Socially Responsible Investment in the USA : evolution of the shareholder advocacy to improve social performance of the firms. Updating a database for a longitudinal study

Abstract

The aim of this report is to analyze the Socially Responsible Investment in the USA from the shareholder's point of view. Based on the rule 14a-8, dissatisfied investors or activists may submit proposal to be implemented in order to improve social, societal and environmental performances of a firm; they may change the firm strategy through their proposals. The internship mission consisted of updating a database from 1997 to 2007. This database results from the merging of two databases; one with data from 1997 to 2004, and one containing new data from 2005 to 2007. Observations are made from this constructed database containing nature of 3,428 filed resolutions, targeted companies, resolution's outcomes and filers. Empirical analysis reveals that while religious and individual investors are becoming less present, resolutions submitted by mutual funds, public pension funds and advocacy groups come at the front of the stage. In the same way, propositions concerning abortion and contraception and tobacco and military involvement are getting less important whereas energy and environment, animal rights and political involvement questions are increasing. Assuming that Socially Responsible Investment is a growing phenomenon, this report contributes to knowledge about the nature of the resolutions and their vote, and the involvement of filers.shareholder advocacy, social policy, shareholder activism, social policy resolutions, socially responsible investment, SRI, USA, corporate social responsibility, activisme actionnarial, responsabilité sociale des entreprises, actionnariat, investissement socialement responsable, Etats-Unis, résolutions actionnariales à caractère social