European pension funds and sustainable development: trade-offs between finance and responsibility

Riikka Sievänen, Hannu Rita, Bert Scholtens

Research output: Contribution to journalArticlepeer-review

10 Citations (Scopus)
2 Downloads (Pure)


Pension funds try to account for sustainable development in their operations. This mainly translates in socially responsible investing. We investigate how this interacts with the financial objectives. We use a survey among more than 250 pension funds based in 15 European countries. Multinomial logistic regression is used to find out how pension funds trade off sustainable development and financial objectives. Our findings suggest that pension funds that have not included responsibility in their strategy and investments have a clear priority for financial performance, whereas pension funds who integrate sustainable development in their strategy can bring balance between finance and responsibility.
Original languageEnglish
Pages (from-to)912-926
JournalBusiness Strategy and the Environment
Issue number7
Early online date28 Mar 2017
Publication statusPublished - 6 Nov 2017


  • Responsible investment
  • Sustainable development
  • Pension funds
  • Finance
  • Values
  • Strategy


Dive into the research topics of 'European pension funds and sustainable development: trade-offs between finance and responsibility'. Together they form a unique fingerprint.

Cite this