). Responsible competitiveness: Reshaping global markets through responsible business practices. Corporate Governance, 6(4), 334-348.
Toplam 34 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Articles
Yazarlar

Merve Tuncay 0000-0002-2379-1314

Bayarmaa Dorjnaran 0000-0001-5999-9208

Yayımlanma Tarihi 31 Mart 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 10 Sayı: 1

Kaynak Göster

APA Tuncay, M., & Dorjnaran, B. (2023). HOW DO SOCIALLY RESPONSIBLE INVESTMENT AND MACROECONOMIC INDICATORS INTERACT WITH EACH OTHER? THE CASE OF SELECTED DEVELOPING COUNTRIES. Journal of Economics Finance and Accounting, 10(1), 55-64.

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