Economics at your fingertips  

Pension Funds and the Principles for Responsible Investment: Multiplying Stakeholder Salience?

Andreas Hoepner and Arleta Majoch ()
Additional contact information
Andreas Hoepner: Henley Business School, University of Reading
Arleta Majoch: MSCI

No icma-dp2016-07, ICMA Centre Discussion Papers in Finance from Henley Business School, Reading University

Abstract: From a simple idea to unite pension funds in their quest for responsible investment at its launch in April 2006, the United Nations supported Principles for Responsible Investment (PRI) have grown in just one decade into an initiative with more than 1,500 fee paying signatories. These signatories consist of asset owners (e.g. pension funds, charities), the asset managers that serve them and service providers to both groups. Jointly, the PRI’s signatories hold over $60 trillion in assets under management, which makes PRI into one of the more prevalent non-for-profit organisations worldwide. This paper undertakes an empirical investigation of the stakeholder relationships PRI and its asset owner signatories during five crucial years of PRI’s emergence: 2007-2011. Guided by stakeholder salience theory, we explore the factors that drive asset owners to subscribe to PRI. Using a variety of public data sources, we overcomes the limitation of self-reported data qualifying the findings of Majoch et al. (2016). We find that for asset owners the most salient factors are utilitarian power, societal and pragmatic legitimacy, management values, and coalition building though the relevance of individual factor is not static but evolves over time with PRI’s emergence.

Keywords: legitimacy; pension funds; power; principles for responsible investment (PRI); stakeholder salience theory (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age
Date: 2016-09
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link) ... epner_and_Majoch.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found ( [302 Found]-->

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this paper

More papers in ICMA Centre Discussion Papers in Finance from Henley Business School, Reading University Contact information at EDIRC.
Bibliographic data for series maintained by Marie Pearson ().

Page updated 2018-12-05
Handle: RePEc:rdg:icmadp:icma-dp2016-07