INVESTASI ETIS (ETHICAL INVESTMENT) (KONSEP, DASAR PERTIMBANGAN DAN PENDEKATAN)
Abstract
Ethical investment has experienced very fast and high growth over the last decade. The growth and development of this investment occurs both at the local (Indonesian) level and at the global level. In Indonesia, the growth and development of ethical investment can be seen from the increasing number of ethical-based stock indices and the value of stock market capitalization in each of these indices. Meanwhile at the global level, it can be seen from the increase in the value of ethical investments, especially in the five main world markets, namely Europe, the United States, Japan, Canada and Australia and New Zealand. Underlying this phenomenon needs to be explored further on the issue of ethical investment. This article tries to explore more deeply ethical investing, especially regarding the concepts, basis for decisions and approaches (strategies) in ethical investment activities.
Keywords:
Ethical Investment, Environment, Social, Governance, Screening, Shareholder Activism, Community Development Investing
References
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Eriandani, R. (2014). Pengaruh Dimensi Pengungkapan Corporate Social Responsibility Terhadap Future Institutional Ownership. Jurnal Ekonomi Dan Bisnis, XVII(1), 91–110.
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GAMCO. (2016). ESG Investment Approach. Gamco Asset Management. www.gabelli.com.
Gillet, P. dan Salaber-Ayton, J. (2017). The recent development and performance of ethical investments. In Routledge Handbook of Social and Sustainable Finance (pp. 530–546).
Golombik, J., Kumar, A. dan Parwada, J. T. (2011). Does Religion Affect Stock Markets and Institutional Investor Behavior? SSRN Electronic Journal, 1-66. https://ssrn.com/abstract=1746564.
Graves, S. B. dan Waddock, S. A. (1994). Institutional Owners and Corporate Social Performance. The Academy of Management Journal, 37(4), 1034–1046. https://doi.org/10.2307/256611
Grim, D.M., dan Berkowitz, D.B. (2018). ESG, SRI and Impact Investing: A Primer for Decision - Making. Vanguard Research. https://personal.vanguard.com/pdf/ ISGESG.pdf
GSIA. (2018). 2018 Global Sustainable Investment Review.
Hanggarwati, K. dan Mutmainah, S. (2013). Analisis Pengaruh Pengungkapan Corporate Social Responsibility terhadap Institutional Ownership. Diponegoro Journal of Accounting, 2(2), 1–9.
Hanum, F. (2009). Etiket-Estetika dan Komunikasi yang Efektif. http://staff.uny.ac.id/sites/default/files/pengabdian/farida-hanum-msi-dr/etiket-estetika-dan-komunikasi-yang-efektif-2009.pdf
Harjoto, M., Jo, H. dan Kim, Y. (2015). Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility. Journal of Business Ethics, 1–33. https://doi.org/10.1007/s10551-015-2883-y
Hasan, Z. (2009). Corporate Governance : Western and Islamic Perspectives. International Review of Business Research Papers, 5(1), 277–293.
Hassan, M. K. dan Girard, E. (2010). Faith-Based Ethical Investing: The Case of Dow Jones Islamic Indexes. Islamic Economic Studies, 17(2). https://doi.org/10.2139/ssrn.1808853
Hong, H. dan Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15–36. https://doi.org/10.1016/j.jfineco.2008.09.001
Hood, M., Nofsinger, J. R. dan Varma, A. (2014). Conservation, Discrimination, and Salvation: Investors’ Social Concerns in the Stock Market. Journal of Financial Services Research, 45(1), 5–37. https://doi.org/10.1007/s10693-013-0162-6
Hoq, M. Z., Saleh, M., Zubayer, M. dan Mahmud, K. T. (2010). The Effect of CSR Disclosure on Institutional Ownership. Pak. J. Commer. Soc. Sci., 4(1), 22–39.
Humphrey, J. E. dan Lee, D. D. (2011). Australian socially responsible funds – performance, risk and screening intensity. Journal of Business Ethics, 102(4), 519-535.
Hylton, M. O. (1992). “Socially Responsible” Investing: Doing Good Versus Doing Well in an Inefficient Market. The American University Law Review, 42(1), 1–52.
Inderst, G. dan Stewart, F. (2018). Incorporating Enviromental, Social and Governance (ESG) Factors into Fixed Income Investment. World Bank Group publication. www.worldbank.org.
