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Determinants of individual sustainable investment behavior - A framed field experiment

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  • Gunnar Gutsche

    (University of Kassel)

  • Heike Wetzel

    (University of Kassel)

  • Andreas Ziegler

    (University of Kassel)

Abstract

This paper employs a new empirical approach for eliciting preferences for and determinants of sustainable investments at the individual investor level. We examine data from an incentivized framed field experiment that was part of a representative survey among financial decision makers in German households. The analysis reveals strong preferences for sustainable funds. These preferences are especially driven by non-pecuniary factors such as financial literacy, environmental values, and social norms. Interestingly, economic preferences or the Big Five personality traits are only of minor relevance. Our results provide useful implications for the discussion on how to mobilize individual investors for sustainable development.

Suggested Citation

  • Gunnar Gutsche & Heike Wetzel & Andreas Ziegler, 2020. "Determinants of individual sustainable investment behavior - A framed field experiment," MAGKS Papers on Economics 202033, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    • Handle: RePEc:mar:magkse:202033
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    6. Löfgren, Åsa & Nordblom, Katarina, 2022. "Sustainability preferences and financial decision-making among mutual fund investors," Working Papers in Economics 826, University of Gothenburg, Department of Economics.
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    11. Aristei, David & Gallo, Manuela & Vannoni, Valeria, 2024. "Preferences for ethical intermediaries and sustainable investment decisions in micro-firms: The role of financial literacy and digital financial capability," Research in International Business and Finance, Elsevier, vol. 71(C).
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    13. Alessio D'Ignazio & Daniela Marconi & Massimiliano Stacchini, 2024. "Micro-entrepreneurs and the twin green and digital transitions. Does financial literacy play a role?," Questioni di Economia e Finanza (Occasional Papers) 858, Bank of Italy, Economic Research and International Relations Area.
    14. Gunnar Gutsche & Miwa Nakai & Toshi H. Arimura, 2021. "Individual Sustainable Investment in Japan," RIEEM Discussion Paper Series 2006, Research Institute for Environmental Economics and Management, Waseda University.
    15. Victoria Gevorkova & Ivan Sangiorgi & Julia Vogt, 2024. "Cleansing Investor’s Conscience: The Effects of Incidental Guilt on Socially Responsible Investment Decisions," Journal of Business Ethics, Springer, vol. 193(1), pages 89-114, August.
    16. Famulok, Jakob & Kormanyos, Emily & Worring, Daniel, 2024. "Do investors use sustainable assets as carbon offsets?," SAFE Working Paper Series 431, Leibniz Institute for Financial Research SAFE.

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    More about this item

    Keywords

    Sustainable investments; individual investors; determinants; revealed preferences; framed field experiment;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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