CSR AND SRI: A CONTENT ANALYSIS OF DUTCH FINANCIAL, ECONOMIC AND BUSINESS JOURNALS

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CSR AND SRI: A CONTENT ANALYSIS OF DUTCH

FINANCIAL, ECONOMIC AND BUSINESS JOURNALS

Groningen, August 2009

Master’s Thesis

University of Groningen

Faculty of Economics and Business

Master’s in Business Administration

Specialization: Corporate Financial Management

Author:

Nynke Dijk

Student number:

s1384147

Supervisor:

L.J.R. Scholtens, PhD

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AKNOWLEDGEMENTS

This thesis is the final product for my Master’s in Business Administration, with a specialization in Finance. Many people have helped me in writing this thesis. I would like to give special thanks to my supervisor Prof. Scholtens for his guidance and helpful comments.

I would also like to thank the editors of the journals I researched, who helped me to arrive at a better insight into the results my study generated.

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ABSTRACT

This paper gives an overview of the development of the writing of articles about Corporate Social Responsibility (CSR) and Socially Responsible Investing (SRI) in Dutch financial, economic and business journals. Over a period of 19 years, from 1990 until 2008, articles about CSR and SRI in eight Dutch journals, written in Dutch, were collected. We researched how these journals developed in these subjects over time and compared the different journals with each other. For this research, we used content analysis. The journals were compared in terms of how many articles and pages they published, and as to which categories of articles were written about CSR and SRI. We expected an increase in writing about CSR and SRI, but could not find any positive or negative development over time.

Keywords: Corporate Social Responsibility, Socially Responsible Investing, sustainability, the environment , content analysis.

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TABLE OF CONTENTS

I. INTRODUCTION ________________________________________________________ 5

II. CORPORATE SOCIAL RESPONSIBILITY AND SOCIALLY RESPONSIBLE INVESTING ______________________________________________________________ 8

A. Corporate Social Responsibility ________________________________________________ 8 History and definition of CSR ___________________________________________________________ 8 CSR in Dutch financial, economic and business journals ______________________________________ 9 B. Socially Responsible Investing ________________________________________________ 10 History and definition of SRI __________________________________________________________ 10 SRI in Dutch financial, economic and business journals______________________________________ 10 C. The link between CSR and SRI _______________________________________________ 11

III. METHOD ____________________________________________________________ 12 A. Research description ________________________________________________________ 12 B. Search for relevant articles___________________________________________________ 14 C. Journals researched _________________________________________________________ 15

IV. ANALYSIS ___________________________________________________________ 18 A. Results by journal __________________________________________________________ 18

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I. INTRODUCTION

Corporate Social Responsibility (CSR) and Socially Responsible Investing (SRI) are terms which appear more and more often in business life, the consumer marketplace and in capital markets. So it is not surprising that Dutch journals also publish articles about CSR and SRI. For example Bank- en effectenbedrijf, a Dutch journal featuring topics associated with banking, also sometimes publishes articles about business ethics, Corporate Social Responsibility (CSR) and the environment. In this particular instance, a topic such as CSR is not really directly related to banking, because banks do not cause pollution as a result of their main activities, as organizations in the chemical industry do (Someren, Dam & Wouters, 1997). But in other Dutch financial, economic and business journals, articles about CSR and Socially Responsible Investing (SRI) are published as well. Why do these journals publish articles about environmental issues? It would seem that this is because organizations and society, in the last couple of years, have become more aware of the damage that organizations can cause the environment (Gadenne, Kennedy & McKeiver, 2009). As a result, environmental damage caused by organizations now has a place on the balance sheet of a company and thus has financial value to the firm as well. Therefore, environmental issues have become an element in the financial decisions of organizations, which is why financial, economic and business journals publish articles about CSR and SRI.

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CSR can be viewed from two perspectives, namely the shareholder approach and the stakeholder approach. The shareholder approach is described in these terms: “The social responsibility of business is to increase its profits” (Friedman, 1962). In this approach, the shareholder is the focal point of the company, and socially responsible activities do not belong in the domain of organizations but are the task of governments. In this thesis we will look at CSR from the stakeholder point of view. Freeman (1984) described it thusly: “Organizations are not only accountable to their shareholders but should also balance a multiplicity of stakeholders’ interests that can affect or are affected by the achievement of an organization’s objectives.” According to the stakeholder approach, the organization must take into account the Triple P (People, Planet, Profit). The organization needs to take the needs of several stakeholders into consideration, such as the shareholders in terms of profit, NGOs in terms of the planet and, for example, employees in terms of the people. We will be using the stakeholder approach because it is in line with our definition of CSR, which we should explain at this point. CSR is not only about serving the shareholders; organizations should also take note of the entire society in which they interact. Therefore, the definition of Corporate Social Responsibility we are using for this thesis is that of the largest organization in the US devoted to CSR, namely, Business for Social Responsibility (Aaronson, 2003). This definition states that CSR is business decision-making linked to ethical values, compliance with legal requirements, and respect for people, communities and the environment around the world. In the next section, we will explain that although it is not easy to define CSR in just one sentence, this is the definition which will be used for this research.

