International Business - Early Institutional Entrepreneurship In Hostile Contexts

Supervisor: Dr Sarah Stephen

Supervisor bio: 

I am an Assistant Professor of Strategy & Business Ethics. My research is generally at the interface of society and the environment and organisations (particularly, the financial services). I am specifically interested in environmental responsibility/performance, responsible investing/ESG, climate action, and ethical decision-making. I often draw from, and contribute to, organisational theory, particularly on organisational fields, institutional change, and institutional entrepreneurship. Prior to joining Liverpool, I was a Senior Research Fellow at the University of St Gallen (Switzerland) and received my PhD in Economics (specialising in Management) from the University of Lausanne (Switzerland). In addition to my academic qualifications in Management, I have a multidisciplinary undergraduate and postgraduate background, encompassing life and physical sciences, environmental sciences, and English & French literature.

Email: sarah.stephen@liverpool.ac.uk

School: Management School

Department: International Business 

Module code: ULMS201

Suitable for students of: Overall field of business/management, sociology, and strategy

Desired experience or requirements: Whilst complete training would be provided, it would assist if the student already has prior experience of using research platforms and Boolean operators, data extraction, and potentially data analysis using qualitative research methods. 

Places available: 4

Start dates: Session 1 (15th June 2026)

Project length: 4 weeks

Virtual option: Yes

Hybrid option: Yes

Project description:

The financial services is traditionally characterised by a focus on profit and market logic. However, the rise of Responsible Investing/ESG represents a fundamental shift. My project examines the paradox of how this practice, which lacked credibility, successfully became mainstream. This is unique as the pioneers were not financial elites, but were often individuals motivated by deep moral or religious values. Despite facing overwhelming hostility, their movement survived, diffused, and is now mainstream.

To answer this question, my project utilises historical archival research to trace the origins and evolution of this practice from its earliest beginnings to the present day. Students can expect to work on crucial tasks related to data collection, source categorisation, and the systematic extraction of evidence from a variety of primary source documents. Not only will students learn more about responsible investing's early beginnings, they will also gain hands-on experience in qualitative research methods. 

Additional requirements: N/A