翻译 一共有6张图 1张100分 2

and interest groups.Several of these unions have
explicit social/reformist agendas where they advo-
cate greater equity as well asrespect for hurnan
values.Asexpression by a CEO of mutual fund
firm owned by the communal workers’ union：

To test our hypotheses we then flt two larger
models where we include in Model 1 the degree
to which a flrm isinvested in financial analysts
（analyst intensity），anf in Model 2 a categorical
variable for the majority ownership of the flim

（ownership）.Data on ownership was coded from
thearchives of the SSAFM.
The data is described in Table1.
Hypotheesis 2 suggests thaiflrms with external
stakeholders，specifically owneers，that are negative
to challenging norms will be slower in imitating
a norm challenging move.Drawing on our quali-
tative interview data，we identified three different
ownership groups where reasoning regarding chal-
lenging norms differed：privately held firms，union-
held firms，and state-owned frims. THe first group
includes the mutual fund firms that comprise the
core of the market--those sponsored by private or
listed banks，insurance firms，and brokerage frims.
The culture of‘sound asset management’was very
pronounced in this gioup，as expressed by one of
the CEOs interviewed：
...my fundamental viewis thatit is very diff-
ficult to combine a sound asset management
product with a good charitable objective.

Another product developer expessed his opinion
that SRI funds were essentially a ‘scam’：
...how can you say that you are ‘ethical，’I
thank it is theworst case of holer-than-thou
attitude...what is it tosay that your moral
values（that lesds you to exclude x）？are better
than my values （that lets me include x）?This
is，in my opinion，a ‘scam.’

The second group includes fund firms that are
sponsored by union -owned firms.Although these
actors are relatively new in the market（last 1980s）
they are farily numerous and include the commu-
nal worker’union（dominated by female work-
ers），medical doctors' union，as well as the blue
collar workers’union and other smaller unions