{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,7,30]],"date-time":"2025-07-30T16:29:04Z","timestamp":1753892944651,"version":"3.41.2"},"reference-count":80,"publisher":"Frontiers Media SA","license":[{"start":{"date-parts":[[2024,10,14]],"date-time":"2024-10-14T00:00:00Z","timestamp":1728864000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100002341","name":"Academy of Finland","doi-asserted-by":"publisher","id":[{"id":"10.13039\/501100002341","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["frontiersin.org"],"crossmark-restriction":true},"short-container-title":["Front. Public Health"],"abstract":"<jats:sec><jats:title>Background<\/jats:title><jats:p>The production of addictive commodities is subject to a range of commercial determinants. There has nevertheless been a gap in understanding how investments into addictive commodities may function as commercial determinants. Institutional investors can yield important financial power with their investment decisions. Many investors apply responsible investment (RI) policies to address environmental, social, and governance concerns. Negative screening is used to exclude certain sectors or companies from investment portfolios, mainly for ethical concerns. Negative screening also affects investment into tobacco and other addictive industries. This article investigates RI policies toward addictive industries among institutional investors that are signatories of the Tobacco-Free Finance Pledge (TFFP; <jats:italic>N<\/jats:italic>\u2009=\u2009161). The TFFP is an initiative created in 2021 to de-normalize tobacco-related investments.<\/jats:p><\/jats:sec><jats:sec><jats:title>Methods<\/jats:title><jats:p>The mixed-method study uses descriptive statistics to quantify the extent and scope of exclusion policies as well as institutional and geographical profiles of investors, and a qualitative analysis of the justifications for these exclusion policies.<\/jats:p><\/jats:sec><jats:sec><jats:title>Results<\/jats:title><jats:p>Some TFFP signatories apply negative screening to other addictive industries (gambling: 35%; alcohol: 24%; cannabis 12% of signatories). There are important differences in the applied exclusion thresholds, with only 47% of TFFP signatories applying a zero-tolerance policy to tobacco. Thresholds are higher for other addictive industries. Signatories also differ in terms of their geographical and investor profiles. Justifications pertaining to compliance with international standards and reputational risks were the most common.<\/jats:p><\/jats:sec><jats:sec><jats:title>Conclusion<\/jats:title><jats:p>Addictive industries, such as tobacco, alcohol, gambling, and recreational cannabis, are increasingly excluded by investors. However, different understandings of RI influence how sector exclusions are implemented. Divesting from tobacco and other addictive industries is a crucial step toward a public health approach that prioritizes population health over financial profits. Prominent institutional investors are influential opinion leaders who can change the behavior of other investors and de-normalize controversial industries and reduce or prevent harm.<\/jats:p><\/jats:sec>","DOI":"10.3389\/fpubh.2024.1409648","type":"journal-article","created":{"date-parts":[[2024,10,14]],"date-time":"2024-10-14T10:57:56Z","timestamp":1728903476000},"update-policy":"https:\/\/doi.org\/10.3389\/crossmark-policy","source":"Crossref","is-referenced-by-count":0,"title":["Institutional investment in addictive industries: an important commercial determinant of health"],"prefix":"10.3389","volume":"12","author":[{"given":"S\u00e9bastien","family":"Berret","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Virve","family":"Marionneau","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Riikka","family":"Siev\u00e4nen","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Janne","family":"Nikkinen","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1965","published-online":{"date-parts":[[2024,10,14]]},"reference":[{"key":"ref1","doi-asserted-by":"publisher","first-page":"210","DOI":"10.1080\/16066359.2018.1490410","article-title":"The role of public health advocacy in preventing and reducing gambling related harm: challenges, facilitators, and opportunities for change","volume":"27","author":"David","year":"2019","journal-title":"Addict Res Theory"},{"key":"ref2","doi-asserted-by":"publisher","first-page":"41","DOI":"10.1080\/16066359.2021.1906864","article-title":"Electronic gambling machine harm in older women: a public health determinants perspective","volume":"30","author":"McCarthy","year":"2022","journal-title":"Addict Res Theory"},{"key":"ref3","doi-asserted-by":"publisher","first-page":"e2","DOI":"10.1016\/S2468-2667(20)30289-9","article-title":"The lancet public health commission on gambling","volume":"6","author":"Wardle","year":"2021","journal-title":"Lancet Public Health"},{"year":"2022","key":"ref4"},{"key":"ref5","doi-asserted-by":"publisher","first-page":"e895","DOI":"10.1016\/S2214-109X(16)30217-0","article-title":"The commercial determinants of health","volume":"4","author":"Kickbusch","year":"2016","journal-title":"Lancet Glob Health"},{"key":"ref6","doi-asserted-by":"publisher","first-page":"1022","DOI":"10.1186\/s12889-020-09126-1","article-title":"Defining the commercial determinants of health: a systematic review","volume":"20","author":"de Lacy-Vawdon","year":"2020","journal-title":"BMC Public Health"},{"volume-title":"Lethal but legal: Corporations, consumption, and protecting public health","year":"2014","author":"Freudenberg","key":"ref7"},{"key":"ref8","first-page":"1711","article-title":"Casinos: an addiction industry in the mold of tobacco and opioid drugs","volume":"5","author":"Gottlieb","year":"2021","journal-title":"Univ Ill Law Rev"},{"key":"ref9","doi-asserted-by":"crossref","first-page":"241","DOI":"10.1007\/978-3-319-90620-1_13","article-title":"The regulation of gambling in early twenty-first century Britain: liberalisation and its consequences","volume-title":"Gambling policies in European welfare states: Current challenges and future prospects, work and welfare in Europe","author":"Orford","year":"2018"},{"key":"ref10","doi-asserted-by":"publisher","first-page":"66","DOI":"10.1186\/s12992-014-0066-8","article-title":"Trade and investment liberalization and Asia\u2019s noncommunicable disease epidemic: a synthesis of data and existing literature","volume":"10","author":"Baker","year":"2014","journal-title":"Glob Health"},{"key":"ref11","doi-asserted-by":"publisher","first-page":"e1001235","DOI":"10.1371\/journal.pmed.1001235","article-title":"Manufacturing epidemics: the role of global producers in increased consumption of unhealthy commodities including processed foods, alcohol, and tobacco","volume":"9","author":"Stuckler","year":"2012","journal-title":"PLoS Med"},{"key":"ref12","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1007\/s10551-023-05375-3","article-title":"Preventive and remedial actions in corporate reporting among \u201caddiction industries: legitimacy, effectiveness and hypocrisy perception","volume":"189","author":"Acuti","year":"2023","journal-title":"J Bus Ethics"},{"key":"ref13","doi-asserted-by":"publisher","first-page":"643","DOI":"10.1007\/s10551-016-3072-3","article-title":"Can sinful firms benefit from advertising their CSR efforts? 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