Sources of Stakeholder Salience in the Responsible Investment Movement: Why Do Investors Sign the Principles for Responsible Investment?

Arleta Majoch (), Andreas Hoepner () and Tessa Hebb
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Arleta Majoch: ICMA Centre, Henley Business School, University of Reading
Andreas Hoepner: ICMA Centre, Henley Business School, University of Reading

ICMA Centre Discussion Papers in Finance from Henley Business School, University of Reading

Abstract: Using five years of internal proprietary data collected directly from United Nations supported Principles for Responsible Investment (PRI) signatories, we examine the attributes of the stakeholder relationship between investment organisations and the PRI. The analysis is carried out in the framework of Mitchell's et al. (1997) theory of stakeholder salience and its further developments by Gifford (2010).The findings highlight pragmatic legitimacy, organisational legitimacy, power attributes and management values as the factors having the most impact on the salience of the claim to sign the PRI in the eyes of investors.

Keywords: Stakeholder salience theory; Principles for Responsible Investment; PRI; UNPRI; responsible investment; socially responsible investment; stakeholder theory (search for similar items in EconPapers)
JEL-codes: G00 G02 G1 (search for similar items in EconPapers)
Date: 2014-10
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Persistent link: https://EconPapers.repec.org/RePEc:rdg:icmadp:icma-dp2014-13

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