Purpose

This paper aims to explore the nature of responsible investment (RI) practices in Zimbabwe from the point of view of the institutional asset owners by investigating not only how they incorporate the ESG criteria when selecting investee companies but also the elements of greenwashing and impression management.

Design/methodology/approach

Based on semi-structured interviews conducted with Pension Fund Entities, Mutual Funds and Life Assurance companies, the authors used interpretive methodological approach to derive the symbolic RI techniques used.

Findings

This study discovered many symbolic acts of “greenwashing” and impression management as opposed to genuine concerns for ESG issues which are at the core of RI practice. RI is used as not only a systematic risk management instrument but also a symbolic marketing tool due to weak regulatory environment. Contrary to the significantly high public communication on RI, the actual links of the asset owners with the environmental impacts in investee companies is insignificant. The authors also found that there are clear distinctions between how foreign and local firms operating in the local economy engage on ESG matters.

Practical implications

This is likely to have practical implications for stewardship practices in developing jurisdictions where RI practices are puerile.

Originality/value

This paper contributes to the literature on RI dialogue by demonstrating the peculiarity of ESG engagement in a developing economy.

中文翻译：

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绿色清洗和负责任的投资实践：津巴布韦的经验证据

目的

本文旨在从机构资产所有者的角度探讨津巴布韦负责任投资（RI）做法的性质，方法不仅是调查他们在选择被投资公司时如何纳入ESG标准，还需要调查绿色清洗和印象管理的要素。

设计/方法/方法

在与养老基金实体，共同基金和人寿保险公司进行的半结构化访谈的基础上，作者使用了解释性方法论方法来得出所使用的象征性RI技术。

发现

这项研究发现了许多“绿色清洗”和印象管理的象征性行为，而不是对RI实践的核心ESG问题的真正关注。由于监管环境薄弱，RI不仅被用作系统的风险管理工具，还被用作象征性的营销工具。与RI上的公众高度宣传相反，资产所有者与被投资公司的环境影响之间的实际联系微不足道。作者还发现，在当地经济中经营的外国公司和当地公司如何在ESG事务上有明显的区别。

实际影响

这可能对RI实践薄弱的发展中司法管辖区的管理实践产生实际影响。

创意/价值

本文通过展示ESG在发展中经济体中的特殊性，为有关RI对话的文献做出了贡献。