| 31. |
- Gärling, Tommy, 1941, et al.
(författare)
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Behavioural impediments to sustainable investment.
- 2008
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Ingår i: Paper presented at the 16th annual conference of European Association of Environmental and Resource Economists (EARE), University of Gothenburg, Göteborg, Sweden..
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Konferensbidrag (refereegranskat)abstract
- Institutional investors are large and powerful owners of corporate equity and have, through their investment decisions, the potential to influence company behaviour in a more sustainable direction. How can institutional investors be influenced? There are many obstacles to overcome before such influences will become more widespread. The present study investigates impediments to sustainable investment (SI) that reside within and between organizations of institutional investors. A questionnaire was addressed to 37 institutional fund companies with board directors, senior investment managers, and portfolio managers acting as respondents. A main impediment within the organizations is that top and portfolio management differs in their view on SI. Although they have similar beliefs about short- and long-term returns of SI funds, top management has a more positive view on intangibles associated with SI. This includes to what extent one believes that members of the own organization support a norm that SI should be implemented and that the share of SI in the own company will increase in the future. The main impediment to SI practice may also be traced to incentives and rules that through imitation are adopted across organisations, potentially underlying the frequently observed herding behaviour among institutional investors. We therefore also present evidence for the hypothesis that herding is caused by interdependence between institutional investors, for instance, that leading investors or a critical mass of investors influence many others to follow suit.
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| 32. |
- Gärling, Tommy, 1941, et al.
(författare)
-
Different kinds and roles of environmental uncertainty
- 1998
-
Ingår i: Journal of Environmental Psychology. - : Elsevier BV. - 0272-4944 .- 1522-9610. ; 18:1, s. 75-83
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Tidskriftsartikel (refereegranskat)abstract
- In environmental psychology different roles appears to be ascribed to the concept of environmental uncertainty: in environmental aesthetics optimization of environmental uncertainty is assumed to explain preferences, in environmental- stress research minimization of environmental uncertainty is assumed to reduce stress, and in research on resource dilemmas environmental uncertainty is assumed to be accurately monitored. An analysis of the different definitions in each area of research reveals that environmental uncertainty refers to both event- event and response- consequence covariation, that it is not assumed to be inherent but to relate to ignorance or faulty information processing, and that it is multifacet subsuming the concepts of probability, vagueness and ambiguity. Although the different research areas do not seem to differ importantly in their definitions of environmental uncertainty, there are differences in emphasis. A possible reconciliation rests on: (1) that in research on resource dilemmas it is incorrect that people accurately monitor environmental uncertainty but, in fact, are susceptible to a desirability bias; (2) that sensation seeking plays a role for risk taking in resource dilemmas; and (3) that in environmental- stress research conditions of high environmental uncertainty have primarily been investigated, thus leaving out conditions when an increase of uncertainty would be desirable. It may be concluded then that basically people are optimizers of environmental uncertainty. However, this does not rule out that they, under most of the prevailing conditions, want to reduce environmental uncertainty. To help them do that seems, therefore, more appropriate than to do the reverse.
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| 33. |
- Gärling, Tommy, 1941, et al.
(författare)
-
Interdependent decision making
- 2004
-
Ingår i: Symposium conducted at the 28th international congress of psychology, Beijing, China.
-
Konferensbidrag (refereegranskat)abstract
- Research on interdependent decision making attempts to disentangle determinants of choices people make between courses of action with outcomes benefiting themselves but hurting others or outcomes benefiting themselves as well as others. The aim of the symposium is to provide both overviews of previous research as well as highlighting new issues, paradigms, and findings. Topics include roles of uncertainty, social exchanges, taxonomies of social situations, and conformity influences
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| 34. |
- Gärling, Tommy, 1941, et al.
(författare)
-
Perceived Influences on Adoption of Socially Responsible Investment Among Swedish Institutional Investors
- 2008
-
Ingår i: "Emerging Markets, Currencies, and Financial Stability", University of Rome, December.
-
Konferensbidrag (refereegranskat)abstract
- Institutional investors are large and powerful owners of corporate equity and have, through their investment decisions, the potential to influence company behaviour in a more sustainable direction. How can institutional investors be influenced? There are many obstacles to overcome before such influences will become more widespread. The present study investigates impediments to sustainable investment (SI) that reside within and between organizations of institutional investors. A survey questionnaire was answered by 37 institutional fund companies with board directors, senior investment managers, and portfolio managers acting as respondents. It was found that a main impediment within the organizations is that top and portfolio management differs in their view on SI. Although they have similar beliefs about short-term and long-term returns of SI funds, top management has a more positive view on intangibles associated with SI. This includes to what extent one believes that members of the own organization support a norm that SI should be implemented and that the share of SI in the own company will increase in the future. The main impediment to SI practice may also be traced to incentives and rules that through imitation are adopted across organisations, potentially underlying the frequently observed herding behaviour among institutional investors.
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| 35. |
- Gärling, Tommy, 1941, et al.