Kim, I. dan Venkatachalam, M. (2011). Are sin stocks paying the price for their accounting sins? Journal of Accounting, Auditing & Finance, 26(2), 415–442. https://doi.org/10.1177/0148558X11401222
Leventis, S., Hasan, I. dan Dedoulis, E. (2013). The Cost of Sin: The effect of social norms on audit pricing. International Review of Financial Analysis, 29, 152–165. https://doi.org/10.1016/j.irfa.2013.03.006
Liston, D. P. (2016). Sin stock returns and investor sentiment. Quarterly Review of Economics and Finance, 59, 63–70. https://doi.org/10.1016/j.qref.2015.08.004
Liston, D. P. dan Soydemir, G. (2010). Faith-based and sin portfolios: An empirical inquiry into norm-neglect vs norm-conforming investor behavior. Managerial Finance, 36(10), 876–885. https://doi.org/10.1108/03074351011070242
Louche, C. dan Lydenberg, S. (2006). Socially Responsible Investment: Differences between Europe and United States. In Vlerick Leuven Gent Management School Working Paper Series 2006-22,.
Magnússon, M. B. dan Dyremyhr, T. E. (2011). Ethical Investments (Issue June). Thesis. Department of Finance, Copenhagen Business School.
Mahoney, L. dan Roberts, R. W. (2007). Corporate social performance, financial performance and institutional ownership in Canadian firms. Accounting Forum, 31(3), 233–253. https://doi.org/10.1016/j.accfor.2007.05.001
M Purba, D Simanjutak, Y Malau, W Sholihat, E Ahmadi. 2021. The Effect Of Digital Marketing And E-Commerce On Financial Performance And Business Sustaina-Bility Of Msmes During Covid-19 Pandemic In Indonesia. International Journal Of Data And Network Science. Jilid 5. Terbitan 3. Halaman 275-282
Mazouz, K., Mohamed, A. dan Saadouni, B. (2016). Price Reaction of Ethically Screened Stocks: A Study of the Dow Jones Islamic Market World Index. Journal of Business Ethics, 154(3), 683–699. https://doi.org/10.1007/s10551-016-3389-y
Mccahery, J. A., Sautner, Z. dan Starks, L. T. (2016). Behind the Scenes : The Corporate Governance Preferences of Institutional Investors. The Journal of Finance, Volume 71, Issue 6, pp. 2905-2932. https://doi.org/10.1111/jofi.12393
Michelson, G., Wailes, N., van der Laan, S. dan Frost, G. (2004). Ethical Investment Processes and Outcomes. Journal of Business Ethics, 52(52), 1–10. https://doi.org/10.1023/B:BUSI.0000033103.12560.be
Nainawat, R dan Meena, R. (2013). Corporate Governance and Business Ethics. Global Journal of Management and Business Studies. Global Journal of Management and Business Studies. Vol. 3, No. 10, pp. 1085-1090.
Nofsinger, J. . R., Chair, W. H. S., Sulaeman, J. dan Varma, A. (2016). Institutional Investors and Socially Responsible Investments: It Just Makes (Economic) Sense. 1-62. Working Peper. University of Alaska Fairbanks.
Ortas, E. dan Moneva, J. M. (2010). Conditional volatility in sustainable and traditional stock exchange indexes: analysis of the Spanish market. GCG: Revista de Globalización, Competitividad & Gobernabilidad, 4(2), 104–129.
Pena, J. dan Cortez, M. C. (2017). Social screening and mutual fund performance: international evidence. 1–67. https://efmaefm.org/0EFMAMEETINGS/EFMA ANNUAL MEETINGS/2017-Athens/papers/EFMA2017_0206_fullpaper.pdf
Peraturan Pemerintah Republik Indonesia. Nomor 47 Tahun 2012 Tentang Tanggung Jawab Sosial dan Lingkungan Perseroan Terbatas. (n.d.).
Rafik, A. dan Lantara, I. W. . N. (2016). An empirical study on index changes on the Indonesia Stock Exchange. Afro-Asian J. Finance and Accounting, 6(2), 87–116. https://doi.org/10.1504/AAJFA.2016.077322
REBECO. (n.d.). ESG Definition. Rebeco Asset Management. https://www.robeco.com/en/key-strengths/sustainability-investing/glossary/esg-definition.html
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Published
2022-01-11
How to Cite
Mubarok, A. (2022). INVESTASI ETIS (ETHICAL INVESTMENT) (KONSEP, DASAR PERTIMBANGAN DAN PENDEKATAN). Jesya, 5(1), 766-783. https://doi.org/https://doi.org/10.36778/jesya.v5i1.646
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Articles
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