SRI, also called ethical investing or sustainable investing, is an investment process that integrates social, environmental and ethical considerations into investment decision-making (Renneboog, Ter Horst & Zhang, 2007). A common definition of Socially Responsible Investing is as follows: SRI is the exercise of ethical and social criteria in the selection and management of investment portfolios, generally consisting of company shares (Cowton, 1994).

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new to the literature. Before 1999, for example, the word CSR was never used in Dutch economic and management literature, although in some articles about environmental policy authors were writing about how to take care of the triple P, which in a way is nearly the same as the term CSR. After 1999, the environment and sustainability were concepts which were used when anything was written about social responsibility or responsible investing. Still, the main concepts of this research are CSR and SRI, and so in this research these two terms will be used when we talk about the concepts researched.

The research question of this paper is: How many articles have been published about CSR and SRI, and how did these publications develop over time? To answer the research question, this paper will show how much has been written about CSR and SRI in Dutch financial, economic and management literature from 1990 until 2008. To that end, eight economic journals were researched thoroughly. Every article that dealt with CSR, SRI, the environment or sustainability was taken from each of these journals. Afterwards, we looked at whether the articles were theoretical, empirical, opinion or advice articles. These are the four categories we used to classify the articles. With these data, an overview was created in order to analyze and compare the different issues of one journal over the years, and also to do the same for the differences between the various journals. We expected that, starting in 1992, much would have been written about CSR and SRI. It was in this year that the conference in Rio de Janeiro took place. At this conference, countries agreed that the emission levels of substances which harm the environment, such as carbon dioxide, should be reduced by the year 2000 (Van Driel, 1997). Possibly due to this measure, researchers began studying whether and how the goals of this measure could be reached and also published their results. In addition, we thought that the number of articles published about CSR and SRI would increase over time, because both concepts had become very high on the agenda of organizations (Smith, 2003; Money & Schepers, 2007).

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Four will present the results, along with the analysis of the results of this research. Chapter Five will give our conclusions regarding the coverage of CSR and SRI in Dutch financial economic and management literature.

II. CORPORATE SOCIAL RESPONSIBILITY AND SOCIALLY RESPONSIBLE INVESTING

To analyze the literature about Corporate Social Responsibility and Socially Responsible Investing, we first need to define these concepts in detail.

A. Corporate Social Responsibility

History and definition of CSR

CSR is not easy to describe. Several researchers (Bowen, 1953; Davis & Blomstrom, 1966; Carroll, 1991; Zadek, 2001; van Marrewijk, 2003) have tried to define CSR, but there is still no widely accepted definition of CSR. All researchers agree that the core of CSR reflects the social imperatives and the social consequences of business success.

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the CSR firm should strive to make a profit, to obey the law, to be ethical and to be a good corporate citizen (Carroll, 1991). The charitable part of being a good corporate citizen was especially revitalized and became important. This definition can be linked to the triple P mentioned in the introduction. The definition of CSR we are using for this thesis is that of America’s largest organization devoted to CSR, namely Business for Social Responsibility (Aaronson, 2003). It states that CSR is business decision-making linked to ethical values, compliance with legal requirements, and respect for people, communities and environments around the world. It reflects all the aspects mentioned earlier. It represents the stakeholder approach of Freeman (1984). The three Ps, profit, people and planet, are also covered in this definition: business decision-making for profit, respect for people and communities, and taking care of the environment.

CSR in Dutch financial, economic and business journals

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B. Socially Responsible Investing

History and definition of SRI

Many authors (Cowton, 1994; Mansley, 2000; Waddock, 2003) describe SRI as an investment philosophy that includes non-financial, ethical (social and environmental) objectives. The origin of SRI does not date back as far as CSR. The articles about CSR started to appear in the 1930s (Carrol, 1999). It was only around 1965 that the first Socially Responsible Investments appeared. The original “ethical investors” were church investment bodies (McCann, Solomon and Solomon, 2003). The first ethical fund available to public investors in Europe was the Ansvar Aktiefond Sverige based in Sweden (Kreander, McPhail and Molyneaux, 2004). This fund was established in 1965. Kreander, McPhail and Molyneaux (2004) emphasize the involvement of certain churches, such as the Baptists, in setting up this mutual fund. Since the late 1990s, socially responsible investing has become increasingly defined as a means to promote sustainable development (Richardson, 2008). Mansley (2000) has described SRI as a process within the context of financial analysis, which takes into account social, environmental and ethical consequences when selecting, retaining, or realizing investments. Waddock (2003) describes SRI as a community that encompasses a wide range of individuals and groups interested in criteria other than just return on investment. However, it is hard to construct a proper definition without referring to Cowton's (1994) precise and comprehensive attempt which may be easily accepted as the standard definition of responsible investing. Cowton stated that: "Ethical investment may be defined as the exercise of ethical and social criteria in the selection and management of investment portfolios, generally consisting of company shares. This contrasts with standard portrayals of investment decision-making in finance textbooks, which concentrate solely on financial return in the form of dividends and capital gains, and risk" (Cowton 1994). The definition of SRI used in this research is that of Cowton (1994): SRI is the exercise of ethical and social criteria in the selection and management of investment portfolios, generally consisting of company shares.

