投资者个性与可持续性投资偏好的相关性——对西班牙投资者的选择实验

IF 1.6 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI:10.1016/j.socec.2024.102332

E. Muñoz-Muñoz , E. Crespo-Cebada , A.S. Mirón-Sanguino , C. Díaz-Caro

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引用次数: 0

摘要

根据行为经济学，投资者的决策受到理性推理之外的因素的影响，比如投资者的个性。本文利用五大人格特征框架，探讨了人格与投资有助于实现可持续发展目标（sdg）的资产的意愿之间的关系，更具体地说，是可持续的财务。该研究还分析了人格特质与风险厌恶之间的关系。为此，西班牙1357名投资者接受了一份结合选择实验和性格评估的在线问卷调查。本研究的主要结论是，人格特质与样本投资者偏好的投资产品特征有关。这种关系是通过对各种投资属性的支付意愿（WTP）的分析来量化的。虽然所有的个性特征都与风险规避和投资可持续发展公司的意愿有关，但我们的WTP分析强调了投资者愿意放弃盈利能力以实现可持续发展目标的程度的差异。虽然我们发现投资者的行为存在异质性，但亲和性特征是与可持续性最相关的。

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Investors personality correlates with sustainability preferences in investment – A choice experiment with Spanish investors

According to behavioral economics, investors’ decisions are influenced by factors beyond rational reasoning, such as an investor's personality. This paper explores the relationships between personality, using the Big Five personality traits framework, and the willingness to invest in assets that contribute to achieving sustainable development goals (SDGs), more specifically, sustainable finances. The study also analyzes the relationship between personality traits and risk aversion. To this end, 1,357 investors in Spain were surveyed through an online questionnaire combining a choice experiment and a personality assessment. The main conclusion of our study is that personality traits are associated with the characteristics of investment products preferred by the sampled investors.. This relationship is quantified through the analysis of a willingness to pay (WTP) for various investment attributes. While all personality traits are linked to risk aversion and a willingness to invest in sustainable companies, our WTP analysis highlights differences in the extent to which investors are willing to forgo profitability to contribute to the SDGs. Although we find heterogeneous behavior among investors, the agreeableness trait emerges as the most concerned with sustainability.

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来源期刊

Journal of Behavioral and Experimental Economics ECONOMICS-

CiteScore

2.60

自引率

12.50%

发文量

113

审稿时长

83 days

期刊介绍： The Journal of Behavioral and Experimental Economics (formerly the Journal of Socio-Economics) welcomes submissions that deal with various economic topics but also involve issues that are related to other social sciences, especially psychology, or use experimental methods of inquiry. Thus, contributions in behavioral economics, experimental economics, economic psychology, and judgment and decision making are especially welcome. The journal is open to different research methodologies, as long as they are relevant to the topic and employed rigorously. Possible methodologies include, for example, experiments, surveys, empirical work, theoretical models, meta-analyses, case studies, and simulation-based analyses. Literature reviews that integrate findings from many studies are also welcome, but they should synthesize the literature in a useful manner and provide substantial contribution beyond what the reader could get by simply reading the abstracts of the cited papers. In empirical work, it is important that the results are not only statistically significant but also economically significant. A high contribution-to-length ratio is expected from published articles and therefore papers should not be unnecessarily long, and short articles are welcome. Articles should be written in a manner that is intelligible to our generalist readership. Book reviews are generally solicited but occasionally unsolicited reviews will also be published. Contact the Book Review Editor for related inquiries.