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PurposeThis study examines the effect of business cycle, market return and momentum on the financial performance of socially responsible investing (SRI) mutual funds using data from two complete business cycles as defined by the National Bureau of Economic Research (NBER).Design/methodology/approachA "fund of funds" approach is used to identify the extent to which SRI financial performance is affected by the macroeconomic climate. The Fama-French Three-Factor model and the Carhart four-factor model are used to bring the results into alignment with commonly used finance methodologies.FindingsThe results indicate that SRI tends to preserve value during economic contraction more than it adds value during economic expansion. Market return is important during both expansion and contraction, while momentum is important only during expansion.Research limitations/implicationsThese findings suggest that double screening, for both financial and social performance, enables portfolio managers of SRI funds to have insight into those companies that are particularly vulnerable during times of economic contraction.Practical implicationsThese results bring added clarity to the mixed findings found by previous researchers examining the relationship between corporate social performance (CSP) and financial performance.Social implicationsThis study reinforces the idea that the financial performance of companies with high ethical standards is comparable to the financial performance of the market as a whole during times of economic expansion and superior to the market as a whole during times of economic contraction.Originality/valueBusiness cycle analysis, along with the Fama-French Three-Factor model and the Carhart four-factor model, brings SRI research more into the realm of conventional financial analysis than previous studies.

In this article, we draw upon the context of Kufr Aqab – a 'no-man's land' neither controlled by the Palestinian Authority nor Israel – to demonstrate the complex and multifaceted ethical dilemmas faced by social workers practising in 'in-between' conflict settings. Ethical challenges relate to social workers' safety and security, as well as their capacity to deliver meaningful change. We argue that despite the challenging and often violent environments in which they work, social workers demonstrate important competencies to overcome these dilemmas by drawing upon and utilizing personal and community resources. We highlight calls to action for both social work practitioners and researchers.

Purpose
The purpose of this paper is to introduce the notion of social responsibility skepticism (SRS) and demonstrate its importance to the existing social responsibility literature. Stakeholder-emphasizing perspective (STEP) and shareholder-emphasizing perspective (SHEP) are tested as independent constructs that both serve to reduce skepticism. SHEP, STEP and SRS are shown to be interrelated but independent ideas.


Design/methodology/approach
The study is based on a primary questionnaire survey of managers. Multivariate regression analysis is used for analysis, level of management is a moderating variable and age and gender are control variables.


Findings
Managers who accept either the shareholder emphasis or the stakeholder emphasis have lower social responsibility skepticism. STEP and SHEP appear to be two independent constructs that both serve to reduce skepticism, although STEP is slightly more effective. The relationship is stronger for STEP managers and for higher level managers.


Research limitations/implications
Findings may be influenced by the existing political or business milieu. Findings on the moderating effect of level of management and age may reflect generational differences. Changes in gender roles may also affect findings.


Practical implications
Acceptance of management theories oriented either toward a stakeholder perspective or a shareholder perspective is associated with less skepticism. The legitimacy and value of each perspective should be acknowledged.


Social implications
Managers require support for decisions taking social responsibility into account. This study demonstrates that grounding in stakeholder theory or shareholder theory can reduce SRS.


Originality/value
This study introduces the new concept of SRS and provides a scale to measure this new variable. New scales are also provided for SHEP and STEP. Both perspectives negate tendencies toward SRS.

Shipping list no.: 88-330-P. ; Item 998-A-1 ; Bibliography: p. 169-170. ; Mode of access: Internet.

Item 998-A-1 (microfiche) ; Bibliography: p. 129-130. ; Mode of access: Internet.

Includes index. ; Shipping list no.: 2006-0205-P. ; Includes bibliographical references (p. 137-141). ; Mode of access: Internet.

Includes index. ; Shipping list no.: 99-0242-P. ; Includes bibliographical references (p. 127-130). ; Mode of access: Internet.