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Resumo(s)
Nowadays some financial operators are challenging the boundaries between the
social and business sectors, developing financial instruments that enable investors
to pursue social issues along with financial returns. This sector developed in
Europe at different speeds and followed different paths. While in some European
countries numbers related to the ethical investment sector are starting to be
remarkable, in Italy this approach is still in an early development stage. The
objectives of this research are to provide a framework of ethical investing and
suggest financial operators a possible strategy to overcome organizational problems
that result from matching social and financial logics. I will address the first
providing clear definition of ethical investment and, following an approach of
building blocks, I will explain how it is implemented over Europe. I will be able to
show the role that institutional investors represent in this context and the barriers
that in Italy still brake the development of the sector. Then, using the modern
literature on institutional logics I will study the case of Etica SGR, a company
leader of ethical investing in the Italian market. I observed that the strategy that it
implemented in order to manage multiple institutional logics is particularly
suitable for growing companies, a stage of business cycle still not addressed by the
literature.