Translate this page:
Nota Bene. Books, journals, publishing technologies.
Please select your language to translate the article


You can just close the window to don't translate ☒
Library
 Your profile
Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Back to contents

Politics and Society
Reference:

Smelova A.A., Aleksandrova A.A. Socially responsible investment policy of the corporate pension funds: the experience of empirical research

Abstract: This article examines the investment policy of the corporate pension funds, which have emerged for the purpose of ensuring the employees of corporation alongside the ordinary citizens with the additional income as they reach the pension qualification age. The author determines the two main strategies used by corporate pension funds in the financial market: a financial strategy aimed at profit maximization; and a socially responsible strategy that suggests not only investments into the social projects, but also integration with the investors, consideration of their values and interests. As the main theoretical-methodological approach, the author chose the sociology of conventions; in March-April of 2016 he conducted an original empirical research in one of the northwestern branches of “Gazprom”. The subject of this study consisted in the question, whether or not the values of the corporation employees reflect the directions of the investment policy conducted by the Non-Governmental Pension Fund “Gazfond”. The acquired data reveals the attitude of the corporation employees, who are the real or potential investors into the work of the corporate pension fund. An essential part of the research became the examination of the spheres of social life that require the most investments. It is underlined that the institution of expertise of the investment projects within the corporate pension funds is in need of modernization. The author also defines the main criteria, which according to the employees’ opinion, should be considered by the management in selection of the socially responsible investment projects.

Keywords:

sociological research, transnational corporation, investment policy, theory of conventions, employees’ values, socially responsible strategy, financial strategy, investment of retirement savings, corporate pension fund, economic sociology

This article can be downloaded freely in PDF format for reading. Download article


