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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Do investors care about impact? |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Review of Financial Studies |
| Publisher | Oxford University Press |
| Geographical Reach | international |
| ISSN | 0893-9454 |
| Volume | 36 |
| Number | 5 |
| Page Range | 1737 - 1787 |
| Date | 2023 |
| Abstract Text | We assess how investors’ willingness-to-pay (WTP) for sustainable investments responds to the social impact of those investments, using a framed field experiment. While investors have a substantial WTP for sustainable investments, they do not pay significantly more for more impact. This also holds for dedicated impact investors. When investors compare several sustainable investments, their WTP responds to relative, but not to absolute, levels of impact. Regardless of investments’ impact, investors experience positive emotions when choosing sustainable investments. Our findings suggest that the WTP for sustainable investments is primarily driven by an emotional, rather than a calculative, valuation of impact. |
| Free access at | DOI |
| Related URLs | |
| Digital Object Identifier | 10.1093/rfs/hhac066 |
| Other Identification Number | merlin-id:23818 |
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| Keywords | Economics and econometrics, finance, accounting |