Silvana Signori

Ethical (SRI) Funds in Italy: A Review

In the past few years, investors from different European countries have become increasingly interested in the new opportunities that socially responsible investing (SRI) can offer. Empirical research into this subject has often assumed as given the meaning attributed to the terms ethical or socially responsible, thus concentrating more on other elements (particularly financial performance). This paper, through the analysis of the characteristics of ethical funds traded in Italy, investigates the possible contents that the terms ethical and/or socially responsible can assume in practice, with particular attention to the underlying values and to how these values are integrated into the selection process. This analysis brings to light the impressive variety of ethical funds traded in Italy. In particular, it reveals the Italian model, whose distinguishing characteristics seem to be the following: recentness of issue, options for charitable donations, almost exclusive use of screening strategies, use of best in class and minimum tolerance quota indications, preference for ethical indices, application of commissions no higher than the national average, presence of ethical committees and the utilization of consulting or rating agencies.

Oltre la spesa. I Gruppi di Acquisto Solidale come laboratori di cittadinanza e palestre di democrazia

Da sempre piu parti viene sostenuto che i problemi ambientali e sociali che affliggono le societa industrializzate non possano essere risolti se non tramite un cambiamento degli stili di vita e di consumo. Negli ultimi anni, l’incapacita (o non volonta) delle istituzioni nel proporre soluzioni e implementare politiche per risolvere questi problemi hanno stimolato lo sviluppo di nuovi movimenti collettivi che, oltre a diffondere una maggiore consapevolezza sugli effetti sociali delle pratiche di consumo, hanno favorito la nascita e diffusione di forme di approvvigionamento basate sulla relazione diretta e solidale tra consumatori e produttori. L’articolo presenta i risultati di una recente ricerca sui Gruppi di Acquisto Solidale, ovvero la forma piu diffusa nel nostro Paese di consumerismo politico organizza- to. Tramite l’analisi dei risultati raccolti con due questionari on line, compilati da 204 referenti di GAS lombardi e da 1658 famiglie appartenenti ai medesimi gruppi, l’articolo riflette sui meccanismi che hanno favorito la diffusione di queste forme di azione collettiva approfondendo sia le motivazioni che hanno spinto i singoli a prendere parte a queste esperienze che l’organizzazione interna e le strategie d’azione dei GAS.

From “Managing for Stakeholders” to “Managing with Stakeholders”: When Stakeholders Can Help Rescue a Company

By analyzing a case study, this paper aims to explore if and how an open dialogue with stakeholders helps to “articulate the meaning of the corporation and the sense of responsibility” (Wicks, Gilbert and Freeman 1994: 477) among stakeholders. To do that, a ‘relational view’ of the firm is adopted in which the corporation is constituted by the relationships with its stakeholders who constantly interact with it and with each other and give meaning and definition to the corporation. After a brief theoretical introduction on stakeholder dialogue, this chapter presents and analyses the case of F.lli Tomasoni, an organic dairy that was rescued from bankruptcy by its customers. Crucial in this case was the presence of consumer groups (Gruppi di acquisto solidali – GAS). The case shows how participation in consumer groups educates people to share meaning, values and practices and reinforces responsibility for their economic choices. They could be considered as a “community of practice” where ethical beliefs are shaped and put into concrete actions, and this leads to a different way of considering the relationship between the company and its stakeholders. Dialogue is not only a powerful tool for understanding and answering stakeholders’ interests, but also an effective means for communicating a company’s needs and expectations and, therefore, for co-creating mutual understanding and value-attunement among the various stakeholders.