Get Real! Individuals Prefer More Sustainable Investments
Open accessAbstract
The United Nations’ Sustainable Development Goals (SDGs) have created societal and political pressure for pension funds to address sustainable investing. We run two field surveys (n = 1,669, n = 3,186) with a pension fund that grants its members a real vote on its sustainable-investment policy. Two-thirds of participants are willing to expand the fund’s engagement with companies based on selected SDGs, even when they expect engagement to hurt financial performance. Support remains strong after the fund implements the choice. A key reason is participants’ strong social preferences.
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There is broad consensus in the literature on the sustainability preferences of investors.
“We find broad consensus in the literature on the sustainability preferences of investors (Bauer et al., 2021;Ceccarelli et al., 2023;Heeb et al., 2023, among others).”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Bauer et al., 2021
There is strong empirical evidence in the literature that investors have a preference for ESG.
“We find strong empirical evidence in the literature that investors have a preference for ESG”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Bauer et al., 2021
Bauer et al. (2021) provide evidence that support for sustainable investments is driven by strong social preferences of investors rather than beliefs for better financial outcomes from investments in green assets.
“Bauer et al. (2021) provide evidence that the support for sustainable investments is driven by strong social preferences of investors rather than beliefs for better financial outcomes from investments in green assets.”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Bauer et al. (2021)
Individual investor's social preferences matter in delegated portfolio decisions.
“They also show that individual investor's social preferences matter in delegated portfolio decisions.”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Bauer et al. (2021)
The field surveys explored in Bauer et al. (2021) shed light on the willingness of pension fund investors to support engagement in sustainable actions in portfolio companies.
“The field surveys explored in Bauer et al. (2021) shed light on the willingness of pension fund investors to support engagement in sustainable actions in portfolio companies.”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Bauer et al., 2021
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Are animal welfare aspects of relevance in consumers’ purchase decisionPreprint
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Pension risk preferences: a personalized elicitation method and its impact on asset allocation
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Presidential Address: Sustainable Finance and ESG Issues— <i>Value</i> versus <i>Values</i>
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The role of artificial intelligence in sustainable finance
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Impact InvestingPreprint
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ESG rating disagreement and dynamic capital structure adjustment
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Heterogeneity in investment behavior in sustainable products: the case of thematic funds
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Going green? On the drivers of individuals' green bank adoption
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ESG scores, scandal probability, and event returns
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Hannah, E., O'Hare, B. A.-M., Lopez, M., Murray, S., Etter‐Phoya, R., Hall, S. G., & Masiya, M. (2023) · Globalization and Health · doi:10.1186/s12992-022-00894-6 · Cited by 18 · see citing works
- Authors
- Bauer, R., Ruof, T., & Smeets, P.
- Affiliations
- Maastricht University (NL)
- Corresponding author
- Smeets, Paul
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2021-04-19
- Volume
- 34
- Issue
- 8
- Pages
- 3976-4043
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3155804760
- Cited by
- 552
- References
- 120
- Citations by year
- 2026: 90 · 2025: 118 · 2024: 120 · 2023: 99 · 2022: 58 · 2021: 35 · 2020: 17 · 2019: 12 · 2018: 2 · 2017: 1
- FWCI
- 64.67
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Review of Financial Studies (publishedVersion, cc-by-nc)
- SSRN Electronic Journal (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Research Publications (Maastricht University) (submittedVersion, cc-by-nc)
- Research Publications (Maastricht University) (submittedVersion, other-oa)
- Funders
- Network for Studies on Pensions, Aging and Retirement
- Strong
- Nederlandse Organisatie voor Wetenschappelijk Onderzoek (016.Veni.175.019, 016.Veni, 451-16-005)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- sustainable investment, pension funds, Sustainable Development Goals, shareholder engagement, social preferences, individual preferences, ESG investing
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