The impact of the COVID-19 pandemic on motivating factors affecting individual investors’ socially responsible investment decision: a comparative analysis of the USA, Germany and Japan

IF 5.5 Q1 BUSINESS

Corporate Governance-The International Journal of Business in Society Pub Date : 2023-01-27 DOI:10.1108/cg-08-2022-0342

Miho Murashima

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引用次数: 0

Abstract

Purpose Individual investors are experiencing serious sentiment shifts that influence their financial activities due to the COVID-19 pandemic while socially responsible investment (SRI) has garnered attention worldwide. This study aims to explore how individual investors’ sentiments and investment choices altered in reaction to the COVID-19 pandemic. Design/methodology/approach We surveyed 1,219 individual investors in Japan, the USA and Germany using an online questionnaire and performed a cross-sectional analysis using logit and ordered logit regressions. Findings This study found that individual investor sentiment affects SRI after COVID-19, but not necessarily in the same manner. Return-focused aspects negatively affect their SRI, while relationship-oriented social issues positively affect it. In addition, the relationship differs by nation. Japanese investors anticipate shorter term SRI returns than the US and German investors. Only Japanese investors’ SRI decisions were impacted by the relationship-oriented social factors including the environment, diversity and employee rights and welfare. Research limitations/implications This study emphasizes the need for precise motivation characterization when evaluating the same issue. The author also identified the variance and characteristics among countries, which differ from previous research. Practical implications An academically credible image of the relationship will enable business managers to find appealing strategies. This study also suggests country-specific investor relations strategies. Originality/value This study differentiates return- and relationship-oriented social motivations for SRI into 14 components, thus clarifying the relationship mechanism between the COVID-19 pandemic and individual investors’ SRI behavior. Moreover, no study has compared individual investor sentiment and investment behavior affected by the pandemic in the three countries.

查看原文本刊更多论文

新冠肺炎疫情对个人投资者社会责任投资决策激励因素的影响——以美国、德国和日本为例

随着新冠肺炎(COVID-19)疫情的扩散，个人投资者正在经历影响金融活动的严重情绪变化，而社会责任投资(SRI)在世界范围内受到关注。本研究旨在探讨个人投资者的情绪和投资选择如何在应对COVID-19大流行的过程中发生变化。设计/方法/方法我们使用在线问卷调查了日本、美国和德国的1,219名个人投资者，并使用logit和有序logit回归进行横断面分析。本研究发现，个人投资者情绪在COVID-19后影响SRI，但不一定以相同的方式。以回报为中心的社会问题对社会责任投资有负向影响，而以关系为导向的社会问题对社会责任投资有正向影响。此外，这种关系因国家而异。与美国和德国投资者相比，日本投资者预期的社会责任投资回报更短。只有日本投资者的SRI决策受到环境、多样性和员工权利福利等关系导向社会因素的影响。研究局限/启示本研究强调在评估同一问题时需要精确的动机表征。作者还发现了不同于以往研究的各国之间的差异和特征。一个学术上可信的关系形象将有助于企业管理者找到吸引人的策略。本研究还提出了针对具体国家的投资者关系策略。独创性/价值本研究将SRI的回报导向和关系导向的社会动机划分为14个组成部分，从而澄清了COVID-19大流行与个人投资者SRI行为之间的关系机制。此外，没有研究比较三国受疫情影响的个人投资者情绪和投资行为。

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来源期刊

Corporate Governance-The International Journal of Business in Society BUSINESS-

CiteScore

11.20

自引率

33.90%

发文量

期刊介绍： Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.