Socially Responsible Investment Market Size in Poland: The Content Analysis

This study attempts to examine socially responsible market size in Poland by exploiting content analysis as a method. Analyzed documents of institutional investors include documents, whose preparation is guided by legislation and industry standards. The selection criteria reduce self-reporting biases. The study revealed that Polish institutional investors very rarely report on embedding ESG criterions in their financial policies. This is interpreted as a lack of actual following SRI practices by Polish institutional investors. This conclusion, however, still can be challenged under agency-relationship assumptions. The SRI market size estimated through the content analysis accounts for 1.9 bln PLN. This number is much smaller than Polish SRI market size estimated by EUROSIF report. SRI disclosure requires further investigation.