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| Tekijä: | Pasewark, W.R. Riley, M.E. |
| Otsikko: | It's a matter of principle: the role of personal values in investment decisions |
| Lehti: | Journal of Business Ethics
2010 : MAY, VOL. 93:2, p. 237-253 |
| Asiasana: | investment business ethics tobacco industry decision making social change social responsibility |
| Kieli: | eng |
| Tiivistelmä: | We examine the effect of personal values on an investment decision in a controlled experimental setting. Participants were asked to choose an investment in a bond issued by either a tobacco company or a non-tobacco company offering an equal or sometimes lower yield. Afterwards, the participants were surveyed regarding their feelings toward tobacco use to find out whether these values impacted their investment decision. Applying factor analysis, investment- and tobacco-related dimensions on which participantsÂ’ responses tended to load were identified. Two factors, relating to the societal effect of investment decisions and tobacco's health impacts, were highly significant in deciding whether to select a tobacco or non-tobacco related investment. Also, we found that when the rate of return on a tobacco-related investment exceeds the rate of return on an investment not connected to tobacco by 1%, the intensity of concerns about the investment decisions' societal effects was even more pronounced in determining investment choices. This implies that traditional wealth-maximization approaches, not acknowledging the personal values of the investor, omit an important area affecting investment decisions. |
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