تعداد نشریات | 161 |
تعداد شمارهها | 6,532 |
تعداد مقالات | 70,503 |
تعداد مشاهده مقاله | 124,120,190 |
تعداد دریافت فایل اصل مقاله | 97,227,030 |
What Drives Muslim Investors to Be Sri? The Role of Religiosity | ||
Interdisciplinary Journal of Management Studies (Formerly known as Iranian Journal of Management Studies) | ||
دوره 17، شماره 1، فروردین 2024، صفحه 147-168 اصل مقاله (851.46 K) | ||
نوع مقاله: Research Paper | ||
شناسه دیجیتال (DOI): 10.22059/ijms.2023.349029.675396 | ||
نویسندگان | ||
Hasan Al-Banna* 1؛ Syayyidah maftuhatul Jannah2 | ||
1Sunan Kalijaga State Islamic University Yogyakarta, Yogyakarta, Indonesia | ||
2Sunan Kalijaga State Islamic University Yogyakarta: Yogyakarta, Indonesia | ||
چکیده | ||
Purpose - The primary concern of SRI in Indonesia began in 2009 along with the establishment of the Sri Kehati Index (SKI). Since its launch, historically Sri Kehati index has shown better performance compared to several major indices such as the Composite Stock Price Index (CSPI), LQ45, Jakarta Islamic Index, and so on. However, the number of works of literature revealed that the majority of research focuses on the demographic of investors. While investigating related to the role of their religion still small. Moreover, the product of SRI in Indonesia has been established and the type of investor has been classified. Thus examining the behavior of Muslim investors is a necessity. Methodology - Self-administered questionnaire was used to collect the data. Then, the questionnaire was shared through an online form nationwide. 205 respondents were collected. Hence, partial least square structural equation modeling (PLS-SEM) was applied to analyze the data. Findings – The result revealed that socially-oriented investment, environmental-oriented investment, and religiosity have a positive significant influence on the intention to be a socially responsible investment. While financial-oriented investment has an insignificant influence on the intention to be a socially responsible investment. Moreover, religiosity moderates between socially oriented and environmentally oriented investment negatively. Originality – The present paper contributes to the existing literature by giving new evidence of Muslim investor intention in SRI in Indonesia. Research Implications - This research provides some practical contributions for policymakers to enhance the infrastructures of SRI. | ||
کلیدواژهها | ||
socially responsible investment؛ Muslim Investor؛ Investor behavior | ||
مراجع | ||
Amel-zadeh, A., & Serafeim, G. (2018). Why and How Investors Use ESG Information : Evidence from a Global Survey. June, 1–17.
Arenas, D., & Cranenburgh, K. C. Van. (2012). From Preaching to Investing : Attitudes of Religious Organisations Towards Responsible Investment. 301–320. https://doi.org/10.1007/s10551-011-1155-8
Arli Denni, F. T. (2016). Article information : Consumer Ethics , Religiosity , and Consumer Social Responsibility : Are.
