Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries

Bert Scholtens*, Riikka Sievänen

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

48 Citations (Scopus)


In this study, we try to establish what determines the substantial differences in the Nordic countries' size and composition of socially responsible investing (SRI). We investigate if these differences between Denmark, Finland, Norway, and Sweden can be associated with key characteristics in economics, finance, culture, and institutions. We find that in particular economic openness, the size of the pension industry, and cultural values of masculinity (femininity) and uncertainty avoidance can be associated with the differences in SRI in the four countries. On basis of these findings, we lay foundations for an international theory of SRI.

Original languageEnglish
Pages (from-to)605-616
Number of pages12
JournalJournal of Business Ethics
Issue number3
Publication statusPublished - Jul 2013


  • Culture
  • Economics
  • Finance
  • Institutions
  • Nordic countries
  • Socially responsible investments


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