Pax World Funds, the investment company that invests only in companies it deems to be socially responsible, has sold its Starbucks stock because of the coffee chain's deal with Jim Beam. Pax has a strict policy of not investing in any company that derives revenue from the alcohol, tobacco or gambling industries. As a result it has sold stock in the company worth $23.4m (£12.5m), which it has held for eight years. Anita Green, vice president of social research for Pax, said: "We like Starbucks, we think it's a great company, they've done a lot of good work in a lot of good areas. It's just unfortunate they've chosen to go down this path." She added that the Starbucks deal with Jim Beam to market a coffee liqueur seemed "incongruent with [Starbucks'] mission statement, which talks about being socially responsible." Starbucks said it was "disappointed" with the decision, but understood that Pax had a strict investment policy. The coffee chain company also drew attention to its work to educate parents and children about the dangers of underage drinking.