References
1. Ozhogin V.B. Gosudarstvennoe regulirovanie institutsional'noi investitsionnoi sredy // Natsional'naya bezopasnost' / nota bene. 2013. ¹ 5. C. 156 - 172. DOI: 10.7256/2073-8560.2013.5.9615.
2. Wilson J. Fantasy Machine: Philanthrocapitalism as an Ideological Formation // Third World Quarterly. 2014. Vol. 35. ¹. 7. 1144-1161 pp.
3. Woods C., Urwin R. Putting Sustainable Investing into Practice: A Governance Framework for Pension // Journal of Business Ethics. 2010. ¹. 92. 1-19 pp.
4. Wagemans F., van Koppen C., Mol A. The Effectiveness of Socially Responsible Investment: A Review // Journal of Integrative Environmental Sciences. 2013. Vol. 10. ¹. 3–4. 235-252 pp.
5. Social Finance / Nicholls A., Paton R., Emerson J. (Eds.). Oxford University Press. 2016. 400 p.
6. Smelova A. Social Investment of Pension Funds Perspective: The Case of Russia // Mediterranean Journal of Social Sciences. 2015. Vol. 6. ¹. 6. 170-176 pp.
7. Roberts R.W. Determinants of Corporate Social Responsibility Disclosure: An Application of Stakeholder Theory // Accounting, Organizations and Society. 1992. Vol. 17. ¹. 6. 595-612 pp.
8. Sandberg J. (Re-)Interpreting Fiduciary Duty to Justify Socially Responsible Investment for Pension Funds? // Corporate Governance: An International Review. 2013. Vol. 21. ¹. 5. 436-446 pp.
9. Sethi S. Prakash Investing in Socially Responsible Companies is a Must for Public Pension Fund: Because There is no Better Alternative // Journal of Business Ethics. 2005. Vol. 21. ¹. 5. 436-446 pp.
10. Sievanen R., Rita H., Scholtens B. The Drivers of Responsible Investment: The Case of European Pension Funds // Journal of Business Ethics. 2013. ¹. 117. 137-191 pp.
11. Report on US Sustainable, Responsible and Impact Investing Trends / The Forum of Sustainable and Responsible Investment. 2014. URL: http://www.ussif.org/files/publications/sif_trends_14.f.es.pdf/ Data obrashcheniya: 18.04.2016.
12. Novkovic S. Defining the Co-Operative Difference // The Journal of Socio-Economics. 2008. Vol. 37. ¹. 6. 2168-2177 pp.
13. Pension Markets in Focus // OECD. – URL: 2015. http://www.oecd.org/daf/fin/private-pensions/Pension-Markets-in-Focus-2015.pdf/ Data obrashcheniya: 18.04.2016.
14. Porter M.E., Kramer M.R. Creating Shared Value // Harvard Business Review - 2011. January 1. URL: http://hbr.org/2011/01/the-big-idea-creating-shared-value Data obrashcheniya: 07.06.2016.
15. Marti-Ballester S.P. Investor Reactions to Socially Responsible Investment // Management Decision. 2015. Vol. 53. ¹. 3. 571-604 pp.
16. March J.G., Simon H.A. Organizations. Wiley, Oxford. 958. 300 p.
17. Jensen M.C., Meckling W.H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure // Journal of Financial Economics. 1976. Vol. 3. ¹. 4. 305-360 pp.
18. Inderst G. Pension Fund Investment in Infrastructure // OECD Working Papers on Insurance and Private Pensions. 2009. ¹. 32 21-24 pp.
19. Hiss S. Responsible Investing as Social Innovation / in Osburg T., Schmidpeter R. (Eds.), Social Innovation, CSR, Sustainability, Ethics & Governance, Springer, Berlin, Heidelberg. 2013. 229-237 pp.
20. Brammer S., Cox P., Millington A. Pension Finds and Corporate Social Performance // Business & Society. 2008. Vol. 47. ¹. 2 213-241 pp.
21. Cox P., Schneider M. Is corporate Social Performance a Criterion in the Overseas Investment Strategy of U.S. Pension Plans? An Empirical Examination // Business & Society. – 2010. Vol. 49. ¹. 2 252-289 pp.
22. Cyert R.M., March J.G. A Behavioral Theory of the Firm. Prentice-Hall, Englewood Cliffs, NJ. 1963. 268 p.
23. Daily C.M., Dalton D.R., Cannella A.A. Corporate Governance: Decades of Dialogue and Data // Academy of Management Review. 2003. Vol. 28. ¹. 3. 371-382 pp.
24. DeBondt W. The Values and Beliefs of European Investors / in Knorr-Cetina K., Preda A. The Sociology of Financial Markets. Oxford University Press. 2005. 163-186 pp.
25. Donaldson T., Preston L.E. The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications // The Academy of Management Review. 1995. Vol. 20. ¹. 1. 65-91 pp.
26. European SRI Study 2014 / Eurosif. – 2014. URL: http://www.eurosif.org/our-work/.../sri/european-sri-study-2014/ Data obrashcheniya: 18.04.2016.
27. Fama E.F. Agency Problems and the Theory of the Firm // The Journal of Political Economy. 1980. Vol. 88. ¹. 2. 288-307 pp.
28. Florin J., Schmidt E. Creating Shared Value in the Hybrid Venture Arena: A Business Model Innovation Perspective // Journal of Social Entrepreneurship. 2011. Vol. 2. ¹. 2. 165-197 pp.
29. Friedman M. The Social Responsibility of Business is to Increase its Profits / in Zimmerli W.C., Holzinger M., Richter K. (Eds.), Corporate Ethics and Corporate Governance, Springer, Berlin, Heidelberg. 2007. 173-178 pp.
30. Grieshuber E. Innovation Through Corporate Social Responsibility? / in Osburg T., Schmidpeter R. (Eds.), Social Innovation, CSR, Sustainability, Ethics & Governance, Springer, Berlin, Heidelberg, 2013. 197-206 pp.
31. Fondovye rynki v kontekste ustoichivogo razvitiya / Ernst & Young. – 2011. URL: http://www.ey.com/Publication/vwLUAssets/Capital-Markets-Sustainability-RU/$FILE/Capital-Markets-Sustainability-RU.pdf/ Data obrashcheniya: 18.04.2016.