Azreen, A., & Shauki, E. R. (2014). Socially responsible investment in Malaysia : behavioral framework in evaluating investors ’ decision making process. Journal of Cleaner Production, 80, 224–240. https://doi.org/10.1016/j.jclepro.2014.05.075
Ballestero, E., Bravo, M., Pérez-gladish, B., Arenas-parra, M., & Plà-santamaria, D. (2012). Socially Responsible Investment : A multicriteria approach to portfolio selection combining ethical and financial objectives. European Journal of Operational Research, 216(2), 487–494. https://doi.org/10.1016/j.ejor.2011.07.011
Barko, T., Cremers, M., & Renneboog, L. (2021a). Shareholder Engagement on Environmental, Social, and Governance Performance. Journal of Business Ethics. https://doi.org/10.1007/s10551-021-04850-z
Barko, T., Cremers, M., & Renneboog, L. (2021b). Shareholder Engagement on Environmental, Social, and Governance Performance. In Journal of Business Ethics. Springer Netherlands. https://doi.org/10.1007/s10551-021-04850-z
Bauer, R., & Smeets, P. (2015). Social identification and investment decisions. Journal of Economic Behavior and Organization, 117, 121–134. https://doi.org/10.1016/j.jebo.2015.06.006
Bennett, M. S., & Iqbal, Z. (2013). How socially responsible investing can help bridge the gap between Islamic and conventional financial markets. International Journal of Islamic and Middle Eastern Finance and Management, 6(3), 211–225. https://doi.org/10.1108/IMEFM-Aug-2012-0078
Benson, K. L., & Humphrey, J. E. (2008). Socially responsible investment funds : Investor reaction to current and past returns q. 32, 1850–1859. https://doi.org/10.1016/j.jbankfin.2007.12.013
Berry, T. C., & Junkus, J. C. (2013). Socially Responsible Investing : An Investor Perspective. December 2012, 707–720. https://doi.org/10.1007/s10551-012-1567-0
Binmahfouz, S., & Kabir Hassan, M. (2013a). Sustainable and socially responsible investing: Does Islamic investing make a difference? Humanomics, 29(3), 164–186. https://doi.org/10.1108/H-07-2013-0043
Binmahfouz, S., & Kabir Hassan, M. (2013b). Sustainable and socially responsible investing: Does Islamic investing make a difference? Humanomics, 29(3), 164–186. https://doi.org/10.1108/H-07-2013-0043
Borgers, A. C. T., & Pownall, R. A. J. (2014). Journal of Behavioral and Experimental Finance Attitudes towards socially and environmentally responsible investment. Journal of Behavioral and Experimental Finance, 1, 27–44. https://doi.org/10.1016/j.jbef.2014.01.005
Borgers, A., Derwall, J., Koedijk, K., & Horst, J. (2015). Do social factors influence investment behavior and performance? Evidence from mutual fund holdings. JOURNAL OF BANKING FINANCE. https://doi.org/10.1016/j.jbankfin.2015.07.001
Burchi, A., & Włodarczyk, B. (2020). ‘Best in class’’ socially responsible investment. The actual performance evaluation between the US and Europe.’ Journal of Sustainable Finance and Investment, 0(0), 1–24. https://doi.org/10.1080/20430795.2020.1742012
Castro, E., Hassan, M. K., Rubio, J. F., & Halim, Z. A. (2020a). Relative performance of religious and ethical investment funds. Journal of Islamic Accounting and Business Research, 11(6), 1227–1244. https://doi.org/10.1108/JIABR-04-2019-0084
Castro, E., Hassan, M. K., Rubio, J. F., & Halim, Z. A. (2020b). Relative performance of religious and ethical investment funds. Journal of Islamic Accounting and Business Research, 11(6), 1227–1244. https://doi.org/10.1108/JIABR-04-2019-0084
Cebula, R. J., & Rossi, · Fabrizio. (2021). Religiosity and corporate risk-taking: evidence from Italy. Journal of Economics and Finance. https://doi.org/10.1007/s12197-021-09543-x
Charfeddine, L., & Najah, A. (2015). Socially responsible investing and Islamic funds: New perspectives for portfolio allocation. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2015.09.031
Chatzitheodorou, K., Skouloudis, A., & Evangelinos, K. (2019). Exploring socially responsible investment perspectives : A literature mapping and an investor classification. Sustainable Production and Consumption, 13(xxxx), 1–13. https://doi.org/10.1016/j.spc.2019.03.006
Chatzitheodorou, K., Skouloudis, A., Evangelinos, K., & Nikolaou, I. (2019). Exploring socially responsible investment perspectives: A literature mapping and an investor classification. In Sustainable Production and Consumption (Vol. 19, pp. 117–129). Elsevier B.V. https://doi.org/10.1016/j.spc.2019.03.006
Cronqvist, H., & Yu, F. (2017). Shaped by Their Daughters: Executives, Female Socialization, and Corporate Social Responsibility. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2017.09.003
Dilla, W. (2016). Investor views, investment screen use, and socially responsible investment behavior.
