Why Do Investors Hold Socially Responsible Mutual Funds?

• 成果类型: Article
• 署名作者: Riedl, Arno; Smeets, Paul
• 署名单位: Tilburg University; Maastricht University; Maastricht University; Maastricht University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12547
• 发表日期: 2017
• 页码: 2505-2550
• 关键词: Lab experiments; preferences; incentives; INVESTMENT; trust; field; performance; attitudes; trustworthiness; determinants

摘要

To understand why investors hold socially responsible mutual funds, we link administrative data to survey responses and behavior in incentivized experiments. We find that both social preferences and social signaling explain socially responsible investment (SRI) decisions. Financial motives play less of a role. Socially responsible investors in our sample expect to earn lower returns on SRI funds than on conventional funds and pay higher management fees. This suggests that investors are willing to forgo financial performance in order to invest in accordance with their social preferences.