Undoubtedly, one of the most important debates on the subject of portfolio selection and portfolio management is Socially Responsible Investment. It may be noted that the ethical investment movement has gained tremendous momentum the world over recently. In this research we proposed a comprehensive three-stage multiple criteria decision making framework for portfolio selection based upon financial and ethical criteria simultaneously. Statistics communities of this research are companies in Esfahan were listed on Tehran Stock Exchange (TSE). Based on the framework in the first stage, we used Analytical hierarchy process technique to systematic assessment of the assets on the ethical criteria, in the next stage a fuzzy multiple criteria decision making method was used to measure of asset quality on the financial criteria and finally,two hybrid optimization models for managing trade-off between financially viable and ethically promising portfolios offered. In the first model, the ethical criteria were considered as a constraint.The result of the model showed that in a hypothetical investment, the capital was allocated comparatively more to the TAKCERAM TILE CO ,ARDAKAN INDUSTRIAL CERAMICS CO andFiber Intermediate Products CO DMT with financial performance scores of 0.172118,0.229847, 0.113531and ethical performance scores of 0.073807,0.086908 and 0.072726. These companies had the highest financial performance score among other companies in the statistics communities and their ethical performance score are within acceptable limits. In the second model,the ethical criteria were considered as an object along with the financial goal.The results showed that the addition of ethical criteria haven't changed much the financial quality of model , However it can be used as an efficient model for investors.