Dočekalová, M. P., & Kocmanová, A. (2018). Comparison of Sustainable Environmental, Social, and Corporate Governance Value Added Models for investors decision making. Sustainability (Switzerland), 10(3). https://doi.org/10.3390/su10030649
Dyck, A., Lins, K. V, Roth, L., & Wagner, H. F. (2018). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2018.08.013
Erragraguy, E., & Revelli, C. (2015). Should Islamic investors consider SRI criteria in their investment strategies ? FINANCE RESEARCH LETTERS. https://doi.org/10.1016/j.frl.2015.07.003
Farooq, Q. (2019). Understanding corporate social responsibility with cross ‐ cultural differences : A deeper look at religiosity. December 2018, 1–7. https://doi.org/10.1002/csr.1736
Gajewski, J. F., Heimann, M., & Meunier, L. (2022). Nudges in SRI: The Power of the Default Option. Journal of Business Ethics, 177(3), 547–566. https://doi.org/10.1007/s10551-020-04731-x
Galema, R., Plantinga, A., & Scholtens, B. (2008). The stocks at stake : Return and risk in socially responsible investment. Journal of Banking and Finance, 32(12), 2646–2654. https://doi.org/10.1016/j.jbankfin.2008.06.002
Ghoul, K. (2007). MRI and SRI Mutual Funds : A Comparison of Christian , Islamic.
Gonzales, M., & Chamorro-mera, A. (2018). Analysis of the Predictive Variables of the Intention to Invest in A Socially Responsible Manner. https://doi.org/10.1016/j.jclepro.2018.06.066
Gruyter, E. de, Petrie, D., Black, N., & Gharghori, P. (2020). Attracting investors for public health programmes with Social Impact Bonds. Public Money and Management, 40(3), 225–236. https://doi.org/10.1080/09540962.2020.1714312
GSIR. (2020). Global Sustainable Investment Review 2020.
Gutsche, G., & Zwergel, B. (2020). Investment Barriers and Labeling Schemes for Socially Responsible Investments. Schmalenbach Business Review, 72(2), 111–157. https://doi.org/10.1007/s41464-020-00085-z
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a Silver Bullet. The Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/MTP1069-6679190202
Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014a). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014b). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
Hedesstro, T. M., & Hamilton, I. (2009). The Heterogeneity of Socially Responsible Investment Joakim Sandberg. 519–533. https://doi.org/10.1007/s10551-008-9956-0
Hilary, G., & Hui, K. W. (2009). Does religion matter in corporate decision making in America? Journal of Financial Economics, 93(3), 455–473. https://doi.org/10.1016/j.jfineco.2008.10.001
Hill, R. P., Ainscough, T., Shank, T., & Manullang, D. (2007). Corporate social responsibility and socially responsible investing: A global perspective. Journal of Business Ethics, 70(2), 165–174. https://doi.org/10.1007/s10551-006-9103-8
Hoffmann, R., Cam, M., & Camilleri, A. R. (2019). Deciding to invest responsibly : Choice architecture and demographics in an incentivised retirement savings experiment. Journal of Behavioral and Experimental Economics, 80(May), 219–230. https://doi.org/10.1016/j.socec.2019.04.005
Jones, S., Laan, S. Van Der, Frost, G., & Loftus, J. (2008). The Investment Performance of Socially Responsible Investment Funds in Australia. 181–203. https://doi.org/10.1007/s10551-007-9412-6
Junkus, J., & Berry, T. D. (2015). Socially responsible investing: a review of the critical issues.
