Developing Conceptual Framework of Ethical Investment Studies

The study aims to conduct a conceptual review of ethical investment research based on Widyawati (2019). Through the method, obtained 70 relevant articles. results literature analysis conclude that there is development studies and in general it divided into four main themes, namely (i) investor behavior studies, (ii) (iii) performance (iv) ethics religious-based (stock sin stocks category). focuses examining characteristics investors such as motivation, patterns basis for making decisions. emphasizes description particular area, argumentation theory role participants market, including mechanisms, screening shareholder activism. focus by comparing return with its benchmark (nonethical investment). Meanwhile category) testing implementation negative stocks, relationship between certain themes.