Investasi Etis (Ethical Investment) (Konsep, Dasar Pertimbangan Dan Pendekatan)

Abstract

Ethical investment has experienced very fast and high growth over the last decade. The growth and development of this investment occurs both at the local (Indonesian) level and at the global level. In Indonesia, the growth and development of ethical investment can be seen from the increasing number of ethical-based stock indices and the value of stock market capitalization in each of these indices. Meanwhile at the global level, it can be seen from the increase in the value of ethical investments, especially in the five main world markets, namely Europe, the United States, Japan, Canada and Australia and New Zealand. Underlying this phenomenon needs to be explored further on the issue of ethical investment. This article tries to explore more deeply ethical investing, especially regarding the concepts, basis for decisions and approaches (strategies) in ethical investment activities.

Developing Conceptual Framework of Ethical Investment Studies

“…Ethical investment has experienced very fast and high growth in the last decade (Renneboog et al, 2007b; Albaity and Ahmad, 2011; Pena and Cortez, 2017;Mubarok, 2022). The growth and development of ethical investment appear, both at the global level and in Indonesia (Mubarok, 2022).…”

“…Ethical investment has experienced very fast and high growth in the last decade (Renneboog et al, 2007b; Albaity and Ahmad, 2011; Pena and Cortez, 2017;Mubarok, 2022). The growth and development of ethical investment appear, both at the global level and in Indonesia (Mubarok, 2022). At the global level, The Global Sustainable Investment Alliance (GSIA), an international institution in the field of ethical investment, recorded the value of ethical investments assets, particularly in the world's major markets (Europe, United States, Japan, Canada and Australia and New Zealand) reaching $22.89 trillion in 2016.…”

“…The indexes are the Business-27 Index as an corporate governance-based index, the Sri-Kehati Index as a sustainability-based index (Rafik and Lantara, 2016), the Jakarta Islamic Index (JII), the Indonesian Sharia Stock Index (ISSI) and the Jakarta Islamic Index. 70 (JII70), as a religious (sharia) based index (Mubarok, 2022) The growth of ethical investment has attracted the interest of academics to conduct studies and research. This can be seen, both from the large number of public discussions (von Wallis and Klein, 2015) and from the academic literature (Sandberg et al 2008;von Wallis and Klein, 2015).…”

“…This study tries to complement Widyawati (2019), namely by reviewing additional literature related to ethical and religious-based ethical investment studies, especially studies in the sin stocks category. Mubarok (2022), after reviewing the ethical investment literature, explained that the term ethical investment is synonymous with the term socially responsible investments (SRI) (Sandberg et al, 2009;Cowton, 2018). Even Michelson et al (2004) use the two terms interchangeably.…”

Theory and Models Underlying Ethical Investment Research

“…Ethical investment has experienced very fast and high growth in the last decade (Renneboog et al, 2007; Albaity and Ahmad, 2011; Pena and Cortez, 2017;Mubarok, 2022). This investment activity has shifted from marginal to mainstream (Louche and Lydenberg, 2006).…”