Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups

Sustainable development requires a shift from traditionally invested assets to socially responsible investing (SRI), bringing together financial profits and social welfare. Private high-net-worth individuals (HNWIs) are critical for this shift as they control nearly half of global wealth. While we know little about HNWIs’ investment behavior, reference group theory suggests that their SRI engagement is influenced by their identification with and comparison to reference groups. We thus ask: how do reference groups influence the investment behavior of SRI-oriented HNWIs? To answer this question, we analyzed a unique qualitative data set of 55 semi-structured interviews with SRI-oriented HNWIs and industry experts. Our qualitative research found that, on the one hand, the family serves as a normative reference group that upholds the economic profit motive and directly shapes HNWIs to make financial gains from their investments at the expense of social welfare. On the other hand, fellow SRI-oriented HNWIs serve as a comparative reference group that does not impose any concrete requirements on social welfare performance, indirectly influencing SRI-oriented HNWIs to subordinate social concerns to financial profits. Our scholarly insights contribute to the SRI literature, reference group theory, and practice.

Male Reference Group Identity Dependence

This article presents a theory of male identity developed to address the question of why men vary in their masculinity ideology and in their conformity to standards of masculinity. The theory, male reference group identity dependence, is based on two other theories—reference group theory and ego identity development theory. Reference group identity dependence is defined as the extent to which males are dependent on a reference group for their gender role self-concept. An overview of relevant masculinity research, theoretical foundations for the construct of reference group identity dependence, theoretical postulates, and associated behavioral and psychological characteristics are presented. Research implications of the theory are discussed and future research directions are provided.

Effect of Organizational Size on Job Satisfaction of Top Editors at U.S. Dailies

Drawing on social system and reference group theory, this study hypothesized that top editors at large newspapers would be more satisfied with their jobs than top editors at small newspapers. Editors on larger newspapers were expected to be more satisfied because increased role specialization gives them greater autonomy, their salaries are higher, and their jobs are more prestigious. A national probability sample of top editors at daily newspapers in the United States supports the hypotheses that editors at larger newspapers are more satisfied and that autonomy is a mediating factor, but income is not related to job satisfaction.