Junkus, J. C., & Berry, T. C. (2010). The demographic profile of socially responsible investors. https://doi.org/10.1108/03074351011042955
Kempf, A., & Osthoff, P. (2007). The Effect of Socially Responsible Investing on Portfolio Performance. 13(5), 908–922. https://doi.org/10.1111/j.1468-036X.2007.00402.x
Khedmati, M., Aminu Sualihu, M., & Yawson, A. (2021). Does religiosity matter for corporate labor investment decisions? Journal of Contemporary Accounting & Economics, 17(2), 100264. https://doi.org/10.1016/j.jcae.2021.100264
Labidi, C., Laribi, D., & Ureche-Rangau, L. (2021). National culture and socially responsible fund flows. Emerging Markets Review, 46, 100751. https://doi.org/10.1016/j.ememar.2020.100751
Li, C., Xu, Y., Gill, A., Haider, Z. A., & Wang, Y. (2018). Religious beliefs, socially responsible investment, and cost of debt: Evidence from entrepreneurial firms in India. Emerging Markets Review, #pagerange#. https://doi.org/10.1016/j.ememar.2018.12.001
Li, X., Li, C., Wang, Z., Jiao, W., & Pang, Y. (2020). The effect of corporate philanthropy on corporate performance of Chinese family firms: The moderating role of religious atmosphere. Emerging Markets Review, 100757. https://doi.org/10.1016/j.ememar.2020.100757
Lin, S. T., & Niu, H. J. (2018). Green consumption: Environmental knowledge, environmental consciousness, social norms, and purchasing behavior. Business Strategy and the Environment, 27(8), 1679–1688. https://doi.org/10.1002/bse.2233
Long, X., Chen, Y., Du, J., Oh, K., Han, I., & Yan, J. (2017). The effect of environmental innovation behavior on economic and environmental performance of 182 Chinese firms. Journal of Cleaner Production, 166, 1274–1282. https://doi.org/10.1016/j.jclepro.2017.08.070
Lu, L., & Wu, Y. (2020). Does religion enhance firm performance? Evidence from private firms in China. China Economic Review, 62, 101480. https://doi.org/10.1016/j.chieco.2020.101480
Luu, T. T. (2019). Green human resource practices and organizational citizenship behavior for the environment: the roles of collective green crafting and environmentally specific servant leadership. Journal of Sustainable Tourism, 27(8), 1167–1196. https://doi.org/10.1080/09669582.2019.1601731
Miras-rodríguez, M. M., Carrasco-gallego, A., & Escobar-pérez, B. (2015). Are Socially Responsible Behaviors Paid Off Equally? A Cross-cultural Analysis. 256(September 2013), 237–256. https://doi.org/10.1002/csr.1344
Misra, R., Srivastava, S., & Banwet, D. K. (2019). Do religious and conscious investors make better economic decisions? evidence from India. Journal of Behavioral and Experimental Finance. https://doi.org/10.1016/j.jbef.2019.02.003
Mun, I., & S, A. (2009). Optimal investment portfolio in renewable energy : The Spanish case. 37, 5273–5284. https://doi.org/10.1016/j.enpol.2009.07.050
Nainggolan, Y., How, J., & Verhoeven, P. (2015). Ethical Screening and Financial Performance : The Case of Islamic Equity Funds. https://doi.org/10.1007/s10551-014-2529-5
Nilsson, J. (2007). Investment with a Conscience : Examining the Impact of Pro-Social Attitudes and Perceived Financial Performance on Socially Responsible Investment Behavior. 307–325. https://doi.org/10.1007/s10551-007-9621-z
Nilsson, J. (2009). Segmenting socially responsible mutual fund investors The influence of financial return and social responsibility. https://doi.org/10.1108/02652320910928218
Nilsson, J., Nordvall, A., & Isberg, S. (2016). The Information Search Process of Socially Responsible Investors. 5–18. https://doi.org/10.1057/fsm.2010.5.
