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Social investment: Subjectivism, sublation and the moral elevation of success

Haigh, Matthew (2006). Social investment: Subjectivism, sublation and the moral elevation of success. Critical Perspectives on Accounting, 17(8) pp. 989–1005.

DOI (Digital Object Identifier) Link: https://doi.org/10.1016/j.cpa.2005.08.012
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Abstract

Investment products that deploy ethical values and social considerations in portfolio construction have persisted since the 1980s. Pitting Habermasian discourse ethics against Foucauldian power relations and radical institutionalism, the paper argues that socially directed mutual funds ascribe capital markets with validities of high moral magnitude, work up extant tendencies toward financial hegemony and stymie criticism of the political–economic order. Institutional pressures do not permit the exercise of an ethic stronger than an aesthetic care of the self. The balance struck between economic and social priorities is investigated by interviewing investment managers, reviewing archival material and surveying the attitudes of unit holders in retail social mutual funds.

Item Type: Journal Item
Copyright Holders: 2005 Elsevier Ltd.
ISSN: 1045-2354
Keywords: Foucault; Habermas; Capital markets; Ethics; Mutual funds; Non-governmental organizations; Shareholder activism
Academic Unit/School: Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance
Faculty of Business and Law (FBL) > Business
Faculty of Business and Law (FBL)
Item ID: 50565
Depositing User: Matthew Haigh
Date Deposited: 18 Aug 2017 13:18
Last Modified: 11 May 2019 21:10
URI: http://oro.open.ac.uk/id/eprint/50565
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