Vice Versus Virtue Investments in the Polish Capital Market

Virtue investing as an investment strategy relies on the selection of stocks of the companies, which goods and services meet the criteria of ethical business practices and which avoid certain areas of business activity deemed as damaging environment or unethical. On the other side there is so called vice investing concerning companies involved in the alcohol, gambling, tobacco, arms nuclear power etc. This paper reviews the literature on vice and virtue investing and presents some implications for investors on the Polish capital market who can apply such selection criteria and use those stocks in their strategies.