Politics on the stock market? Political investorism as a form of political participation
| Published date | 01 June 2024 |
| DOI | http://doi.org/10.1177/01925121231187363 |
| Author | Henrik Serup Christensen,Anton Brännlund |
| Date | 01 June 2024 |
| Subject Matter | Original Research Articles |
https://doi.org/10.1177/01925121231187363
International Political Science Review
2024, Vol. 45(3) 368 –388
© The Author(s) 2023
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DOI: 10.1177/01925121231187363
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Politics on the stock market?
Political investorism as a form
of political participation
Henrik Serup Christensen
Åbo Akademi University, Finland
Anton Brännlund
Uppsala University, Sweden
Abstract
Political investorism involves the use of financial investments to promote political aims, but has, with some
recent exceptions, received scarce attention from political scientists although there are valid theoretical
reasons to consider this a new form of political participation. Here, we add new knowledge to this
research agenda by examining empirically whether political investorism constitutes a distinct mode of
political participation. Furthermore, we explore the characteristics of political investors and why they use
political investorism. We examine these issues using an original survey from Finland (n = 1065). Our results
demonstrate that political investorism constitutes a distinct mode of participation that in particular appeals
to young and well-educated women living in an urban setting. Finally, cultural ideological divisions (measured
with GAL-TAN: Green-Alternative-Libertarian and Traditional-Authoritarian-Nationalist) mediate socio-
demographic characteristics when explaining participation.
Keywords
Political participation, modes of participation, ethical investments, political behaviour
Introduction
Ethical investments have become a way for people to reconcile moral values with a wish for eco-
nomic prosperity. By guiding investments to companies and portfolios that, for example, promise
to respect labour rights or environmental standards, people hope to make profitable investments
without causing detrimental effects to others.
Corresponding author:
Henrik Serup Christensen, Åbo Akademi University, Fänriksgatan 4a, Abo, 20500, Finland.
Email: henrik.christensen@abo.fi
1187363IPS0010.1177/01925121231187363International Political Science ReviewChristensen and Brännlund
research-article2023
Original Research Article
Christensen and Brännlund 369
These ethical investments have received attention from economists and philosophers (Hill et al.,
2007; Kempf and Osthoff, 2007; Kolers, 2001; Schueth, 2003). However, political scientists have
generally paid scant attention to this phenomenon, with notable recent exceptions (O’Brien et al.,
2022, 2023). Consequently, despite this recent work conceptualizing political investorism as a
form of political participation, our knowledge on how these activities fit into the toolbox of politi-
cal activists is still scant. This may come as a surprise considering that several studies have debated
the proper conceptualization and measurement of how citizens express their political preferences
and demands (De Moor, 2017; Stolle et al., 2005; Theocharis and Van Deth, 2017, 2018; Vissers
and Stolle, 2014). This inattention is at least partly because political investorism has often been
subsumed under the broader label of political consumerism, which concerns the use of the market
mechanism for political purposes; for example, through buying certain ethically produced products
(Copeland and Boulianne, 2022; Micheletti, 2003; Stolle and Micheletti, 2013; Stolle et al., 2005).
However, even if both political consumerism and political investorism make use of the market
mechanism to promote political ideas, it may be misguided to assume that they are overlapping
dimensions of political participation.
Here, we build on the work of O’Brien et al. (2022, 2023) and examine empirically the extent
to which political investorism ought to be considered a separate mode of participation with a dis-
tinct placement in the toolbox of political activists. Furthermore, we explore who uses political
investorism and probe the explanations for why they do so. We examine our research questions
with a novel survey sent to a sample of Finnish citizens in autumn 2022 (n = 1065).
Our results suggest that although political investorism is still not widespread in the Finnish
population, it constitutes a distinct mode of participation with a clear potential as a new avenue
for expressing political demands. Furthermore, this mode of participation appeals to a specific
group of citizens, meaning political investorism will most likely be used to promote specific
political demands.
Political investorism as a mode of political participation
Recent decades have witnessed increased market liberalization and free movement of capital
across the globe. Among other things, this has led to increased opportunities for individuals to
engage in small-scale investments. This prospect gained further impetus from increased possibili-
ties for making independent trading decisions through online banks and other digital services that
decreased the need for intermediaries.
Although this development had direct consequences for the financial well-being of many (for
better or for worse), it may also indirectly affect how financial markets relate to democracy. For
example, technological advancements such as the Robinhood app allow individuals to buy and sell
stocks directly from their smartphones, and it is currently debated whether this should be consid-
ered a sign of democratization and increased financial inclusion, or whether the increased acces-
sibility mainly promotes risk-taking among inexperienced investors (Tan, 2021).
Another potential consequence concerns the motives driving investment strategies. The idea of
ethical or socially responsible investments reminds us that some investors do not only value eco-
nomic rewards when making decisions on how to place investments (Kempf and Osthoff, 2007;
Kolers, 2001; Schueth, 2003). O’Rourke (2003: 684) defines socially responsible investing as ‘an
investment process that considers the social and environmental consequences of investments, both
positive and negative, within the context of rigorous financial analysis’. This definition calls atten-
tion to the fact that investors do not always only consider financial rewards but may also wish to
minimize possible negative externalities for society, when deciding on their investment portfolio.
Later studies support the idea of value-driven investors. Some studies show that investments in
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