Get Real! Individuals Prefer More Sustainable Investments

• 成果类型: Article
• 署名作者: Bauer, Rob; Ruof, Tobias; Smeets, Paul
• 署名单位: Maastricht University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhab037
• 发表日期: 2021
• 页码: 3976
• 关键词: HYPOTHETICAL BIAS; social preferences; gender-differences; field experiment; loss aversion; CHOICE; COOPERATION; incentives; ECONOMICS; altruism

摘要

The United Nations' Sustainable Development Goals (SDGs) have created societal and political pressure for pension funds to address sustainable investing. We run two field surveys (n = 1,669, n = 3,186) with a pension fund that grants its members a real vote on its sustainable-investment policy. Two-thirds of participants are willing to expand the fund's engagement with companies based on selected SDGs, even when they expect engagement to hurt financial performance. Support remains strong after the fund implements the choice. A key reason is participants' strong social preferences.