Purpose

This paper aims to contribute to the corporate social responsibility (CSR) literature by providing holistic insights into financial analysts’ personal values, perceived behavioural risk and investment decisions relating to the social aspects of CSR. Specifically, this paper examines whether analysts’ personal values, such as religiosity, spirituality and social consciousness, influence their investment decisions relating to a highly profitable firm that is alleged of exploiting labour rights. This study also examines the mediating role of analysts’ perceived behavioural risk between personal values and investment decisions.

Design/methodology/approach

Data were collected, using a scenario-based survey, from 145 financial analysts at both public and private companies in Pakistan.

Findings

The results show that analysts’ values, including religiosity, spirituality and social consciousness, have a significant negative impact on their investment decisions. The results also demonstrate that perceived behavioural risk mediates the relationship between these values and investment decisions.

Practical implications

This study has implications for the globalised business world, regulators and researchers for incorporating personal and ethical values into risk and investment decision-making.

Originality/value

This study establishes the importance of analysts’ personal values in risky investment decision-making.

中文翻译：

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财务分析师在评估企业社会责任时的个人价值观、感知行为风险和投资决策

目的

本文旨在通过提供对金融分析师个人价值观、感知行为风险和与企业社会责任社会方面相关的投资决策的整体见解，为企业社会责任 (CSR) 文献做出贡献。具体来说，本文考察了分析师的个人价值观，如宗教信仰、灵性和社会意识，是否会影响他们对一家被指控剥削劳工权利的高利润公司的投资决策。本研究还检验了分析师感知行为风险在个人价值观和投资决策之间的中介作用。

设计/方法/途径

数据是使用基于情景的调查从巴基斯坦公共和私营公司的 145 名金融分析师那里收集的。

发现

结果表明，分析师的价值观，包括宗教信仰、灵性和社会意识，对其投资决策有显着的负面影响。结果还表明，感知行为风险调节这些价值观与投资决策之间的关系。

实际影响

这项研究对全球化商业世界、监管机构和研究人员将个人和道德价值观纳入风险和投资决策具有重要意义。

原创性/价值

本研究确定了分析师个人价值观在风险投资决策中的重要性。