Factors Associated With ESG Investment Attitude

Van Dinh, Jing Jian Xiao
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Abstract

In recent years, Environmental, Social, and Governance (ESG) oriented investments have grown significantly in terms of volume and influence within the global financial markets. However, there is also a notable countertrend against ESG investments in certain regions and sectors, driven by skepticism around ESG performance, regulatory concerns, and political opposition. Therefore, understanding factors that drive investor attitude towards these ESG assets is crucial. Using data from National Financial Capability Study (NFCS) in 2021, this study delved into exploring factors, specifically values, investment experience, and investment knowledge, that are correlated the ESG investment attitude of US investors. Findings showed that while valuing social responsibility was positively, extensive investment experience was negatively associated with ESG investment attitude. In addition, subjective investment knowledge was positively, while objective investment knowledge was negatively associated with ESG investment attitude. These factors collectively predicted 39% of the variability in ESG investment attitude. These findings highlighted the complex interaction among investment values, experience, and knowledge in determining individual attitudes towards ESG investment. The study implies the need for enhanced investor education on ESG issues and in designing strategies related to investment diversification, including ESG assets.

Abstract Image

影响ESG投资态度的因素
近年来,以环境、社会和治理(ESG)为导向的投资在全球金融市场的数量和影响力方面都有显著增长。然而,在某些地区和行业,由于对ESG绩效的怀疑、监管担忧和政治反对,也出现了明显的反趋势。因此,了解驱动投资者对这些ESG资产态度的因素至关重要。本研究利用2021年美国国家金融能力研究(NFCS)的数据,深入探讨了影响美国投资者ESG投资态度的因素,特别是价值观、投资经验和投资知识。研究结果显示,社会责任价值与ESG投资态度呈正相关,而丰富的投资经验与ESG投资态度呈负相关。主观投资知识与ESG投资态度正相关,客观投资知识与ESG投资态度负相关。这些因素共同预测了39%的ESG投资态度变化。这些发现强调了投资价值观、经验和知识之间复杂的相互作用,决定了个人对ESG投资的态度。该研究表明,需要加强对投资者的ESG问题教育,并在设计与投资多样化(包括ESG资产)相关的策略时加强对投资者的教育。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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