Examining socially responsible investment preferences: A discrete choice conjoint experiment

Apostolakis, George; Dijk, G. van; Kraanen, Frido; Blomme, Robert Jan

doi:10.1016/j.jbef.2018.01.001

Cited by 42 publications

(20 citation statements)

References 31 publications

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“…Moreover, financial and non-financial objectives were not always fully separated. Apostolakis' et al (2018) approach helps reconciling earlier studies such as Rosen, Sandler, and Shani (1991) who identify investors not willing to sacrifice financial performance for sustainability performance.…”

Section: Motivations To Invest To Achieve Social and Environmental Pementioning

confidence: 75%

“…In an early a survey among Swedish retail investors, Nilsson (2008) identifies that a pro-social attitude and financial perceptions are connected. Apostolakis et al (2018) differentiate the attributes of various SI strategies more broadly in an experiment that analyses Dutch pension fund beneficiaries' selection between different SI products through a choice-based conjoint analysis. They find three groups with different attitudes toward SI: One group that felt more insecure about the outcome of SI, another group preferring to invest "conventionally", i.e.…”

Section: Motivations To Invest To Achieve Social and Environmental Pementioning

confidence: 99%

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Drivers of Investor Motivations for Impact Investments: The Case of Microfinance

2019

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Recent empirical research shows that both financial and value-related considerations prevail for an individual's decision to invest in companies or products deemed sustainable or socially responsible. This paper investigates how different investor motivations vary across forms of sustainable investment strategies, in particular between broad sustainable investments and targeted impact investments. We use a unique dataset of retail investors engaged in a development oriented microfinance investment vehicle to analyze how different motives affect the demand for distinct sustainable investments. Our results show that different motives trigger different types of sustainable investments. While decisions to engage in general sustainable investments are mainly linked to return and risk expectations, the investment decision for the impact investment vehicle is connected more strongly to value attributes. In line with previous findings on general sustainable investments, we find that the decision to invest is driven more by value-related criteria while the amount invested is driven by financial motivations. Our analysis furthermore shows that distrust in the financial markets is a major driver for the share invested in general sustainable investments, but not in impact investments.

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Section: Motivations To Invest To Achieve Social and Environmental Pementioning

confidence: 75%

Section: Motivations To Invest To Achieve Social and Environmental Pementioning

confidence: 99%

Drivers of Investor Motivations for Impact Investments: The Case of Microfinance

2019

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“…George Apostolakis berpendapat bahwa keyakinan dan kekhawatiran tentang isu-isu pensiun setiap orang akan menentukan sikap dan perilaku mereka terhadap kebijakan pensiun. (Apostolakis, Kraanen, & Dijk, 2015). Di dalam penelitian tersebut menjelaskan bahwa keyakinan, kekhawatiran dan sikap seorang individu dapat mempengaruhi persepsi investasi pensiun yang dipilihnya.…”

Section: Pendahuluanunclassified

Faktor Demografi Dan Persepsi Individu Dalam Menentukan Jenis Investasi Untuk Masa Pensiun

Astri

Naomi

2018

EQUIL

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This study aimed to understand the relations among demographic factors, individuals’ perceptions and the type of retirement investment. Subjects were labor forces who work in Jakarta. We used 311 respondents. he method used is descriptive method, cross-tab and chi-square test. Most of the respondents chose to retire under 60 years of age, not expecting to get the cost of living from the child during retirement. While retiring most still hope to be able to perform activities as usual by doing activities of gardening, breeding and other productive activities. The most worrying thing is health problems, and followed by finances during retirement, child's condition, financial condition to be inherited, dependence on children, and social relationships. Most respondents have prepared investments to face retirement. The most interested type of investment respectively are: savings, property, gold, business, pension program. The least attractive type of investment is bonds. The results showed that some demographic factors (age, education level, marital status and occupation type and marital status) were significantly related to the perception of individuals facing retirement. Only the level of education and the type of work that is significantly related to the type of pension investment. Meanwhile, there is no significant relationship between individual perceptions and types of pension fund investments.

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“…Stock market investors are more susceptible to the influence of the market banker on the stock market, further leading to the herd effect (Portnow & Hussain, 2016). Some studies have explored the application and development trend of herd behaviour in stock market investment from the four levels of internal assessment and external evaluation system of China's stock market investment, fund products themselves, small and medium investors, and China's stock market (Apostolakis, Dijk, Kraanen et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

Investor Irrational Selection Bias in Stock Market Based on Cognitive Psychology: Evidence From Herding Behaviour

2020

RACP

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Contrary to efficient market hypothesis, real-world investors often commit irrational behaviors, such as the herding behavior, under market friction and psychological factors. Taking China's, A-share market as an example, this paper explores how investors' selection bias affects the herding behavior, and attempts to verify if the herding behavior is resulted from the psychology of loss aversion and the extrapolative expectation (the stock price will follow the historical trend). The results show that herding behavior is commonplace in China's A-share market, especially in severe bear markets, but not frequent in gentle bull markets; the research assumption is proved valid, i.e. the herding behavior is caused by loss aversion and the extrapolative expectation. The research findings reflect the influence mechanism of cognitive psychology over investor behaviors, shedding new light on investor education and market regulation.

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Examining socially responsible investment preferences: A discrete choice conjoint experiment

Cited by 42 publications

References 31 publications

Drivers of Investor Motivations for Impact Investments: The Case of Microfinance

Drivers of Investor Motivations for Impact Investments: The Case of Microfinance

Faktor Demografi Dan Persepsi Individu Dalam Menentukan Jenis Investasi Untuk Masa Pensiun

Investor Irrational Selection Bias in Stock Market Based on Cognitive Psychology: Evidence From Herding Behaviour

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