SRI in Dutch financial, economic and business journals

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the organization’s Social Responsibility, and more individuals invested in organizations, instead of just wealthy people (Jansens & Scholtens, 2000). The idea that organizations which had good social and environmental policies would also outperform in terms of financial performance was used as an explanation for the increase in interest in SRI (Jansens & Scholtens, 2000). Often SRI was compared to investing in normal “conventional” funds (Otten & Koedijk, 2001; Scholtens, 2004). These researchers found that sustainable funds performed almost the same as ordinary funds. When ordinary funds were losing value, sometimes sustainable funds performed even better, because they did not decrease in value as quickly as ordinary funds did (Scholtens, 2004). Researchers, who tried to explain the differences in SRI among countries, found that the definitions of SRI in the UK and the Netherlands were different from those in the rest of Europe. That was why the sustainable funds in the UK and the Netherlands performed better (Benijts, 1999). In the early years, it was the US rather than other countries that was in the forefront with respect to SRI (Scholtens, 2002). The total outstanding capital in sustainable funds was twelve times as much as it was in Europe, but by around 2008 Europe had the most sustainable funds in comparison with other continents (Scholtens, 2008). The value of sustainable funds in 2008 in Europe was also twice as high as that in the US. Most of these articles about SRI are empirical, but there are also some theoretical articles about SRI.

C. The link between CSR and SRI

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attracts growing attention could play a crucial role for governments in obliging or influencing quoted companies to address CSR issues (Sparkes and Cowton, 2004).

III. METHOD

For this research, we performed a content analysis. Content analysis refers to technical procedures for producing data; it is a data collection technique (Mitchell, 1967). Content analysis is an observational research method that is used to systematically evaluate the symbolic content of all forms of recorded communications. We used a content analysis based on selecting articles based on the words they used. Content analysis about CSR and SRI literature has not been carried out before in the Netherlands. Most scientists around the world who have performed a content analysis with respect to CSR and SRI have done so at the organizational level (Hite, Belizzi & Fraser, 1988; Parado-Lorenzo, Gallego-Álvarez, Garcia-Sánhez & Rodriguez-Dominguez, 2008; Holder-Webb, Cohen, Nath & Wood, 2009). For example, Hite, Bellizzi and Fraser (1988) used a content analysis in their research concerning the use of codes of ethics in the ethics policy statements of US companies listed in the Fortune 500. They studied the frequency and the type of topics which were recorded in their ethics policy statements. Literature studies about CSR and SRI which also used a content analysis were not found; most researchers perform a meta-analysis (Orlitzky, Schmidt & Rynes, 2003; Hoepner, McMillan & Fraser, 2009). Hoepner et al. (2009) developed a benchmarking approach for research area output which they tested on literature about Responsible Investment. They researched the quantity and the quality of the appearance of Responsible Investment in English literature. Orlitzky et al. (2003) performed a meta-analysis of 52 studies to look at the relationship between CSR and Corporate Financial Performance. These earlier research projects did not compare the literature about CSR or SRI across specific journals and not over time, so, in that respect, our research is rather innovative. We researched eight different journals over a timescale of 19 years to see how much they published about CSR and SRI, and to try to find and explain relationships in time between the number of articles published in these different journals. In the following sections, the research description, the way we searched for relevant articles and the journals researched will be described.

A. Research description

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of eight journals which were all financial, economic and business journals. From all these journals, the issues from 1990 until the end of 2008 were used for this research. Issues from before 1989 are hard to find, and there is not a lot written about CSR and SRI in those issues. It should also be noted that since 1992, after the conference of Rio de Janeiro, CSR was probably more often taken into account than it had been previously. At this conference, countries agreed that the emission levels of substances which harm the environment such as carbon dioxide, should be reduced by 2000 (Van Driel, 1997).

