Evolution of ecological financial market from the perspective of institutional economics

Michał Moszyński, Marcelina Więckowska

DOI: http://dx.doi.org/10.12775/CJFA.2014.010

Abstract


In the market economy the “actors” act according to rules of the game – the institutions – which impose certain restrictions on their behavior, making it more predictable for the other participants, reduce risk and uncertainty, and furthermore lowers transaction costs, etc. Institutions can be broadly divided into formal (coming from the state) and informal (derived from market participants and their interactions). Market participants are trying to creatively interpret the rules for their own use. The financial sector is regarded as being particularly creative in its approach to the formal rules due to its flexibility, speed and innovation. In this context it is interesting to consider a growing interest of the participants of the commercial financial market in the idea of environmental protection from the perspective of institutional economics. This constitutes the aim of the study, which main concern is to answer the following questions: How can the ecological behavior of the financial market players be attributed to the new institutions? What are the driving forces behind this phenomenon? What sanctions are imposed for breaking informal rules? How do the formal and informal institutions interact? Finally, how could the state influence and reinforce such behavior?


Keywords


ecological financial market; institutional economics; formal institutions; informal institutions

Full Text:

PDF

References


BP Annual Report (2010), http://www.bp.com/content/dam/bp/pdf/investors/BP_Annual_Report_and_Form_20F.pdf.

COM (2011) 681 final, Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. A renewed EU strategy 2011-14 for Corporate Social Responsibility, Brussels, http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52011DC0681:EN:NOT (accessed: 20.02.2014).

Dziawgo L. (1997), Papiery wartościowe w ochronie środowiska, Dom Organizatora, Toruń.

Dziawgo L. (2010), Zielony rynek finansowy. Ekologiczna ewolucja rynku finansowego, PWE, Warszawa.

Facing finance (2011), Dirty Profits, http://www.facing-finance.org/wp-content/blogs.dir/16/files/2012/12/ff_dirtyprofits.pdf (accessed: 20.02.2014).

GSIA – Global Sustainable Investment Alliance (2013), Global sustainable investment review 2012, January, http://www.gsi-alliance.org/resources (accessed: 19.02.2014).

Hayek F.A. (1973), Law, Legislation and Liberty, Vol. 1 Rules and Order, Routledge, London. http://dx.doi.org/10.7208/chicago/9780226321233.001.0001.

Helmke G., Levitzky S. (2004). Informal Institutions and Comparative Politics: A Research Agenda. Perspectives on Politics, vol. 2, no. 4. http://dx.doi.org/10.1017/S1537592704040472.

Hodgson G.M. (2006). What Are Institutions?. Journal of Economic Issues, vol. XL, no. 1, March.

KMPG (2013), The KPMG Survey of Corporate Responsibility Reporting 2013, KPMG International.

North D.C. (1990), Institutions, Institutional Change and Economic Performance,Cambridge, Cambridge University Press. http://dx.doi.org/10.1017/CBO9780511808678.003.

Parkiet Gazeta Giełdy (20.12.2012), Ekolodzy i potencjalny błąd w prospekcie, http://www.parkiet.com/artykul/1287227-Ekolodzy-i-potencjalny-blad-w-prospekcie.html (accessed: 22.02.2014).

SEG – Stowarzyszenie Emitentów Giełdowych (2013), Transparentność w obszarze ESG jako element przewagi konkurencyjnej spółki giełdowej, R. Sroka (ed.), Warszawa.

Tsukushi M. (2003), History of SRI and eco-funds in Japan, [in:] Finance and Natural Environment. Experience of Poland against the background of developed market economies, L. Dziawgo, D. Dziawgo (ed.), Toruń.

Urban D. (2011), Zarys koncepcji inwestowania społecznie odpowiedzialnego, Acta Univesitatis Lodziensis, Folia Oeconomica 261.

Websites: BGŹ, http://www.bgz.pl/downloads/o_banku/BGZ_CSR_raport_elektroniczny_final.pdf (accessed: 20.02.2014).

Websites: City Handlowy, http://www.citibank.pl/poland/kronenberg/polish/6606.htm (accessed: 12.02.2014).

Websites: Global Reporting Initiative (GRI), https://www.globalreporting.org (accessed: 11.02.2014).

Websites: Millennium, http://www.bankmillennium.pl/pl/o-banku/csr/dzialania/srodowisko (accessed: 20.02.2014).

Websites: Principles for Responsible Investment (PRI), http://www.unpri.org (accessed: 10.02.2014).

Websites: United Nations Environment Programme Finance Initiative (UNEP FI), http://www.unepfi.org (accessed: 11.02.2014).

Websites: World Wide Fund for Nature (WWF), http://www.wwf.pl/mozesz_pomoc/karta_kredytowa (accessed: 12.02.2014).








ISSN 2300-1240 (print)
ISSN 2300-3065 (online)

Partnerzy platformy czasopism