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  1.  15
    On the Price of Morals in Markets: An Empirical Study of the Swedish AP-Funds and the Norwegian Government Pension Fund.Andreas G. F. Hoepner & Lisa Schopohl - 2018 - Journal of Business Ethics 151 (3):665-692.
    This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model or due to a company’s violations of international norms. We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher risk than the (...)
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  2.  10
    State Pension Funds and Corporate Social Responsibility: Do Beneficiaries’ Political Values Influence Funds’ Investment Decisions?Andreas G. F. Hoepner & Lisa Schopohl - 2020 - Journal of Business Ethics 165 (3):489-516.
    This study explores the underlying drivers of US public pension funds’ tendency to tilt their portfolios towards companies with stronger corporate social responsibility. Studying the equity holdings of large, internally managed US state pension funds, we find evidence that the political leaning of their beneficiaries and political pressures by state politicians affect funds’ investment decisions. State pension funds from states with Democratic-leaning beneficiaries tilt their portfolios more strongly towards companies that perform well on CSR issues, and this tendency is intensified (...)
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  3.  12
    Does an Asset Owner’s Institutional Setting Influence Its Decision to Sign the Principles for Responsible Investment?Andreas G. F. Hoepner, Arleta A. A. Majoch & Xiao Y. Zhou - 2021 - Journal of Business Ethics 168 (2):389-414.
    From a simple idea to unite asset owners in their quest for responsible investment at its launch in April 2006, the United Nations supported Principles for Responsible Investment have grown in just one decade into an initiative with more than 1500 fee-paying signatories. Jointly, the PRI’s signatories hold assets worth more than $80 trillion, making it one of the more prevalent not-for-profit organizations worldwide. Furthermore, the PRI’s ambitious mission to transform the financial system at large into a more sustainable one (...)
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  4.  18
    The Level of Compliance with the International Code of Marketing of Breast-Milk Substitutes: Does It Matter to Stock Markets?Andreas G. F. Hoepner, Thereza Raquel Sales de Aguiar & Ravi Majithia - 2014 - Journal of Business Ethics 119 (3):329-348.
    The present paper explores, theoretically, and empirically, whether compliance with the International Code of marketing of breast-milk substitutes impacts on financial performance measured by stock markets. The empirical analysis, which considers a 20-year period, shows that stock markets are indifferent to the level of compliance by manufacturers with the International Code. Two important issues emerge from this result. Based on our finding that financial performance as measured by stock markets cannot explain the level of compliance, the first issue refers to (...)
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  5.  2
    The Contingent Role of Conflict: Deliberative Interaction and Disagreement in Shareholder Engagement.Irene Beccarini, Daniel Beunza, Fabrizio Ferraro & Andreas G. F. Hoepner - forthcoming - Business Ethics Quarterly:1-41.
    How is the tension between conflict and deliberation resolved in shareholder engagement? We address this question by studying shareholder engagement as a deliberative process with three stages: establishing dialogue, solution development, and solution implementation. We theorize that two interactionist mechanisms, deliberative interaction and the voicing of disagreement, play different roles at different stages of the process. We test our hypotheses with a proprietary database of 169 environmental, social, and governance engagements with US public companies over 2007–12. We find that while (...)
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