First, we used the hardcopy of each journal to search for articles related to CSR and SRI. After that, we checked whether we had found all the articles in each specific journal by using the Picarta search engine. After using Picarta to really make sure we had all the articles we were looking for, we once more studied all the hardcopies of the journals. After reading the articles, an overview was made which showed how many articles the different journals published about CSR and SRI over time. This overview was compared to the other journals.

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theoretical background. So we looked at the main content of the article to decide whether it was a theoretical, empirical, opinion or advice article. This decision was not based on words selected in the text, as is the case when using content analysis. Content analysis was only used to see whether the articles were about CSR, SRI, the environment or sustainability.

After selecting the concept and category of each article, we analyzed these results. We did this by searching the literature for several explanations in order to interpret the results, but we also contacted the editors of each journal to ask them to explain some differences in their journal and also among all the journals we selected. These interviews are summarized in Appendix I. Interviews with representatives of Accounting and Tijdschrift voor Openbare Financiën are missing, because the former does not exist any longer, so there are no editors for Accounting, and in the case of Tijdschrift voor Openbare Financiën no one was available or willing to answer the questions.

B. Search for relevant articles

For each journal, we studied each issue from 1990 until 2008 three times. First we used the hardcopy of each journal to search for articles related to CSR and SRI. After that, we checked with the Picarta search engine whether we had gathered all the articles from each specific journal. To make sure we had all the articles we searched for, after using Picarta, we once again studied all the hardcopies of the journals. Articles with the following words in the title and introduction were selected: CSR, Social Responsibility, Social Performance, SRI, ethical investments, green funds, sustainable investments, the environment, business ethics, and sustainability. We chose to search not just for CSR and SRI because, for example, not a lot was written about CSR before 1999; since most of the articles that were linked to the social responsibility of organizations wrote about how to care for the environment, we therefore also looked for the subject “the environment.” In the tables which we use in Section 4, CSR is represented by itself, ethics, social performance and social responsibility; SRI is represented by itself, ethical investments, green funds and sustainable investments; and the environment is represented by the environment and environmental policy. Sustainability is the only concept represented solely by itself.

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and SRI, and, in earlier articles, the words CSR and SRI were not used. We searched for articles which were related to doing business; as a result, for example, we did not use articles about the environment, which discuss what people can do about decreasing air pollution, or articles about how to reduce noise nuisance in a residential district. Those articles are too general and are not just articles about what organizations can do to be socially responsible, for example. For sustainability, we only searched for articles which were about sustainable investments or organizations which implemented sustainability in line with their CSR policies. Articles about sustainability for housekeeping, on the other hand, were not selected. In the relevant journals, we only sought out scientific articles. Book reviews, group discussions and interviews were not used for this research.

C. Journals researched

The journals which were selected will be described briefly in the following section. Of course, there are more financial, economic and business journals in the Netherlands than the eight selected for this research, but many of them did not fulfil our criteria. The journals used must be scientific journals, in existence for at least fifteen years during the period researched, and they must have published at least five articles about the concepts to be researched. Journals which did not fulfil these criteria were, for example, Tijdschrift voor Corporate Finance,

Elsevier, Accountant Adviseur and De Accountant; either they published too few articles or

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Descriptive statistics of the journals researched Table 1 Journal Founded Appearance (times in one year) Print run (average) Average number of articles in one year Average number of pages in one year Publisher Accounting

2001 12 Unknown 60 480 Delwel Uitgeverij

BV Den Haag Tijdschrift voor Bedrijfsadministratie 1992 Maandblad voor Bedrijfsadministratie en –organisatie 1894 Bank- en Effectenbedrijf 1952 10 2500 (in 2008) 60 420 Stichting tot bevordering van de studie van het

Bank- en effectenbedrijf, Den Haag Economisch Statistische Berichten 1916 26 2000 (in 2008) 234 572

Nijgh & van Ditmar

Finance & Control 2002 6 2717 60 516 Kluwer, Deventer

Tijdschrift Financieel Management 1981 Kwartaalschrift Economie 2004 4 600 24 340 Stichting Maandschrift Economie, Tilburg Maandschrift Economie 1935 11 MAB 1989 10 3500 60 750 Muusses, Purmerend Maandblad voor Accountancy en Bedrijfshuishoudkun de 1924 11 Tijdschrift voor Openbare Financiën 2003 6 400 30 312 Elsevier Overheid, Den Haag Openbare Uitgaven 1969

TPEdigitaal 2007 6 500 36 460 SDU, Den Haag

Tijdschrif voor

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Accounting is a journal for business administration and accounting. This journal stopped

publishing after 2005, and the publisher does not exist anymore. This is why we could not ask for any statistics such as print run, and we also do not know whether peer reviews were used for the articles published.

