Abstract
Investors who follow different tenets of social responsibility and choose different socially responsible mutual funds might be described as members of different religious denominations. Some social responsibility “religions” have a single tenet, such as protection of the environment. Others combine several, such as avoidance of tobacco, alcohol, and weapons-making. A framework of the economics of religion can help us answer questions such as why some mutual funds attract many investors while others attract few; the differences between strategies that are effective at attracting individual versus institutional investors to SRI; and whether government regulations aimed at fostering SRI are likely to accomplish their aim.
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