The Role Values Play for Agency in Institutions

Risi, David; Vigneau, Laurence; Bohn, Stephan

doi:10.5465/ambpp.2019.10558abstract

Cited by 2 publications

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“…Consequently, the normative function of a reference group is that it provides individuals with a basis for forming goals and values and expects them to comply with the goals and values of their reference groups [39]. Values are normative beliefs that guide human actions, as they specify "the things that are worth having, doing, and being" [44] (p. 356; see also [45]). Values are particularly central in normative contexts when, as in the case of SRI, it is a matter of conceptualizing the respective possibilities and limits in reconciling economic and social aspects [46].…”

Section: Reference Group Theory Perspective On the Investment Behavio...mentioning

confidence: 99%

Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups

2021

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Sustainable development requires a shift from traditionally invested assets to socially responsible investing (SRI), bringing together financial profits and social welfare. Private high-net-worth individuals (HNWIs) are critical for this shift as they control nearly half of global wealth. While we know little about HNWIs’ investment behavior, reference group theory suggests that their SRI engagement is influenced by their identification with and comparison to reference groups. We thus ask: how do reference groups influence the investment behavior of SRI-oriented HNWIs? To answer this question, we analyzed a unique qualitative data set of 55 semi-structured interviews with SRI-oriented HNWIs and industry experts. Our qualitative research found that, on the one hand, the family serves as a normative reference group that upholds the economic profit motive and directly shapes HNWIs to make financial gains from their investments at the expense of social welfare. On the other hand, fellow SRI-oriented HNWIs serve as a comparative reference group that does not impose any concrete requirements on social welfare performance, indirectly influencing SRI-oriented HNWIs to subordinate social concerns to financial profits. Our scholarly insights contribute to the SRI literature, reference group theory, and practice.

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Section: Reference Group Theory Perspective On the Investment Behavio...mentioning

confidence: 99%

Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups

2021

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“…The review unravels the fragmentation of this literature into different levels of analysis, research methods, and perspectives of institutionalism, and identifies values as a joint focus across this literature. Risi et al (2019).…”

Section: Declaration Of Conflicting Interestsmentioning

confidence: 99%

Business and Society Research Drawing on Institutionalism: Integrating Normative and Descriptive Research on Values

Risi

2020

Business & Society

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Business and society (B&S) scholarship that uses the theoretical perspective of institutionalism combines different research approaches to values. Within the B&S literature drawing on institutionalism, we identified and categorized the research on values according to a spectrum of normative and/or descriptive approaches (including both and neither approaches). Primarily, we focused on how the normative and descriptive approaches interrelate and integrate. We argue that drawing on John Dewey’s pragmatism and Philip Selznick’s institutionalism can help further an integrative approach, which holds great potential for advancing theorization in the B&S field while increasing its practical relevance.

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The Role Values Play for Agency in Institutions

Cited by 2 publications

References 0 publications

Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups

Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups

Business and Society Research Drawing on Institutionalism: Integrating Normative and Descriptive Research on Values

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