Bank- en Effectenbedrijf is a journal for people who are interested in the financial sector. It is

mainly a journal for bankers. The articles used in our research dealt with subjects such as ethical investments and sustainable banking. The editors of Bank- en Effectenbedrijf choose a subject for each issue, and then researchers can submit appropriate articles for that issue. These articles are reviewed by the editors. When some adjustments need to be made, the author will have his or her article returned, and will need to adapt the article.

Economisch Statistische Berichten (ESB) is a journal about economics and policy. The journal

does not have peer-reviews; the articles are only evaluated by the editors of the journal. ESB highlights new developments in economic science. In addition, ESB applies economic insights to policy-relevant recommendations for the government, social institutions and businesses.

ESB also analyzes the major developments in the economy.

Finance & Control has short articles about finance in a broad sense; they describe new

insights, trends and developments in the Netherlands and in foreign countries. Some articles are empirical. This journal is a journal for people who perform a financial job such as CFO or financial manager. Finance & Control does not have peer-reviews; the articles are only evaluated by the editors of the journal.

The objective of Kwartaalschrift Economie is to present the results of original and well-researched studies to a broad public that includes scientists, professionals in business or the public sector, and students. It is a scientific journal with strict academic-type criteria. Both general economic and business topics are discussed in its articles. Kwartaalschrift Economie does have peer reviews for its articles.

Maandblad voor Accountancy en Bedrijfseconomie (MAB) publishes articles of a scientific

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MAB are read by three editors before they are published, and often authors are then asked to

adjust some points in their articles.

Tijdschrift voor Openbare Financiën is a scientific journal for people who are interested in

the economics of the public sector and the financial aspects of politics. The main topics of this journal encompass the financial, managerial and socioeconomic aspects of government policy. All articles submitted are criticized by independent referees who are often members of the Editorial Committee. The articles of Tijdschrift for Openbare Financiën are available online for free.

TPEdigitaal (TPE) is a journal about the financial aspects of politics and the public sector. It

is mainly about general economics and policies. TPEdigitaal uses peer reviews; submitted articles are criticized by independent referees. Since 2007, Tijdschrift voor Politieke

Ekonomie has only been available in an online version as TPEdigitaal; on this website the

articles are available for free.

IV. ANALYSIS

In Appendix II, Table 2 through Table 9 show an overview of the articles per journal. In these tables can be found the concepts that the journals published articles about and whether they were theoretical, empirical, opinion, or advice articles. Some data, like average number of pages are taken from Table 1, to make some calculations in Table 2 through Table 9. In Table 10, all the journals are assembled together in order to give an overview showing in what way the articles have contributed to the total number of articles and pages in the years researched. Below, we will present the analysis of Tables 2 through 10; the first sections will consider the journals separately, and after that we will analyze all the journals together.

A. Results by journal

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Accounting

In Accounting (Table 2), 14 articles were published during the period researched. Most of the articles were published in the timeframe of 1999 until 2004. One article differed from the others; this one was published in 1993. Most of the articles were about the environment, namely nine of them. CSR came next, with four articles. As for SRI and sustainability, fewer articles were published; there was only one about sustainability. Most of these articles were theoretical, namely eight of them, followed by four empirical articles, and for opinion and advice, one article each. We also looked at how many pages per year were devoted to our research concepts as a percentage of all pages published in one year. As we can see from Table 2, in Accounting 1.67% in 1993 on up to 7.5% in 2000 were devoted to our research concepts.

Bank- en Effectenbedrijf

Bank- en Effectenbedrijf (Table 3) published 17 articles about the concepts we dealt with.

Most of the articles were written in 2006, seven of them to be exact; this counts for 41 percent of them. Six out of these seven articles appeared in one issue which was a theme issue about CSR. In 2006, the information given was divided among the four subjects, namely two articles about CSR, one about SRI, one about the environment, and three about sustainability. The information the articles provided could be categorized as advice and opinion, both one article each; however, most of the articles in this year were theoretical, that is, five of them. In general, the articles in Bank- en Effectenbedrijf provided mostly theoretical information, that is, 11 out of 17. Four articles were empirical, with one article advice and one opinion. If we look at the different concepts, the division was more equal, namely five about both CSR and SRI, four about the environment, and three about sustainability. There was no increase in the number of articles published about a particular subject over time. Only the period from 1997 until 2001 was a period in which an article was published every year, but there was no increase as we expected. In Bank- en Effectenbedrijf, the pages devoted to our concepts, as a percentage of all pages published in one year, range from 1.01% in 1999 on up to 7.04% in 2006.

