Anand, Paul and Cowton, Christopher J. (1993) The ethical investor: exploring dimensions of investment behaviour. Journal of Economic Psychology, 14 (2). pp. 377-385. ISSN 0167-4870

Finance theory conventionally focuses on risk and return as the factors relevant to the construction of investment portfolios. But there is evidence of a growing number of investors who wish to incorporate moral or social concerns in their decision-making. Using principal components analysis, this paper attempts to infer possible ‘non-financial’ dimensions of utility functions by considering the preferences of 125 ‘ethical investors’.

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