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Buying CSR with employees'pensions? The effect of social responsible investments on Norwegian SMEs' choice of pension fund management A conjoint survey

机译:用员工的养老金购买企业社会责任?社会责任投资对挪威中小企业选择养老基金管理的影响联合调查

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Purpose - Employees often expect an emphasis on financial aspects to be predominant when their employers choose a fund management company for the investment of employees' pension fund deposits. By contrast, in an attempt to appear as socially responsible company managers may emphasize social responsibility (SR) in pension fund choices. The purpose of this paper is to examine to what extent managers for small- and medium-sized companies emphasize SR vs expected returns when choosing investment managers for their employees' pension funds. Design/methodology/approach - A conjoint experiment among 276 Norwegian SMEs' decision makers examines their trade-offs between social and financial goals in their choice of employees' pension management. Furthermore, the study examines how the companies' decision makers' characteristics influence their pension fund management choices. Findings - The findings show that the employers placed the greatest weight to suppliers providing funds adhering to socially responsible investment (SRI) practices, followed by the suppliers' corporate brand credibility, the funds' expected return, and the suppliers' management fees. Second, employers with investment expertise emphasized expected returns and downplayed SR in their choice, whereas employers with stated CSR-strategies downplayed expected return and emphasized SR. Originality/value - Choice of supplier to manage employees' pension funds relates to a general discussion on whether companies should do well - maximizing value, or do good, - maximizing corporate SR. In this study, doing well means maximizing expected returns and minimizing costs of the pension investments, whereas doing good means emphasizing SRI in this choice. Unfortunately, the employees might pay a price for their companies' ethicality as moral considerations may conflict with maximizing the employees' pension fund value.
机译:目的-当雇主选择雇主选择一家基金管理公司来投资员工的退休金存款时,员工通常会优先考虑财务方面的问题。相比之下,为了表现出对社会负责的公司管理者的身份,他们可能会在养老基金的选择中强调社会责任(SR)。本文的目的是研究中小型公司的经理在为雇员的养老基金选择投资经理时,在多大程度上强调SR与预期收益。设计/方法/方法-在276个挪威中小型企业的决策者中进行的联合实验,研究了他们在选择雇员的养老金管理时在社会和财务目标之间的权衡。此外,该研究还研究了公司决策者的特征如何影响他们的养老基金管理选择。调查结果-调查结果表明,雇主对供应商的重视程度最高,其提供的资金遵循社会责任投资(SRI)惯例,其次是供应商的企业品牌信誉,资金的预期收益和供应商的管理费。其次,具有投资专业知识的雇主强调预期回报,而选择了SR,而具有明确的CSR策略的雇主则淡化了预期回报并强调了SR。原创性/价值-选择供应商来管理员工的养老金与公司是否应该做好-最大化价值,或做好-最大化公司SR的一般性讨论有关。在这项研究中,做好意味着在养老金投资中获得最大的期望回报,并将其成本降到最低,而做好意味着在此选择中强调社会责任投资。不幸的是,由于道德方面的考虑可能与使雇员的退休金价值最大化相矛盾,雇员可能会为公司的道德付出代价。

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