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Socioeconomic Investment Practices of State Pension Funds: The Results of a National Survey
Author(s) -
Leigland James
Publication year - 1992
Publication title -
public budgeting and finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.694
H-Index - 30
eISSN - 1540-5850
pISSN - 0275-1100
DOI - 10.1111/1540-5850.00937
Subject(s) - pension , socioeconomic status , accountability , investment (military) , state (computer science) , business , national pension , economics , finance , pension fund , rate of return , prudence , actuarial science , public economics , accounting , political science , politics , sociology , population , demography , theology , algorithm , computer science , law , philosophy
State pension fund managers appear to be under increasing pressure to promote social, ethical, or economic development goals with at least some of their investments. This article offers a conceptual framework for considering socioeconomic investing by these funds, and uses it in a national survey of state pension fund investment practices. True “social” investing, involving the expected sacrifice of market average rates of return for social or ethical goals, appears to be much less widespread than expected. However, the survey also suggests that policies and procedures designed to insure the prudence and accountability of fund managers with regard to socioeconomic investing may not be in place in many states.