This paper provides a summary of the symposium on the institutional and social construction of Responsible Investment (RI), held at the 22nd IABS conference. In the context of the symposium, we propose to move beyond the dominant focus on the financial impact of RI to consider the potential of emergent institutional and sociological perspectives to explain the practices and concepts related to RI. In doing so, our aim is to explore in greater detail the current changes in the RI infrastructure (...) and the impact of these changes on wider issues of corporate sustainability and social responsibility. (shrink)

In this paper, we compare and contrast institutional theory and convention theory on the concept of mimetism, suggesting how they can cross-pollinate each other and more specifically how the self-referential quality of collective beliefs improves the understanding of mimetic isomorphism. We test this proposition with the case of responsible investment’s mainstreaming.First level results decompose the history of RI into five successive periods. A content analysis of articles on RI in the financial press leads to second level results consisting in a (...) number of salient representations of RI, which we consider to be the dominant conventions. The data is structured using a bracketing strategy, which allows a longitudinal analysis of conventions and their evolution over the five RI periods. (shrink)

The financial community does not seem to have shifted to greater sustainability, despite increasing awareness and concerns around social and environmental issues. This article provides insights to help understand why. Building on responsible investment data from the U.K. financial press between 1982 and 2010, the authors examine the collective beliefs which financial actors rely on to take decisions under uncertainty, as a way of understanding the status of and implications for RI mainstreaming. The analysis of collective beliefs through five periods (...) of RI leads us to define two theoretical dimensions—justifying RI and practicing RI—that characterize how mainstream actors collectively make sense of RI. The authors’ analysis reveals that the RI collective beliefs currently do not provide a favorable environment for RI mainstreaming and need to be taken into account when discussing the value of sustainability. (shrink)