European Financial and Accounting Journal 2018, 13(3):37-53 | DOI: 10.18267/j.efaj.213

Socially Responsible Investments in Financial Statements of Polish Public Companies

Marzena Remlein
Poznan University of Economics and Business, Faculty of Management, Department of Accounting, al. Niepodległości 10, 61-875 Poznań, Poland.

Socially responsible investments are one of the most dynamically developing segments of investments and socially responsible investing plays an ever growing role in the world's financial markets. Poland is in the infancy stage of development of socially responsible investments.
Socially responsible investing is a decision-making process concerning the allocation of free financial resources, where the investor aims at maximisation of profit and minimisation of risk on one part, and includes the socio-ethical and environmental-ecological considerations on the other.
The aim of the paper is to assess the valuation methods and the scope of information on socially responsible investments presented in financial statements of Polish public companies. Assessment of the market of socially responsible investments in Poland according to the European classification of strategies for investing socially responsibly is also purposeful.
The paper presents the results of empirical research of valuation and disclosure of SRI in financial statements of Polish public companies.

Keywords: Socially Responsible Investments, SRI, Respect Index, Investments Property, Financial Investments
JEL classification: M40, M41, M49

Published: December 31, 2018  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Remlein, M. (2018). Socially Responsible Investments in Financial Statements of Polish Public Companies. European Financial and Accounting Journal, 13(3), 37-53. doi: 10.18267/j.efaj.213
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Abbot, W. F., Monsen, R. J., 1979. On the measurement of corporate social responsibility: Self-report disclosure as a method of measuring social involvement, Academy of Management Journal 22, 501-515. DOI: 10.2307/255740. Go to original source...
    2. Accountancy Act of 15 December 2016, Official Journal, 2017, item 61.
    3. Anderson, J. C., Frankle, A. W., 1980. Voluntary social reporting: An iso-beta portfolio analysis, The Accounting Review 55, 467-479.
    4. Berelson, B., 1952. Content analysis in communication research. Free Press, New York.
    5. Beresford, D. R., 1973. Compilation of social measurement disclosures in Fortune 500 annual reports - 1973. Ernst and Ernst, Cleveland.
    6. Beresford, D. R., 1975. Social responsibility disclosure in 1974 Fortune 500 annual reports. Ernst and Ernst, Cleveland.
    7. Beresford, D. R., 1976. Social responsibility disclosure - 1975 survey of Fortune 500 annual reports, Ernst and Ernst. Cleveland.
    8. Czerwonka, M., 2013. Inwestowanie społecznie odpowiedzialne. Difin, Warszawa.
    9. Deloitte LPP, 2013, A New Beginning. Annual Report Insights, Available from: [25 February 2018].
    10. Duriau, V. J., Reger, R. K., Pfarrer, M. D., 2007. A Content Analysis of the Content Analysis Literature in Organizational Studies: Research Themes. Data Sources and Methodological Refinements. Organizational Research Methods 10. 5-34. DOI: 10.1177/1094428106289252. Go to original source...
    11. Dziawgo, L., 2010. Zielony rynek. Ekologiczna ewolucja rynku finansowego. Polskie Wydawnictwo Ekonomiczne, Warszawa.
    12. European SRI Study 2010, Available from: [24 February 2018].
    13. European SRI Study 2012, Available from: [24 February 2018].
    14. European SRI Study, 2014. Available from: [24 February 2018].
    15. European SRI Study, 2016. Available from: [24 February 2018].
    16. Jedynak, T., 2011. Kontrowersje wokół efektywności inwestycji społecznie odpowiedzialnych, Zeszyty Naukowe Polskiego Towarzystwa Ekonomicznego 11, 237-252.
    17. Kinder, P. D., Lydenberg, S., Domini A. L., 1994. Investing for good, making money while being socially responsible. Happer Business, New York.
    18. Krasodomska, J., 2014. Informacje niefinansowe w sprawozdawczości spółek. Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie, Kraków.
    19. Mansley, M., 2000. Socially responsible investment: a guide for pension funds and institutional investors. Monitor Press, Sudbury.
    20. Munoz-Torres, M. J., Fernandez-Izquierdo, M. A., Balaguer-Franch, M. R., 2004. The Social Responsibility Performance of Ethical and Solidarity Funds: An Approach to the Case of Spain, Business Ethics 13, 200-218. DOI: 10.1111/j.1467-8608.2004.00363.x. Go to original source...
    21. Remlein, M., 2015. Doświadczenia polskich grup kapitałowych w zakresie zintegrowanej sprawozdawczości, Studia Oeconomica Posnaniensia 3, 149-166.
    22. Respect Index, 2018. Available from: [10 February 2018].
    23. Rogowski, W., Ulianiuk A., 2012. Społecznie odpowiedzialne inwestowanie (SRI) - próba charakterystyki. Część III: Efektywność inwestycji społecznie odpowiedzialnych, Studia i Prace Kolegium Zarządzania i Finansów SGH 114, 64-81.
    24. Samelak, J., 2013. Zintegrowane sprawozdanie przedsiębiorstwa społecznie odpowiedzialnego, Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu, Poznań.
    25. Sandberg, J., Juravle, C., Hedesstrom, T. M., Hamilton, I., 2009. The Heterogeneity of Socially Responsible Investment, Journal of Business Ethics 87, 519-533. DOI: 10.1007/s10551-008-9956-0. Go to original source...
    26. Sparkes, R., 2002. Socially Responsible Investment: A Global Revolution. John Wiley & Sons Ltd., Chichester.
    27. Statman, M., Glushkov, D., 2009, The Wages of Social Responsibility, Financial Analysts Journal 64, 33-46. DOI: 10.2469/faj.v65.n4.5. Go to original source...
    28. Świderska, G. K., 2010. Wpływ zakresu ujawnianych informacji na poprawę ochrony inwestorów oraz pozycję konkurencyjną emitentów papierów wartościowych. Szkoła Główna Handlowa, Warszawa.
    29. Świderska, G. K., 2011. Wpływ zakresu ujawnianych informacji na zaufanie do rynków kapitałowych i organizacji gospodarczych. Szkoła Główna Handlowa, Warszawa.
    30. The Directive 2014/95/EU of the European Parliament of 22 October 2014 amending the Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups.
    31. The International Finance Corporation, Available from: [12 February 2018].

    This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content