A Comparison of Models Describing the Impact of Moral Decision Making on Investment Decisions

A Comparison of Models Describing the Impact of Moral Decision Making on Investment Decisions

As moral decision making in financial markets incorporates moral considerations into investment decisions, some rational decision theorists argue that moral considerations would introduce inefficiency to investment decisions. However, market demand for socially responsible investment is increasing,...

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Bibliographische Detailangaben
Veröffentlicht in:Journal of Business Ethics. - Springer Science + Business Media. - 82(2008), 1, Seite 171-187
1. Verfasser: Hofmann, Eva (VerfasserIn)
Weitere Verfasser: Hoelzl, Erik, Kirchler, Erich
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2008
Zugriff auf das übergeordnete Werk:Journal of Business Ethics
Schlagworte:Ethics Decision theory Behavioral economics Philosophy Economics Applied sciences Behavioral sciences Business Information science
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520 |a As moral decision making in financial markets incorporates moral considerations into investment decisions, some rational decision theorists argue that moral considerations would introduce inefficiency to investment decisions. However, market demand for socially responsible investment is increasing, suggesting that investment decisions are influenced by both financial and moral considerations. Several models can be applied to explain moral behavior. We test the suitability of (a) multiple attribute utility theory (MAUT), (b) theory of planned behavior, and (c) issue-contingent model of ethical decision making in organizations. In an experimental setting, 141 participants traded company shares in a computerized asset market. Over 12 periods, companies varied in morality (i.e., treatment of employees) and in profitability (i.e., expected dividends per share). Participants' bids and asks for shares were recorded. Results indicate that moral considerations influence investment decisions, controlling for profit. Differences between the three models are discussed. 
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650 4 |a Applied sciences  |x Research methods  |x Modeling  |x Behavior modeling 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial investments  |x Investment analysis  |x Investment decisions 
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650 4 |a Applied sciences  |x Research methods  |x Modeling 
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