32. Aksenov P., Lebedeva L., Yemelyanov S., Yemelyanov Y. The Pension Funds’ Investment Regulation at the Beginning of the 21st Century: Comparative Analysis of Approaches of the USA, Canada, and the EU-15 Countries // Mediterranean Journal of Social Sciences. 2015 Vol. 6. ¹. 4. 155-162 pp.
33. Apostolakis G., Kraanen F., van Dijk G. Pension Beneficiaries’ and Fund Managers’ Perceptions of Responsible Investment: A Focus Group Study // Corporate governance. 2016. Vol. 16. ¹. 1. 1-20 pp.
34. Bauer R., Busch T., Orlitzky O. Sustainable Development and Financial Markets: Old Paths and New Avenues // Business & Society. – 2016. Vol. 55. ¹. 3. 303-329 pp.
35. Bhattacharya C. The Importance of Marketing for Social Innovation / in Osburg T., Schmidpeter R. (Eds.), Social Innovation, CSR, Sustainability, Ethics & Governance, Springer, Berlin, Heidelberg. 2013. 147-154. pp.
36. Smelova A.A. Pensionnye nakopleniya i rynok sotsial'nykh investitsii // Teoriya i praktika obshchestvennogo razvitiya. 2015. ¹ 7. S. 44-46.
37. Smelova A.A. Ekonomicheskaya sotsiologiya finansovogo krizisa investitsii // Teoriya i praktika obshchestvennogo razvitiya. 2014. ¹ 2. S. 104-108.
38. Roik V.D. Ekonomika, finansy i pravo sotsial'nogo strakhovaniya: Instituty i strakhovye mekhanizmy / Valentin Roik. M.: Al'pina Pablisher. 2013. 277 s.
39. Ofitsial'nyi sait Gazfonda. URL: http://gazfond.ru/about/official_information/indicators/pensionnye-rezervy/ Data obrashcheniya: 18.04.2016.
40. Ofitsial'nyi sait Tsentral'nogo Banka RF. URL: http://www.cbr.ru/finmarkets/print.aspx?file=files/supervision/svedeniya/2015_npo.htm&pid=sv_coll_invest&sid=itm_33597 Data obrashcheniya: 18.04.2016.
41. Pensionnye pravila negosudarstvennogo pensionnogo fonda «Gazfond» / Gazfond. 2015. S. 7. URL: http://gazfond.ru/upload/iblock/ab9/Pensionnye_pravila-2015.pdf . Data obrashcheniya: 25.04.2016.
42. Polyakova A.G., Grishina E.E., Kookueva V.V. Otsenka praktiki funktsionirovaniya korporativnykh pensionnykh sistem v Rossiiskoi Federatsii // Trud i sotsial'nye otnosheniya. 2009. ¹ 6. S. 1473-1478.
43. Proskuro V.E. Rol' marketinga v finansovom strategirovanii negosudarstvennogo pensionnogo fonda // Vestnik Tomskogo gosudarstvennogo universiteta. 2014. ¹ 387. S. 187-193.
44. Nikitin A.V. Osnovnye napravleniya ukrepleniya nadezhnosti negosudarstvennykh pensionnykh fondov // Biznes v zakone. 2012. ¹ 1. S. 245-249.
45. Ofitsial'nyi sait «Gazfond pensionnye nakopleniya». URL: http://gazfond-pn.ru/about/ Data obrashcheniya: 18.04.2016.
46. Ofitsial'nyi sait «Ekspert RA». URL: http://raexpert.ru/ratings/npf/?scale_type_id=1&sort=dynamic&type=asc. Data obrashcheniya: 18.04.2016.
47. Ofitsial'nyi sait «Ekspert RA». URL: http://raexpert.ru/ratings/ Data obrashcheniya: 18.04.2016.
48. Ofitsial'nyi sait Gazfonda. URL: http://gazfond.ru/about/investment_policy/pension_reserves/ Data obrashcheniya: 18.04.2016.
49. Roik V.D. Obyazatel'noe i dobrovol'noe pensionnoe strakhovanie: Instituty i finansy / Valentin Roik. M.: AL''PINA PABLIShER, 2014. 257 s.
50. Maleva T.M., Yudaeva K.V. Pensionnaya sistema v Rossii: inertsiya vyzhivaniya ili strategiya razvitiya? // SPERO. 2011. ¹ 15. S. 2-26.
51. Levina M.I. Pensionnoe zakonodatel'stvo // Obzor zakonodatel'stva 2008. ¹ 8. S. 191-210.
52. Bonchik V.M. Aktuarnoe otsenivanie NPF: opyt i predlozheniya // Pensionnye fondy i investitsii. 2003. ¹ 6. S. 17-23.
53. Grigor'ev A.A. Stimulirovanie razvitiya korporativnykh sotsial'nykh programm v oblasti pensionnogo obespecheniya // Yaroslavskii pedagogicheskii vestnik. 2011. ¹ 3. S. 90-93.
54. Dyurkgeim E. O razdelenii obshchestvennogo truda. M., 1996. 567 s.
55. Zadorozhnyi V., Fedotov M. Korporativnaya pensionnaya sistema // Pensionnye fondy i investitsii. 2007. ¹ 3. S. 20-25.
56. Zaklyuchenie po rezul'tatam aktuarnogo otsenivaniya deyatel'nosti negosudarstvennogo pensionnogo fonda «Gazfond» za 2015 god / Gazfond. S. 16 URL: http://gazfond.ru/upload/iblock/dc3/2015_Aktuarnoe_zakluchenie.pdf Data obrashcheniya: 18.04.2016.
57. Kalinina V.R. Mezhdunarodnaya praktika funktsionirovaniya korporativnykh pensionnykh sistem // Trud i sotsial'nye otnosheniya. 2009 ¹ 7. S. 133-136.
58. Kalmykov V.Yu. Rol' infrastrukturnykh investitsii v razvitii investitsionno-nakopitel'nykh mekhanizmov pensionnogo strakhovaniya // Voprosy ekonomiki i prava. 2014. ¹ 6. S. 99-104.
59. Kostin A.E. Korporativnaya sotsial'naya otvetstvennost' i ustoichivoe razvitie: mirovoi opyt i kontseptsiya dlya Rossiiskoi Federatsii // Menedzhment v Rossii i za rubezhom. 2005. ¹ 3. S. 11-21.
60. Boltanski L., K'yapello E. Novyi dukh kapitalizma. M.: Novoe literaturnoe obozrenie, 2011. 976 s.
61. Boltanski L., Teveno L. Kritika i obosnovanie spravedlivosti: Ocherki sotsiologii gradov. M.: Novoe literaturnoe obozrenie, 2013. 576 s.
62. Blekus V.V. Rynok negosudarstvennykh pensionnykh fondov / V.V. Blekus. Molodoi uchenyi. 2011. ¹ 3. T. 1. S. 138-143. URL: http://www.moluch.ru/archive/26/2835/ Data obrashcheniya: 18.04.2016.
Nota Bene
 
For authors
 
Other
 
Our sites
© 1998 – 2024 Nota Bene. Publishing Technologies. NB-Media Ltd.