Does ESG information impact individual investors’ portfolio choices?

IF 2.3 3区经济学 Q2 ECONOMICS

Journal of Economic Behavior & Organization Pub Date : 2025-04-18 DOI:10.1016/j.jebo.2025.107007

Catharina Janz, Rainer Michael Rilke, B. Burcin Yurtoglu

引用次数: 0

Abstract

We use an online asset market experiment to study whether ESG information affects the portfolio choices of retail investors. We find a significantly higher portfolio allocation to stocks with ESG information in the order of 14 percentage points compared to a control group where no ESG information is released. ESG information impacts retail investors regardless of its association with one of its components (Environment, Social or Governance) and degree of detail. In contrast to survey-based evidence on the importance of socio-demographic characteristics and personal traits, our results provide very limited evidence that such characteristics meaningfully correlate with portfolio reallocations in response to ESG information.

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ESG信息是否影响个人投资者的投资组合选择？

我们利用在线资产市场实验来研究ESG信息是否影响散户投资者的投资组合选择。我们发现，与没有发布ESG信息的对照组相比，有ESG信息的股票的投资组合配置明显更高，约为14个百分点。ESG信息影响散户投资者，无论其与其中一个组成部分（环境、社会或治理）的关联和详细程度如何。与基于调查的关于社会人口特征和个人特征重要性的证据相比，我们的研究结果提供了非常有限的证据，证明这些特征与响应ESG信息的投资组合重新配置有意义的关联。

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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来源期刊

Journal of Economic Behavior & Organization ECONOMICS-

CiteScore

3.80

自引率

9.10%

发文量

392

期刊介绍： The Journal of Economic Behavior and Organization is devoted to theoretical and empirical research concerning economic decision, organization and behavior and to economic change in all its aspects. Its specific purposes are to foster an improved understanding of how human cognitive, computational and informational characteristics influence the working of economic organizations and market economies and how an economy structural features lead to various types of micro and macro behavior, to changing patterns of development and to institutional evolution. Research with these purposes that explore the interrelations of economics with other disciplines such as biology, psychology, law, anthropology, sociology and mathematics is particularly welcome.