Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment

• 成果类型: Article; Early Access
• 署名作者: Brodback, Daniel; Guenster, Nadja; Pouget, Sebastien; Wang, Ruichen
• 署名单位: University of Munster; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.01349
• 发表日期: 2025
• 关键词: Socially responsible investing; Investment decisions; ESG preferences; experimental finance

摘要

We present an experimental study of investors' willingness to pay for socially responsible assets. In our initial public offering experiment, various assets share identical financial risk-return profiles but differ in the intensity and timing of societal benefits, represented by charitable donations. We find that subjects value societal benefits positively and prefer a positive correlation between financial returns and these societal benefits. We offer implications for the design of corporate social responsibility policies and for the pricing of responsible assets.