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On the relevance of psychological motives, values, and norms for socially responsible investments: An econometric analysis
Based on unique data from a representative computer-based survey among financial decision makers in Germany, this paper empirically examines the determinants of socially responsible investments (SRI). Our econometric analysis implies that the perceived financial performance of SRI matters for the sh...
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| Publicado no: | MAGKS - Joint Discussion Paper Series in Economics (Band 41-2016) |
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| Principais autores: | , , |
| Formato: | Artigo |
| Idioma: | inglês |
| Publicado em: |
Philipps-Universität Marburg
2016
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| Assuntos: | |
| Acesso em linha: | Texto Completo em Formato PDF |
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| Resumo: | Based on unique data from a representative computer-based survey among financial decision makers in Germany, this paper empirically examines the determinants of socially responsible investments (SRI). Our econometric analysis implies that the perceived financial performance of SRI matters for the shares of investments in SRI among all investments. However, our main result is that psychological motives, values, and norms like warm glow motives and ex-pectations of the social environment are even more relevant and thus have strong significant effects on SRI. This suggests that SRI investors gain strong non-financial utility from sustain-able investments. While the membership in Christian churches and the strength of Christian religiosity also seem to be positively correlated with SRI, these correlations become insignifi-cant if other psychological motives, values, and norms are included in the econometric analy-sis. Furthermore, a left-wing political orientation rather has significant negative effects on SRI. An explanation for this surprising result is the general aversion of a left-wing identifica-tion to the participation in stock markets, which is dominant in SRI. |
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| Descrição Física: | 40 Seiten |
| ISSN: | 1867-3678 |
| DOI: | 10.17192/es2024.0510 |