Authorship：Lead author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：Emerald  

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<jats:title content-type="abstract-subheading">Purpose</jats:title>
<jats:p>Individual investors are experiencing serious sentiment shifts that influence their financial activities due to the COVID-19 pandemic while socially responsible investment (SRI) has garnered attention worldwide. This study aims to explore how individual investors’ sentiments and investment choices altered in reaction to the COVID-19 pandemic.</jats:p>
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<jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title>
<jats:p>We surveyed 1,219 individual investors in Japan, the USA and Germany using an online questionnaire and performed a cross-sectional analysis using logit and ordered logit regressions.</jats:p>
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<jats:title content-type="abstract-subheading">Findings</jats:title>
<jats:p>This study found that individual investor sentiment affects SRI after COVID-19, but not necessarily in the same manner. Return-focused aspects negatively affect their SRI, while relationship-oriented social issues positively affect it. In addition, the relationship differs by nation. Japanese investors anticipate shorter term SRI returns than the US and German investors. Only Japanese investors’ SRI decisions were impacted by the relationship-oriented social factors including the environment, diversity and employee rights and welfare.</jats:p>
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<jats:title content-type="abstract-subheading">Research limitations/implications</jats:title>
<jats:p>This study emphasizes the need for precise motivation characterization when evaluating the same issue. The author also identified the variance and characteristics among countries, which differ from previous research.</jats:p>
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<jats:title content-type="abstract-subheading">Practical implications</jats:title>
<jats:p>An academically credible image of the relationship will enable business managers to find appealing strategies. This study also suggests country-specific investor relations strategies.</jats:p>
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<jats:title content-type="abstract-subheading">Originality/value</jats:title>
<jats:p>This study differentiates return- and relationship-oriented social motivations for SRI into 14 components, thus clarifying the relationship mechanism between the COVID-19 pandemic and individual investors’ SRI behavior. Moreover, no study has compared individual investor sentiment and investment behavior affected by the pandemic in the three countries.</jats:p>
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DOI： 10.1108/cg-08-2022-0342

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Authorship：Lead author   Publishing type：Research paper (scientific journal)  

DOI： 10.3846/jbem.2022.18244

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Publishing type：Part of collection (book)   Publisher：Springer International Publishing  

DOI： 10.1007/978-3-030-75154-8_5

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Authorship：Lead author   Publishing type：Research paper (scientific journal)  

File： Murashima2020b.pdf

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Authorship：Lead author   Publishing type：Research paper (scientific journal)   Publisher：Emerald  

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<title content-type="abstract-subheading">Purpose</title>
This paper aims to examine the differences in investors’ reactions toward firms’ corporate social responsibility (CSR)-related news announcements between individuals and institutions.


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<title content-type="abstract-subheading">Design/methodology/approach</title>
Analyzed by the short-term event study and ordinary least squares (OLS) methods using a unique CSR data set collected from newspapers in Japan from 2001 to 2016.


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<title content-type="abstract-subheading">Findings</title>
The study finds, first, the different reactions toward CSR-related news announcements among shareholders. Second, the findings indicate that individual investors are more sensitive to CSR-related positive news, whereas institutional investors are more concerned about the negative news, providing one of the reasons for mixed results in the studies on the CSR and financial performance linkage. Those findings indicate that CSR-related news affects investors’ behaviors differently based on their purpose, ability and accessible information.


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<title content-type="abstract-subheading">Practical implications</title>
This study deepens the understanding of the different investing behaviors toward CSR-related announcements by shareholder type. Second, different attitudes among investors require different investor relations (IR) approaches depending on the type. It also provides valuable implications not only for Japanese business managers or policymakers but also for those from countries with a similar stage of market maturity in the CSR context.


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<title content-type="abstract-subheading">Originality/value</title>
This paper is original in two ways. First, to the best of the author’s knowledge, this is the first paper to deepen the understanding of investors’ reactions toward CSR-related events through analysis by the main shareholder, which provides some insights into mixed results in the previous studies. Second, the original CSR data set collected from newspapers by the author allows the analysis to use a larger data set than other research, resulting in more robust conclusions.


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DOI： 10.1108/cg-11-2019-0346

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Other Link： https://www.emerald.com/insight/content/doi/10.1108/CG-11-2019-0346/full/html

Total pages：vi, iv, 241p   Language：Japanese

CiNii Books

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