Economisch Statistische Berichten

ESB (Table 4) is the only journal in which every year at least one article was written about

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the journals researched. In this journal, we can see that the articles about SRI and CSR, respectively, appeared in 1999 and 2000. As for the subject of the environment, almost every year an article was written; the total was 55 articles. As for sustainability, 12 articles were written, which was more than about SRI and CSR (six and nine, respectively). In 2001 on up until 2007, the largest number of articles about sustainability was written, namely eight. The category of information given was mainly theoretical or empirical, 37 and 36 articles, respectively. There were four opinion articles in the early years covered by this research, namely from 1991 on up until 1997, with five advice articles over the whole time span. In

ESB, the pages devoted to our concepts, as a percentage of all pages published in one year,

ranged from 0.35% in 2008 on up to 5.07% in 1991.

Finance & Control

Finance & Control (Table 5) only published five articles about the concepts. Two of them

were written in 1991 and 1994; the other three were in 2005 and 2007. The two articles in the earlier years were about the environment, and these were opinion and empirical articles. The other three articles were about CSR and were all theoretical articles. In Finance & Control, the pages devoted to our concepts, as a percentage of all pages published in one year, range from 0.78% in 2005 up to 1.74% 2007.

Kwartaalschrift Economie

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Maandblad voor Accountancy en Bedrijfseconomie

In MAB (Table 7), 31 articles appeared in the period researched. They were mostly about CSR and the environment, namely 11 and 18 articles, respectively. On both SRI and sustainability, only one article on each was published. Most of these articles were either theoretical or empirical, 14 or 13, respectively. There were three advice articles and one opinion. In 1995 and 2000, the largest number of articles were published, namely six and five. The issues of

MAB we used in both these years were theme-issues about the environment and CSR. Until

2000, all the articles from 1990 until 1993, and then from 1995 until 1997, were about the environment. The first articles about CSR were published in 2000. In MAB, the pages devoted to our concepts, as a percentage of all pages published in one year, ranged from 0.93% in 1990 and 2005 on up to 6.67% in 1995.

Tijdschrift voor Openbare Financiën

Just like Finance & Control, Tijdschrift voor Openbare Financiën (Table 8) only published five articles about ourconcepts. These articles dated from 1992 to 2001. They were all either about SRI (two) or the environment (three). Only one article was theoretical; the other articles were all empirical. In Tijdschrift voor Openbare Financiën, the pages devoted to our concepts, as a percentage of all pages published in one year, ranged from 1.92% in 2001 on up to 3.53% in 1993.

TPEdigitaal

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B. Analysis of all journals together

In this section we will compare the journals with each other on three points. In the first section, we will compare them for number of articles and number of pages. The second section will focus on how much the journals published about the subjects, and the third section will examine whether there was a development in the category of articles about the concepts.

Pages and number of articles

The first question posed in this research was how often the concepts CSR and SRI were recorded in Dutch financial, economic and business journals. We will answer this by analyzing the number of pages and articles for each journal. After that, we will answer the second question and show the development of these publications over time for all journals. In Table 10, we can see that, in total, 185 articles were found which were about the concepts of this research. In total, these articles contained 1321 pages. In Table 2 up to and including Table 9, the two last rows of each table show how each individual journal contributed to the total amount of articles and pages each year. The percentages reflected there show the number of articles published in that year for that journal, divided by the total number of articles, which is 185. In Table 1, we can see how many pages each journal published in one year; in total they published around 3850 pages per year. When we calculate this for the period researched, there were 73,150 pages published in 19 years. This means that in the years researched 1.8% of all pages in the journals researched were about the concepts of this research. We will now look at how this number of pages and articles are divided among the journals.

As we can see from Table 4, ESB published the most articles about the researched concepts, namely, 45.41% of all articles. However, with its number of pages ESB comprises 21.95% of all pages used for this research, and MAB (Table 7), Kwartaalschrift Economie (Table 6) and

TPEdigitaal (Table 9) come very close to this percentage with 19.53%, 20.89% and 19.45%,

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With numbers of articles published ranging from 13 to 16, Tijdschrift Politieke Ekonomie,

Accounting (Table 2), Bank- en Effectenbedrijf (Table 3) and Kwartaalschrift Economie are in

the middle range of all journals. TPEdigitaal, with 13 articles, published a low number of articles, but with its number of pages it still ranks with the higher-scoring journals. The same applies to Kwartaalschrift Economie with 8.65% of all articles, but 20.89% of all pages.

Accounting follows closely with 7.65% of all pages. Bank- en Effectenbedrijf, on the other

hand, only has 5.37% of all pages. MAB is slightly higher on the list than the above-mentioned journals with 31 articles, but still does not reach the number that ESB has.

Tijdschrift voor Openbare Financiën (Table 8) and Finance & Control (Table 5) are the two

journals which published the least number of articles, namely five each, which is 2.7% of all articles used for this research. Tijdschrift voor Openbare Financiën published a larger number of pages than Finance & Control, namely, 3.1% as opposed to 2.04% for Finance & Control.

