| By: |
Ezzedine Ghlamallah (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon);
Laurence Gialdini (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon);
Sami Ben Larbi (CERGAM de Toulon - Centre d'Études et de Recherche en Gestion d'Aix-Marseille/Equipe de recherche de Toulon - CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon - IAE Toulon - Institut d'Administration des Entreprises (IAE) - Toulon - UTLN - Université de Toulon, UTLN - Université de Toulon) |
| Abstract: |
Purpose: The purpose of this study is to examine how ethical investment funds,
particularly socially responsible investment funds (SRI) and
sharī'ah-compliant investment funds (SCI), integrate societal issues into
their asset allocation and selection strategies. Design/methodology/approach:
This study is based on a multiple-theoretical framework and uses a qualitative
methodology. Thirty semi-structured interviews were conducted with SRI, SCI
and conventional asset management professionals to understand the asset
allocation and selection processes. Findings: The results show convergences in
the integration of societal issues between SRI and SCI funds but also
significant divergences linked to the underlying principles. Three manager
profiles are identified: committed, chameleon and cosmetic. The seven stages
in the process of integrating the issues of the Anthropocene Era into the
management practices of SCI and SRI are highlighted, as is the process of
SCI–SRI hybridization currently at work in the industry. Research
limitations/implications: The research was limited by sample size, and
regulatory variations were not considered. Future studies should explore the
impact of emerging technologies on ethical investing. Practical implications:
Ethical funds need to align their strategies with societal issues to maintain
their legitimacy and differentiate themselves in the market while avoiding
"greenwashing" and "islamicwashing" practices. Social implications: This study
highlights the importance of strengthening the integration of environmental,
social and corporate governance criteria for SRI funds and sharī'ah compliance
for SCI funds to meet stakeholder expectations and promote overall sustainable
development. Originality/value: This study proposes a new theoretical approach
that integrates financial, institutional and strategic concepts to analyze the
integration of societal issues into ethical fund practices. |
| Keywords: |
Greenwashing, Islamicwashing, Responsible investment, Islamic finance, Ethical finance, ESG, Sustainable develoment, Asset selection, Asset allocation, Shariah compliant investment, SRI socially responsible investment |
| Date: |
2025–07–31 |
| URL: |
https://d.repec.org/n?u=RePEc:hal:journl:hal-05232196 |