Financial analysts’ personal values, perceived behavioural risk and investment decisions in evaluating CSR

A. Shahid, Hafiza Sobia Tufail, H. Ali, Joane Jonathan
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引用次数: 1

Abstract

Purpose This paper aims to contribute to the corporate social responsibility (CSR) literature by providing holistic insights into financial analysts’ personal values, perceived behavioural risk and investment decisions relating to the social aspects of CSR. Specifically, this paper examines whether analysts’ personal values, such as religiosity, spirituality and social consciousness, influence their investment decisions relating to a highly profitable firm that is alleged of exploiting labour rights. This study also examines the mediating role of analysts’ perceived behavioural risk between personal values and investment decisions. Design/methodology/approach Data were collected, using a scenario-based survey, from 145 financial analysts at both public and private companies in Pakistan. Findings The results show that analysts’ values, including religiosity, spirituality and social consciousness, have a significant negative impact on their investment decisions. The results also demonstrate that perceived behavioural risk mediates the relationship between these values and investment decisions. Practical implications This study has implications for the globalised business world, regulators and researchers for incorporating personal and ethical values into risk and investment decision-making. Originality/value This study establishes the importance of analysts’ personal values in risky investment decision-making.
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金融分析师在评估企业社会责任时的个人价值观、感知行为风险和投资决策
目的本文旨在通过对金融分析师的个人价值观、感知的行为风险和与企业社会责任社会方面相关的投资决策提供全面的见解,为企业社会责任文献做出贡献。具体而言,本文考察了分析师的个人价值观,如宗教信仰、精神和社会意识,是否会影响他们对一家被指控剥削劳工权利的高利润公司的投资决策。本研究还考察了分析师感知的行为风险在个人价值观和投资决策之间的中介作用。设计/方法/方法通过基于情景的调查,从巴基斯坦公共和私营公司的145名金融分析师那里收集了数据。结果表明,分析师的价值观,包括宗教信仰、精神和社会意识,对他们的投资决策有显著的负面影响。研究结果还表明,感知的行为风险在这些价值观和投资决策之间起着中介作用。实际含义本研究对全球化商业世界、监管机构和研究人员将个人和道德价值观纳入风险和投资决策具有启示意义。原创性/价值本研究确立了分析师个人价值观在风险投资决策中的重要性。
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来源期刊
CiteScore
5.40
自引率
10.00%
发文量
45
期刊介绍: The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.
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