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On the heterogeneity of sustainable and responsible investors

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  • Bernhard Zwergel
  • Anett Wins
  • Christian Klein

Abstract

We demonstrate that German retail investors have very heterogeneous requirements pertaining to ‘sustainable investments’ as a group, based on a representative survey ($n$n = 1014). According to investment behavior we identify three investor groups: ‘Sustainable and Responsible’ (SR) investors, and conventional investors that are either ‘generally interested’ (INT) or ‘not interested’ (CONV) in investing in ethical-ecological investments. The most frequently selected screening criteria are identical for SR, INT and CONV investors. However, measures of intra-group and inter-group heterogeneity indicate that these three groups are heterogeneous with very individual demands regarding sustainable investments. Therefore, it is more important to aid the investor in his search for a fund that meets his screening preferences than to create a fund that tries to anticipate investor groups’ screening preferences.

Suggested Citation

  • Bernhard Zwergel & Anett Wins & Christian Klein, 2019. "On the heterogeneity of sustainable and responsible investors," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 9(4), pages 282-294, October.
    • Handle: RePEc:taf:jsustf:v:9:y:2019:i:4:p:282-294
    DOI: 10.1080/20430795.2019.1613820
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    Cited by:

    1. Mercedes Luque‐Vílchez & José A. Gómez‐Limón & M. Dolores Guerrero‐Baena & Pablo Rodríguez‐Gutiérrez, 2023. "Deconstructing corporate environmental, social, and governance performance: Heterogeneous stakeholder preferences in the food industry," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(3), pages 1845-1860, June.
    2. Kara Nel & Nadia Mans-Kemp & Pierre D. Erasmus, 2023. "Sustainable Thematic Investing: Identifying Opportunities Based on an Analysis of Stewardship Reports," Sustainability, MDPI, vol. 15(10), pages 1-20, May.

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