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The investor that could and would: The effect of proactive personality on sustainable investment choice

Author

Listed:
  • Dieter Vanwalleghem

    (ESC [Rennes] - ESC Rennes School of Business)

  • Agata Mirowska

    (ESC [Rennes] - ESC Rennes School of Business)

Abstract

This paper investigates the influence of exposure to environmental images and proactive personality on investor preferences for sustainable investment. Building on Barbara Fredrickson's broaden and build theory of positive emotions, we investigated how exposure to images of nature in a healthy (positive) versus damaged (negative) state interacts with the proactive personality trait in influencing an investor's willingness to forego financial return to invest in a sustainable investment option. The results of our experiment indicate that to stimulate sustainable investment, investors should be exposed to positive environmental pictures and that this effect is stronger for highly proactive individuals. These results suggest that proactive individuals in particular view sustainable investing as a way to promote environmental preservation. Our results hold even after controlling for wealth effects.

Suggested Citation

  • Dieter Vanwalleghem & Agata Mirowska, 2020. "The investor that could and would: The effect of proactive personality on sustainable investment choice," Post-Print hal-02782451, HAL.
    • Handle: RePEc:hal:journl:hal-02782451
    DOI: 10.1016/j.jbef.2020.100313
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    Cited by:

    1. Jesús Manuel Palma-Ruiz & Julen Castillo-Apraiz & Raúl Gómez-Martínez, 2020. "Socially Responsible Investing as a Competitive Strategy for Trading Companies in Times of Upheaval Amid COVID-19: Evidence from Spain," IJFS, MDPI, vol. 8(3), pages 1-13, July.
    2. Gutsche, Gunnar & Nakai, Miwa & Arimura, Toshi H., 2021. "Revisiting the determinants of individual sustainable investment—The case of Japan," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    3. Sergei G. Vagin & Elena I. Kostyukova & Natalia E. Spiridonova & Tatiana M. Vorozheykina, 2022. "Financial Risk Management Based on Corporate Social Responsibility in the Interests of Sustainable Development," Risks, MDPI, vol. 10(2), pages 1-13, February.
    4. Shahid, Ahmad Usman & Patel, Chris & Pan, Peipei, 2022. "Corporate social responsibility, intrinsic religiosity, and investment decisions," Journal of Behavioral and Experimental Finance, Elsevier, vol. 34(C).

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