Green Investing and Political Behavior

• 成果类型: Article
• 署名作者: Heeb, Florian; Kolbel, Julian F.; Ramelli, Stefano; Vasileva, Anna
• 署名单位: Goethe University Frankfurt; Massachusetts Institute of Technology (MIT); University of St Gallen; University of St Gallen; Swiss Finance Institute (SFI); University of Zurich
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag055
• 发表日期: 2026-09
• 页码: 2769-2820
• 关键词: D14; H42; G18; P16; POLICY; ECONOMICS; support; welfare

摘要

A fundamental concern about green investing is that it may crowd out political support for public policies addressing negative externalities. We examine this concern in a preregistered experiment conducted shortly before a real referendum on a climate law in Switzerland. We find that offering an opportunity to invest in a climate-friendly fund does not reduce individual support for climate regulation, measured by political donations and voting intentions. A replication of the experiment in the United Kingdom yields similar results. Our estimates reject a crowding-out effect, suggesting instead a modest crowding-in effect of green investing on political support for green policies.