Tijdschrift voor Openbare Financiën mainly concerns itself with government policies. The

articles which we found about the subjects we researched concerned the effects of the levying of taxes and subsidies on the environmental policy of organizations. Probably because this journal highlights issues from a government perspective, we found fewer articles in this journal than in the other journals.

Subject

Corporate Social Responsibility

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Kwartaalschrift Ekonomie, Tijdschrift voor Openbare Financiën and TPEdigitaal did not

publish any articles about CSR. The editor of Kwartaalschrift Economie states that CSR fits in very well with the general economic scope into which the articles which they publish fall. Therefore, it might seem strange that no articles about CSR have been published in this journal. But Kwartaalschrift Economie complies with the C-status criterion of the VSNU (a union of universities in the Netherlands), which means that only articles of a high scientific level are published in this journal. If these kinds of articles are not submitted for publication in this journal, they end up by not publishing anything about CSR. For TPEdigitaal, the supply of scientific articles about CSR and also SRI is too low; therefore, no articles about CSR have been published.

The editor of Bank- en Effectenbedrijf, one of the journals in which four of the articles about CSR were published, notes that both CSR and SRI are relatively new concepts for this journal, and, therefore, not many articles were published in Bank- en Effectenbedrijf before 1997 about these subjects. In Accounting, only four articles were published; this might simply be explained by the discontinuance of this journal in 2005. Before 1999, no articles about CSR appeared in any of the journals, so for Accounting to have published four articles in six year is, in comparison to the other journals, such as Finance & Control, quite a lot. In

Tijdschrift voor Openbare Financiën, three articles were published.

MAB published eleven articles about CSR, which is the largest number of articles among the

journals researched. The editor of MAB explained that this might have been due to the fact that MAB publishes articles from a managerial perspective, while the other journals are more about general economics or finance. ESB published nine articles about CSR. ESB probably belongs to the journals that published the most articles about CSR because this journal publishes articles about current matters, and also because ESB publishes the greatest number of articles and pages in one year as compared to all the other journals researched.

Socially Responsible Investing

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Accounting, Finance & Control and TPEdigitaal did not publish any articles about SRI. The

editor of TPEdigitaal indicates that his journal publishes material about general economics and policies, and, therefore, articles about SRI are not published in this journal. For

Accounting, it is probably simply the case that it is a journal about accounting, and SRI is not

a subject which is related to accounting.

Tijdschrift voor Openbare Financiën published two articles about SRI; this might be

explained by the fact that this journal is mainly about governmental policies. Kwartaalschrift

Economie published one article about SRI; this might be due to the fact that this journal wants

to comply with the previously mentioned C-status criterion of the VSNU, which according to the editor of Kwartaalschrift Economie requires high scientific quality. This criterion no longer exists, so, in regard to the other journals, we do not know whether they fulfill this criterion or represent a lower-status publication. The editor of MAB noted that in this journal only one article about SRI was published because this journal mainly publishes articles from a managerial perspective.

Most of the articles about SRI were published in Bank- en Effectenbedrijf and in ESB, five and eight, respectively. Bank- en Effectenbedrijf is a journal about banking, so it is rather obvious that this journal would publish the largest amount of articles about SRI among the journals researched, because investments are part of the banking branch. For ESB, the explanation is that this journal publishes many articles in a year and, therefore, many about SRI as well.

The environment

The environment is the subject about which the most was written, namely, 62.16% articles out of all articles used for this research. Most of the articles about the environment were found in the earliest years researched, namely, in 1991 and 1992, 14 and 12 articles, respectively. In addition, however, ten articles were published in 1995 and in 2000. In 2002 and 2008, no articles about the environment were found.

Articles about the environment were found in all the journals, with two articles in Finance &

Control being the lowest number of articles during the time researched. Tijdschrift voor Openbare Financiën and Bank- en Effectenbedrijf follow closely thereafter, with three and

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accounting and general economics; this is no doubt the reason why they published more articles than these three journals. Accounting and TPEdigitaal published nine and eleven articles about the environment, respectively.

In 1995, MAB made a contribution of six articles because of a theme issue about the environment. ESB published 55 articles about this subject, which is by far the most of all the journals researched. But MAB and Kwartaalschrift Economie also published a relatively high number of articles, eighteen and thirteen, respectively. The explanation of the editor of

Kwartaalschrift Economie is that this journal writes about general economics and, therefore,

many articles about the environment were to be found in this journal.

