Investing with Brain or Heart? A Field Experiment on Responsible Investment

• 成果类型: Article
• 署名作者: Doskeland, Trond; Pedersen, Lars Jacob Tynes
• 署名单位: Norwegian School of Economics (NHH)
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2015.2208
• 发表日期: 2016
• 页码: 1632-1644
• 关键词: Behavioral economics; field experiment; household finance; INVESTOR BEHAVIOR; Socially responsible investment

摘要

Socially responsible investment is increasingly prevalent in financial markets and is characterized by the integration of financial and nonfinancial objectives. This paper investigates the influence of wealth concerns and moral concerns on individual investors' decisions to invest responsibly. We conduct a unique natural field experiment of investors in an online banking context, wherein we frame responsible investment with regard to either wealth or morality and study investors' subsequent behavior. We find that wealth framing is more effective than moral framing for both information search and investment behavior. Our study contributes to the literature by providing real-life insight into how prosocial decision making in financial markets can be promoted.