INSTITUTIONAL INVESTMENT AND RESPONSIBLE INVESTING SUBMITTED BY PAUL COX

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This dissertation consists of 5 published papers

Institutional Investment and Responsible Investing



Submitted by Paul Cox to the University of Exeter as a submission for the degree of Doctor of Philosophy by Publication in Finance, October 2009.


This submission is available for Library use on the understanding that it is copyright material and that no quotation from the submission may be published without proper acknowledgement.


I certify that all material in this submission which is not my own work has been identified and that no material has previously been submitted and approved for the award of a degree by this or any other University.



(Paul Cox) .........................................................................................












Note on page numbers:

This submission comprises five published papers each with its own unique page numbers. An additional page number has been added at the bottom left of each page that shows the correct sequential page order of this submission.

Abstract

The four refereed journal articles and one government research report that form the core of this submission for a PhD represent my work in the subject area of institutional investment and responsible investing. The research, as a whole, has two major areas of focus.


One area of focus is the behaviour of institutional investors. The research first examines different types of institutional investor and their demand for the characteristics of social and environmental performance within their equity portfolios. The research next examines the fund managers that institutional investors appoint to manage their assets. Attention is paid to the different locations of fund management as well as the features that determine the degree of competition between fund managers. The research examines these different fund management settings and the demand for the characteristics of social and environmental performance within their equity portfolios. A further issue investigated is whether different types of institutional investor pay greater attention to responsible investment when investing domestically than overseas.


The second area of focus is the study of responsible investment based on grounded research methods. The main contributions are an assessment of how fund managers perceive that responsible investment achieves financial performance, the communication between fund managers and corporate directors for the purpose of responsible investment, the use of information and staff within responsible investment, and costs and charges associated with responsible investment.


Both areas have contributed to policy debates and development, and have prompted other researchers to publish and undertake fieldwork.


The commentary, which forms Part A of this submission, illustrates these features by reference to the five publications that are reproduced in their entirety in part B.


Acknowledgements

The collection of papers included in this submission represents research carried out whilst at the Universities of Bath and Exeter but published whilst at the University of Exeter. I am grateful to the many colleagues at both universities who have taken an interest in my work and contributed to the development of my research knowledge and understanding. They are too numerous to mention individually, but I wish to extend particular thanks to Andrew Millington and Steve Brammer. I would also like to acknowledge the collegiality and support of staff at the University of Exeter Business School, especially those within the Xfi building. Finally I would like to thank my wife Sarah for her patience and understanding throughout the preparation of this submission. I dedicate this work to her, Jasper and Emmanuel.



Institutional Investment and Responsible Investing


Contents



Part A


Doctoral Criteria

6

The Papers as a Coherent Whole

6

Independence of Study

7

Originality

8

Contributions & Implications of the Submission as an Entire Work

11

Contribution of Each Paper

17

Future Research

23

Bibliography

26


Part B


Papers on Institutional investment and Responsible Investing


Paul Cox, Steven Brammer and Andrew Millington, 2004. An empirical examination of institutional investor preferences for corporate social performance. Journal of Business Ethics, 52(1) pp 27-43.

30

Paul Cox, Steven Brammer and Andrew Millington, 2008. Pension funds and corporate social performance: An empirical analysis. Business & Society, 47(2) pp 213 - 241.

47

Paul Cox, Steven Brammer and Andrew Millington, 2007. Pension fund manager tournaments and attitudes towards corporate characteristics. Journal of Business Finance & Accounting, 34(7/8) pp 1307-1326.

77

Paul Cox and Marguerite Schneider, 2008. Is US socially responsible investing global or local in perspective? A study of US pension plan investment in the UK. Business & Society, OnlineFirst April 24.

97

Paul Cox, 2009. Responsible investment in fund management: It works, but when? Department For Work and Pensions Research Report. Accessed from the Internet at

http://www.padeliveryauthority.org.uk/investment.asp.

135


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13 FORM IACUC 00105 AMERICAN UNIVERSITY OF BEIRUT INSTITUTIONAL
16 DFIDFEDERATION INSTITUTIONAL STRATEGIC PARTNERSHIP III DG ECHO
19 INSTITUTIONAL ORDER INTERACTION ORDER AND SOCIAL ORDER ADMINISTERING


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