Revisiting the determinants of individual sustainable investment—The case of Japan

Do people behave consistently when it comes to sustainability? With few exceptions, most previous studies of sustainable investment behavior rely on survey responses. Numerous studies have noted, however, that peoples’ talk is often cheap when it comes to sustainable choices. We use a financially incentivized choice to study the non-investment-related sustainable behavior of the clients of three German robo advisors and relate it to their investment decisions. We find that sustainable consumption translates into a higher likelihood of choosing a portfolio following a sustainable investment strategy among the clients of a digital wealth manager that offers both conventional and sustainable investments. Sustainable consumption also translates into a particularly strong interest in the launch of sustainable investment strategies among the clients of a conventional robo advisor. The provision of sustainable investment strategies can, next to performance and costs, be a selling point for a digital wealth manager. However, our results show that self-reported sustainable consumer behavior that is not backed up by the pertinent actions is not significantly related to sustainable investment choices. Our results lend further support to the notion that studying sustainability in terms of actual choices is crucial. We provide guidance to practitioners in the financial industry on identifying investors with a potential interest in sustainable investments. 

Do sustainable consumers prefer socially responsible investments? A study among the users of robo advisors

Impact investment has tremendous potential to contribute towards sustainable development. The growing significance and gradual development of the field warranted an investigation into its research trends. This paper provides a deep insight into the field of impact investment with reference to sustainable development using bibliometric analysis and content analysis. This is done by evaluating 147 relevant documents identified from the Scopus database following PRISMA protocol. VOSviewer and Biblioshiny were used for analyzing the data and visualizing the results. The study is holistic and explores the diversity of the existing researches pertaining to the study area on the basis of several parameters. This study identifies prolific authors, documents, sources, institutions and countries along with impactful keywords. The study provides significant insights about the prior research conducted in the field by identifying eight research clusters. It also provides valuable information about the research themes. Research results are expected to provide detailed insights about the research landscape of this particular field and also new direction for further research in this growing field. 

Impact investment for sustainable development: A bibliometric analysis

The research on sustainable finance has intensified in the past decade. In this survey, we synthesize recent academic results and models on socially responsible investing (SRI) in equity markets. We split our review into six thematic parts: data issues, investor preferences, link with financial performance, portfolio integration, climate change risk, and theoretical models.

Perspectives in ESG equity investing

In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate whether they suffer from a default shock that was recently identified by Dorfleitner et al. (2019). In general, we find evidence of a default shock in equity crowdfunding that occurs immediately after the event or if investors experience more than two insolvencies. Moreover, we find that sustainability-oriented investors pledge larger amounts of money and invest in more campaigns than ordinary crowd investors. The results also suggest that sustainability-oriented crowd investors care about non-financial returns, as they react more sensitively after experiencing a default in their equity crowdfunding portfolios, which indicates that they suffer beyond the pure financial loss. These findings contribute to recent literature on equity crowdfunding, socially responsible investing, and how individual investment motives and personal experiences affect investment decisions.

https://www.econstor.eu/bitstream/10419/219157/1/cesifo1_wp8339.pdf

Are Sustainability-Oriented Investors Different? Evidence from Equity Crowdfunding

Preferences for sustainable and responsible equity funds - A choice experiment with Swedish private investors

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Preferences for sustainable and responsible equity funds - A choice experiment with Swedish private investors