(författare)
-
Psychology and social planning
- 2005
-
Ingår i: Psychology in our times. - Stockholm : Natur och kultur. - 9127094200 ; , s. 549-562
-
Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- Society embraces various collective resources such as education, health care, infra structure, and natural resources. To preserve collective resources, citizens must be prepared to cooperate and voluntarily contribute to their maintenance or realization. However, cooperation may require that individuals exercise some personal restraint. Such conflicts between collective and individual interests are in psychology referred to as social dilemmas. Building upon experimental research, this chapter highlights under what conditions people are willing to serve the common good.
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| 36. |
- Hansla, André, 1981, et al.
(författare)
-
Attitude toward environmental policy measures related to value orientation
- 2013
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Ingår i: Journal of Applied Social Psychology. - : Wiley. - 0021-9029. ; 43:3, s. 582-590
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Tidskriftsartikel (refereegranskat)abstract
- Moderated mediation effects on attitude toward environmental policy measures of a self-enhancement vs. self-transcendence value orientation were examined in two studies. Study 1 (n = 91) showed that for policy measures incurring nontransparent personal costs, influence of value orientation on attitude is fully mediated by environmental concern, whereas for measures incurring transparent personal costs, influence is partially mediated by environmental concern. Study 2 (n = 71) showed that while influence of value orientation on attitude toward eco-labeled electricity is not mediated by environmental concern, it is fully mediated by reluctance to pay surcharges for eco-labeled electricity. Value orientation was also shown to moderate influence of reluctance to pay on attitude in that reluctance had an effect only for a self-enhancement value orientation.
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| 37. |
- Hedesström, Martin, 1969, et al.
(författare)
-
Effects of bonuses on diversification in delegated stock portfolio management
- 2015
-
Ingår i: Journal of Behavioral and Experimental Finance. - : Elsevier BV. - 2214-6350. ; 7:September, s. 60-70
-
Tidskriftsartikel (refereegranskat)abstract
- Our aim is to investigate whether bonuses make stock portfolio managers take higher risks by diversifying less. In two experiments with undergraduates role-playing being professional investors, we test a model implying that they initially anchor on 100% allocation to one of two options delivering the largest bonus payout, then adjust towards allocating equally much to each option (maximal diversification) depending on the degree of perceived uncertainty of the bonus outcome. In Experiment 1 we find as expected that when the bonus is reduced, investment in the preferred option decreases such that diversification increases. Diversification is larger when uncertainty of the bonus outcome is made salient. In Experiment 2weshow that a majority herd strengthens the effect of a bonus for investing in a preferred option despite salient uncertainty of the bonus outcome. In actual stock markets such herding effects would result from investors being similarly rewarded by bonuses.
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| 38. |
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| 39. |
- Hedesström, Martin, 1969, et al.
(författare)
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Investigating consistency of judgement across sustainability analysts
- 2011
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Ingår i: Sustainable Development. - : Wiley. - 1099-1719 .- 0968-0802. ; 19:2, s. 119-134
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Tidskriftsartikel (refereegranskat)abstract
- We compare seven major European and North American sustainability analyst organizations on how they rank-order the same set of companies with regards to environmental performance. We also compare the analyst organizations’ environmental rating schemes with regards to which evaluation criteria they include. Two industries are investigated: automobile and paper/forestry. Although there is fairly broad consensus on which automobile companies have the worst environmental performance, there is considerable disagreement about best-performers. The pattern is less clear for paper/forestry companies. With some notable exceptions, and for both industries, all rating schemes contain evaluation criteria targeting those aspects of company performance associated, according to life-cycle assessments, with the largest potential environmental impact. There are, however, significant divergences as to how many, and which, criteria of medium to low relevance are applied. Sustainability analyst organizations should make explicit to investors and evaluated companies on which theoretical and empirical grounds environmental evaluation criteria are selected.
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| 40. |
- Hedesström, Martin, 1969, et al.
(författare)
-
Investigating consistency of judgement among SRI analyst organisations.
- 2007
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Ingår i: Paper presented at the 32nd IAREP Conference, Ljubljana, Slovenia..
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Konferensbidrag (refereegranskat)abstract
- We investigate the degree of consistency among major SRI analyst agencies in Europe and North America with regards to what criteria they take into account when rating companies. Lists of criteria, as well as actual company ratings, are obtained by contacting the SRI analyst agencies. We focus on environmental criteria, and limit the investigation to two specific industries: car manufacturing and forestry/paper. The reliability and validity of SRI ratings is frequently questioned. One objection relates to the apparent lack of theory behind the selection of criteria on which the ratings are based. However, empirical evidence for these claims is notably lacking in the literature. In order to assess the validity of the environmental assessment instruments, we aim to scrutinise how the lists of environmental criteria hold up against various theoretical frameworks. In order to assess the reliability of the instruments, we also aim to test to what degree the various SRI analyst organisations differ as to how they rank-order companies within the two industries.
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