Keuzemogelijkheden binnen en tussen pensioenregelingen: niet voor elk wat wils

Delsen, L.W.M.

doi:10.5553/benm/138900692015042002004

Cited by 1 publication

(1 citation statement)

References 18 publications

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“…Moreover, heterogeneity is a necessary but not sufficient condition for the introduction of options. For adding sustainability characteristics to the choice frame work of risk and return increases the complexity of the financial products (Delsen, 2015). This extra dimension makes financial decisions more difficult and thus the ability of the average pension participant to incorporate both the financial and non-financial preferences in his decision.…”

Section: Conclusion and Policy Recommendationsmentioning

confidence: 99%

Value matters or values matter? An analysis of heterogeneity in preferences for sustainable investments

Delsen

Lehr

2019

Journal of Sustainable Finance & Investment

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Pension fund investments have a substantial influence on sustainability. We analyze preferences for sustainable investment among a representative cross-section of 2486 pension fund participants in the Netherlands, through a questionnaire survey fielded in the LISS panel. In contrast to standard investment theory, we find that sustainable investments are commonly favored, even if they harm financial interests. To explain variation among participants' preferences for sustainable investments, we test socio-demographic factors suggested by dominant neoclassical investment and behavioral finance theories. Moreover, we add to the existing literature by developing an alternative cultural-theoretical explanation that stresses the role of value orientations. We estimate linear and generalized ordered logit regression models, and find little support for neoclassical and behavioral finance theories, but substantial support for the importance of value orientations. Given established patterns of value-change, this finding suggests that a further increase in the demand for sustainable investments across developed economies is a likely scenario.

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Section: Conclusion and Policy Recommendationsmentioning

confidence: 99%