{"title":"The impact of financial analysts’ spirituality on their socially responsible investing decisions: a mediating role of social consciousness","authors":"A. Shahid, Hafiza Sobia Tufail, Waqas Baig, Aimen Ismail, Jawad Shahid","doi":"10.1108/par-07-2023-0101","DOIUrl":null,"url":null,"abstract":"Purpose\nThis paper aims to contribute to the social aspect of corporate social responsibility literature by examining the influence of financial analysts’ spirituality on their socially responsible investing (SRI) decisions relating to a profitable organization, which is alleged by the media to employ children as laborers in hazardous works in Pakistan. This study also investigates whether analysts’ social consciousness mediates between their spirituality and investing decisions.\n\nDesign/methodology/approach\nA scenario-based survey was administered to 124 financial analysts at leading financial institutions in Pakistan. Data were analyzed using regression, analysis of variance and mediation analysis on SPSS 26.\n\nFindings\nThe findings demonstrate that financial analysts’ spirituality negatively influences their SRI decisions to invest in a profitable organization, which is alleged to employ children in hazardous work that may harm them physically and psychologically. The findings also express that analysts’ social consciousness intervenes in the association between analysts’ spirituality and SRI decisions.\n\nPractical implications\nThe findings of this study may interest regulators, multinational firms and researchers in recognizing the importance of individuals’ values for increasing socially responsible investments and addressing social issues such as the exploitation of children.\n\nSocial implications\nThis study encourages firms to recognize the importance of spiritual and socially conscious corporate conviction while designing strategies and policies. For example, the financial industry may incorporate fundamental personal values such as stewardship, dignity and fairness into its investment plans.\n\nOriginality/value\nThis study provides rigorous insights and contributes to contemporary studies by providing empirical evidence that individuals’ intrinsic values and consciousness drive their judgments.\n","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":null,"pages":null},"PeriodicalIF":2.1000,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific Accounting Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/par-07-2023-0101","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Purpose
This paper aims to contribute to the social aspect of corporate social responsibility literature by examining the influence of financial analysts’ spirituality on their socially responsible investing (SRI) decisions relating to a profitable organization, which is alleged by the media to employ children as laborers in hazardous works in Pakistan. This study also investigates whether analysts’ social consciousness mediates between their spirituality and investing decisions.
Design/methodology/approach
A scenario-based survey was administered to 124 financial analysts at leading financial institutions in Pakistan. Data were analyzed using regression, analysis of variance and mediation analysis on SPSS 26.
Findings
The findings demonstrate that financial analysts’ spirituality negatively influences their SRI decisions to invest in a profitable organization, which is alleged to employ children in hazardous work that may harm them physically and psychologically. The findings also express that analysts’ social consciousness intervenes in the association between analysts’ spirituality and SRI decisions.
Practical implications
The findings of this study may interest regulators, multinational firms and researchers in recognizing the importance of individuals’ values for increasing socially responsible investments and addressing social issues such as the exploitation of children.
Social implications
This study encourages firms to recognize the importance of spiritual and socially conscious corporate conviction while designing strategies and policies. For example, the financial industry may incorporate fundamental personal values such as stewardship, dignity and fairness into its investment plans.
Originality/value
This study provides rigorous insights and contributes to contemporary studies by providing empirical evidence that individuals’ intrinsic values and consciousness drive their judgments.
期刊介绍:
Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.