Australia's three major public ethical investment funds achieved mixed financial success in the seven years to 30 June 1998, though on average the funds underperformed relative to the market. For the four-year and five-year holding periods to 30 June 1995 and 1996 respectively, the average holding-period returns for the three funds were less than the risk-free rate. This is strong evidence of investors incurring a financial discount for investing ethically and, with respect to the ethical investor's utility function, it is evidence of the marginal utility increasing as the ethical attributes of assets increase.

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While ethical investment is relatively new in Australia, it is a well defined phenomenon in the United States and United Kingdom, subject to variations in interpretation in its practical implementation. Characteristics of ethical investment decision‐making suggest ethical investors may be demographically different from “ordinary” investors. This descriptive paper reports on a survey of equity investors in Australia, comparing the average investor and an ethical investor. The main findings are that there is evidence of a strong gender effect, with females predominating among ethical investors, and that these investors are relatively young, highly educated and possessing small portfolios.

This paper is a study designed to understand how intrinsic rewards, as compared with extrinsic rewards, are perceived as sources of motivation by staff of NFP organisations.Data was gathered through a survey featuring a number of statements about intrinsic and extrinsic rewards. The small-sample t-test was used to determine the significance of responses, and hence test the hypothesis that employees are motivated by intrinsic rewards.The findings of the study are that significant t-test p-values highlighted intrinsic rewards -in particular, the achievements of employees' clients, work/life balance, and having fun at work -as being important staff motivators.