Palacios-González, M. M., & Chamorro-Mera, A. (2018). Analysis of the predictive variables of the intention to invest in a socially responsible manner. Journal of Cleaner Production, 196, 469–477. https://doi.org/10.1016/j.jclepro.2018.06.066
Palacios-González, M. M., & Chamorro-Mera, A. (2020). Analysis of the intention to invest in a socially responsible manner: a segmentation of the Spanish investor. Revista Espanola de Financiacion y Contabilidad, 49(2), 127–142. https://doi.org/10.1080/02102412.2019.1598700
Paranque, B., & Erragragui, E. (2016). Islamic investment versus socially responsible investment: Lessons from comparison. Critical Studies on Corporate Responsibility, Governance and Sustainability, 10, 355–383. https://doi.org/10.1108/S2043-905920160000010034
Pattberg, P. (2012). How climate change became a business risk: Analyzing nonstate agency in global climate politics. Environment and Planning C: Government and Policy, 30(4), 613–626. https://doi.org/10.1068/c1179
Pimentel, J. L. (2019). Some Biases in Likert Scaling Usage and its Correction | International Journal of Sciences: Basic and Applied Research (IJSBAR). International Journal of Sciences, 45(1), 183–191.
Pinzone, M., Guerci, M., Lettieri, E., & Huisingh, D. (2019). Effects of ‘green’ training on pro-environmental behaviors and job satisfaction: Evidence from the Italian healthcare sector. Journal of Cleaner Production, 226, 221–232. https://doi.org/10.1016/j.jclepro.2019.04.048
Ramos, A., Labandeira, X., & Löschel, A. (2015). Pro-environmental Households and Energy Efficiency in Spain. https://doi.org/10.1007/s10640-015-9899-8
Rehman, M. U., & Vo, X. V. (2020). Is a portfolio of socially responsible firms profitable for investors? Journal of Sustainable Finance and Investment, 10(2), 191–212. https://doi.org/10.1080/20430795.2019.1700722
Renneboog, L., ter Horst, J., & Zhang, C. (2011). Is ethical money financially smart? Nonfinancial attributes and money flows of socially responsible investment funds. Journal of Financial Intermediation, 20(4), 562–588. https://doi.org/10.1016/j.jfi.2010.12.003
Renneboog, L., Ter, J., & Zhang, C. (2008). Socially responsible investments : Institutional aspects , performance , and investor behavior. 32, 1723–1742. https://doi.org/10.1016/j.jbankfin.2007.12.039
Renneboog, L., Ter, J., & Zhang, C. (2011). Is ethical money financially smart ? Nonfinancial attributes and money flows of socially responsible investment funds. Journal of Financial Intermediation, 20(4), 562–588. https://doi.org/10.1016/j.jfi.2010.12.003
Revelli, C. (2016). Re-embedding financial stakes within ethical and social values in socially responsible investing (SRI). Research in International Business and Finance, 38, 1–5. https://doi.org/10.1016/j.ribaf.2016.03.003
Revelli, C., & Viviani, J. (2014). Business Ethics : A European Review Financial performance of socially responsible investing ( SRI ): what have we learned ? A meta-analysis. 1–28. https://doi.org/10.1111/beer.12076
Riedl, A., & Smeets, P. (2017). Why Do Investors Hold Socially Responsible Mutual Funds? Journal of Finance, 72(6), 2505–2550. https://doi.org/10.1111/jofi.12547
Rossi, M., Sansone, D., Soest, A. Van, & Torricelli, C. (2019). Household preferences for socially responsible investments. Journal of Banking and Finance, 105, 107–120. https://doi.org/10.1016/j.jbankfin.2019.05.018
Sarstedt, M., Hair, J. F., Nitzl, C., Ringle, C. M., & Howard, M. C. (2020). Beyond a tandem analysis of SEM and PROCESS: Use of PLS-SEM for mediation analyses! International Journal of Market Research, 62(3), 288–299. https://doi.org/10.1177/1470785320915686
Sarstedt, M., Ringle, C. M., Cheah, J. H., Ting, H., Moisescu, O. I., & Radomir, L. (2020). Structural model robustness checks in PLS-SEM. Tourism Economics, 26(4), 531–554. https://doi.org/10.1177/1354816618823921
Sciarelli, M., Cosimato, S., Landi, G., & Iandolo, F. (2021). Socially responsible investment strategies for the transition towards sustainable development: the importance of integrating and communicating ESG. TQM Journal, 33(7), 39–56. https://doi.org/10.1108/TQM-08-2020-0180
Solomon, J. F., Solomon, A., Norton, S. D., & Joseph, N. L. (2011). Private climate change reporting: An emerging discourse of risk and opportunity? Accounting, Auditing and Accountability Journal, 24(8), 1119–1148. https://doi.org/10.1108/09513571111184788
Sparkes, R. (2008). Socially Responsible Investment. 137–146.
