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Beyond preferences: Beliefs in sustainable investing

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  • Luz, Valentin
  • Schauer, Victor
  • Viehweger, Martin

Abstract

We investigate the effect of investors' pro-sustainable beliefs – the beliefs about other investors' pro-sustainable preferences – on sustainable investing. Using an incentive-compatible coordination game that incorporates important aspects of a stock market, we elicit investors' pro-sustainable beliefs. We find that, first, investors with pro-sustainable beliefs invest in sustainable assets, even when controlling for investors' pro-sustainable preferences. Second, investors with pro-sustainable preferences invest more in assets with positive sustainability performance than in assets with negative sustainability performance, a result we do not obtain for investors with pro-sustainable beliefs. This finding underscores the complementary relation and importance of pro-sustainable preferences and beliefs for sustainable investing.

Suggested Citation

  • Luz, Valentin & Schauer, Victor & Viehweger, Martin, 2024. "Beyond preferences: Beliefs in sustainable investing," Journal of Economic Behavior & Organization, Elsevier, vol. 220(C), pages 584-607.
    • Handle: RePEc:eee:jeborg:v:220:y:2024:i:c:p:584-607
    DOI: 10.1016/j.jebo.2024.02.018
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    Keywords

    Sustainability; Beliefs; Preferences; Experiment; Coordination game;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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