Sustainability

From 1994 until 2008, the journals published 21 articles about sustainability; this is 11.89% of all articles used for this research. In 1995, 1998-2000 and 2008, no articles about sustainability were found. For the remaining years between 1994 and 2008, at most one or two articles about sustainability were published, but in 2001 five articles were found. We tried to compare these results with sustainable investing in the Netherlands. Therefore, we used a report from the VBDO (2008) in which an overview is given of sustainable investing and savings in the Netherlands from 1987 until 2008. They found that around 1989/1990 sustainable investments emerged in the Netherlands. From that point on, the amount of money invested in sustainable funds increased every year, with a minor drop in 2002. From these results we could not find any relationship with the findings about SRI and sustainability in our research.

The journals which published no articles about sustainability are Finance & Control and

Tijdschrift voor Openbare Financiën. The editor of Finance & Control already noted that

sustainability was not a topic which fit the scope of the journal. For Tijdschrift voor Openbare

Financiën, one might expect that they would publish articles about sustainability; this is a

subject which also involves government issues. Why this is not the case is hard to explain.

MAB published only one article about sustainability during the period researched; this might

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Accounting, Kwartaalschrift Economie and TPEdigitaal all published two articles each about

sustainability. This is not many, but these three journals also did not publish many articles about SRI, which in this research is linked to sustainability.

Again ESB is the journal which published the most articles about a single subject; twelve articles were published about sustainability. Bank- en Effectenbedrijf follows with four articles about sustainability. This is again explained by the target of this journal, which is published for bankers. Because sustainability in this research is mostly about sustainable investment, this clarifies the fact that this banking journal published more articles in comparison to the other journals researched.

Category of article

Almost half of all the articles were theoretical, namely, 49.73% (Table 10). Of the researched articles, 38.92% were empirical articles. There was no relationship over time between the numbers of theoretical articles published. These categorys of articles were being published across the entire timeframe. Theoretical articles were published every year at a rate of at least two per year; the highest number was ten in 2006.

We could not find any relationship over time between the numbers of articles written for empirical articles either. In 1998, there were no empirical articles published, while in 1995 and 1996 one empirical article was found for each year. For the remainder of the years used in this research, the numbers of articles ranged from two in 1990 and 2006, for example, on up to thirteen in 2001.

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V. CONCLUSIONS

We have tried to give an overview of the number of articles about CSR and SRI in Dutch financial, economic and business literature for the period 1990-2008. The research question therefore was: How many articles are published about CSR and SRI, and how did these publications develop over time? In total 185 articles were published in the journals used for this research. We expected that from 1992 on many articles would be published about CSR and SRI in Dutch financial, economic and business magazines. For neither concept, however, was this the case. From 1997 and 1999 onwards, SRI and CSR, respectively, began to appear in Dutch economic and business journals. Because this could be due to the fact that CSR and SRI were rather new terms in Dutch literature, we expanded the research by also searching for articles which were in line with these concepts, namely by also searching for articles about the environment and sustainability. We found that in the last two decades many articles about those topics have appeared. In some journals, such as Economisch Statistische Berichten, a much larger number of articles were published than in the other journals, such as Finance &

Control and Tijdschrift voor Openbare Financiën. This might be due to the fact that Economisch Statistische Berichten appears 26 times a year, while the other journals appear

only around four to twelve times per year. Also the number of articles and pages in this journal are therefore quite high. But also the scope of the last two journals with the smallest amount of articles is different from the other journals. Journals which write about general economics published more articles about CSR and SRI.

At first glance, we thought that CSR and SRI were rather new terms in the literature and, therefore, that they would only start appearing in Dutch financial, economic and business journals in 1999 and 1997, respectively. However, some of these articles refer to authors found in the Dutch literature in earlier years, and these also used the concept names. An explanation for this is hard to come up with.

We could not find any relationship among any of the articles about CSR and SRI over time. We thought that the number of articles about both concepts would increase after 1992 because of the conference in Rio de Janeiro, and because CSR and SRI receive more attention from organizations nowadays. This was not the case, however. This might be due to the fact that some journals, for example, Bank- en Effectenbedrijf, have only recently started publishing articles about CSR and SRI. Or it could also be that some journals, such as Kwartaalschrift

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about these concepts, they will publish none. Other financial, economic and business journals, such as Tijdschrift voor Openbare Financiën and Finance & Control published only a small number of articles throughout the whole period researched. This might be due to the fact that CSR and SRI do not fall within the scope of these journals. As a result, no increase in articles about CSR and SRI could be expected for these journals.

Shortcomings and further research

One shortcoming of this research is that the content analysis of this research was only performed by one researcher, namely the writer of this thesis. This could have resulted in missed or wrongly labeled articles. We tried to limit the chance that articles were missing or wrongly labeled by researching the entire journal database three times. Still, this does not guarantee that some articles might have been missed or wrongly labeled. Therefore, in future research, the research should be performed by two or more researchers so as to achieve intercoder reliability or intercoder agreement, which means that more researchers should reach the same conclusion about the articles selected and about how they should be labeled (Tinsley and Weiss, 2000).

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