Sparkes, R., & Cowton, C. J. (2004). The Maturing Of Socially Responsible Investment : A Review Of The Developing Link With Corporate Social Responsibility. 45–57.
Thanki, H., Shah, S., Rathod, H. S., Oza, A. D., & Burduhos-Nergis, D. D. (2022). I Am Ready to Invest in Socially Responsible Investments (SRI) Options Only If the Returns Are Not Compromised: Individual Investors’ Intentions toward SRI. Sustainability (Switzerland), 14(18). https://doi.org/10.3390/su141811377
Tripathi, V., & Kaur, A. (2020a). Socially responsible investing: performance evaluation of BRICS nations. Journal of Advances in Management Research, 17(4), 525–547. https://doi.org/10.1108/JAMR-02-2020-0020
Tripathi, V., & Kaur, A. (2020b). Socially responsible investing: performance evaluation of BRICS nations. Journal of Advances in Management Research, 17(4), 525–547. https://doi.org/10.1108/JAMR-02-2020-0020
Ullah, S., Jamali, D., & Harwood, I. A. (2014a). Socially responsible investment : insights from Shari ’ a departments in Islamic financial institutions. 23(2), 218–233. https://doi.org/10.1111/beer.12045
Ullah, S., Jamali, D., & Harwood, I. A. (2014b). Socially responsible investment: Insights from Shari’a departments in Islamic financial institutions. Business Ethics, 23(2), 218–233. https://doi.org/10.1111/beer.12045
van Dooren, B., & Galema, R. (2018). Socially responsible investors and the disposition effect. Journal of Behavioral and Experimental Finance, 17, 42–52. https://doi.org/10.1016/j.jbef.2017.12.006
Vives, A., & Wadhwa, B. (2012). Sustainability indices in emerging markets: impact on responsible practices and financial market development. Journal of Sustainable Finance and Investment, 2(3–4), 318–337. https://doi.org/10.1080/20430795.2012.715578
Wallis, M. Von, & Klein, C. (2014). Ethical requirement and financial interest : a literature review on socially responsible investing. https://doi.org/10.1007/s40685-014-0015-7
Webley, P., Lewis, A., & Mackenzie, C. (2001). Commitment among ethical investors: An experimental approach. In Journal of Economic Psychology (Vol. 22). www.elsevier.com/locate/joep
Widyawati, L. (2020). A systematic literature review of socially responsible investment and environmental social governance metrics. Business Strategy and the Environment, 29(2), 619–637. https://doi.org/10.1002/bse.2393
Williams, G. (n.d.). Socially Responsible Investment in Asia. https://ink.library.smu.edu.sg/lien_research
Williams, G. (2007). Some Determinants of the Socially Responsible Investment Decision : A Cross-Country Study. October 2014, 37–41. https://doi.org/10.1080/15427560709337016
Williams, G. A. (2011). Some Determinants of the Socially Responsible Investment Decision: A Cross Country Study. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.905189
Xu, X., Xie, Y., Xiong, F., & Li, Y. (2022). The Impact of COVID-19 on Investors’ Investment Intention of Sustainability-Related Investment: Evidence from China. Sustainability (Switzerland), 14(9). https://doi.org/10.3390/su14095325
Zulkafli, A. H., Ahmad, Z., & M, E. E. (2017). The Performance of Socially Responsible Investments in Indonesia : A Study of the Sri Kehati Index ( SKI ). 19(1), 59–76.
| ||
آمار تعداد مشاهده مقاله: 650 تعداد دریافت فایل اصل مقاله: 622 |