Nudges in SRI: The Power of the Default Option

Gajewski, Jean-François; Heimann, Marco; Meunier, Luc

doi:10.1007/s10551-020-04731-x

Cited by 24 publications

(46 citation statements)

References 95 publications

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“…One reason can be since mass waste reduction requires long-term financial commitment, therefore firms consider it as extra cost and ignore it due to less returns (Garcia and Orsato, 2020). Moreover, few scholars introduced nudges to encourage SRIs as unlike value-based investors, some investors shift to SRIs merely to utilize new financial opportunities or to avoid likely risks (Gajewski et al. , 2021).…”

Section: Discussion and Outcome Of The Studymentioning

confidence: 99%

Green and socially responsible finance: past, present and future

Dervi

Khan

Saba

et al. 2022

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PurposeGreen finance has shown the importance of being socially responsible and supporting the flow of financial instruments to develop environmentally sustainable and ethical business models. The growing trends raised the need for a quantitative study to address scientific performance analysis and intellectual development. This paper aims to cater quantitative statistics, through a bibliometric review to understand the vital intellectual and influential constitution of green and socially responsible finance.Design/methodology/approachThe authors apply trending and cutting-edge quali-quantitative approach of bibliometric citation analysis and review of 280 journal articles from the Web of Science database for the period of 1981–2021.FindingsThe results identify the leading academic authors, journals, institutions and countries with relation to green and socially responsible finance literature. We also discuss three research streams in this field: (1) overview of green finance, perception and investor behavior; (2) analysis of performance models and growth factors of green finance; (3) pricing mechanism of SRI. Finally, we identify the research gaps within existing green finance literature, proposing 30 research questions for the future agenda.Research limitations/implicationsThe study confines on the Web of Science database, English published articles in known journals and reviews only. It relies on a reputable source and top scientific productions with the most direct link to green finance.Originality/valueTo the best of the authors knowledge, this paper is the first to discuss research streams in the literature of Green finance from a bibliometric aspect along with vast coverage of articles from reputed journals and databases till date. The results of this research along with future research questions will guide the researchers and academicians to further explore and stand on solid quantitative basis regarding the scientific development of Green finance.

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Section: Discussion and Outcome Of The Studymentioning

confidence: 99%

Green and socially responsible finance: past, present and future

Dervi

Khan

Saba

et al. 2022

View full text Add to dashboard Cite

show abstract

“…On the other hand, certain studies report mixed results. The efficacy of priming in influencing drink choices was only significant in case of more salient visual cues (Kay et al, 2023), and priming ethical values to boost socially responsible investment choices was only effective if applied together with other message contents (Gajewski et al, 2022). Therefore, it is important to gain better understanding on how priming can be used effectively, especially in the context of pro-environmental behaviors.…”

Section: Commitment Primingmentioning

confidence: 99%

Identity over nudges? Factors influencing decisions about participation in pro-environmental behaviors

Jagodics¹

2023

Preprint

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The challenges of environmental problems make it important for people to engage in new pro-environmental behaviors. Based on the results of behavior sciences a possible way to help this transition is to use nudges, which are methods that steer people’s decisions towards certain options. On the other hand, empirical evidence is often contradicting regarding the effect of nudges. The current study aimed to test different interventions (descriptive norms, social identity cues, provoking reciprocity, commitment priming and choice architecture), comparing the individual and stacked effects of nudges on participation intentions in pro-environmental programs. 1910 participants in nine conditions were presented posters of three different pro-environmental programs. Binominal logistic regression analysis showed that nudges did not have significant effect on decisions. On the other hand, environmental self-identity proved to be a significant predictor of participation intention in all three programs. The possible explanations of the nudges’ observed inefficiency are discussed in the paper along with the prospects of the seemingly important role of identity in pro-environmental behaviors.

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“…For instance, both academics (Pilaj, 2017) and institutions (see the European Capital Market Institute (ECMI) or UN‐PRI) propose SRIs as the default vehicle for retail investors. A study of US respondents shows that such a default would drastically increase SRIs (Gajewski et al, 2022).…”

Section: Main Nudges In the Financial Literaturementioning

confidence: 99%

“…Priming has already been tested with some success to promote SRIs. Gajewski et al (2022) used negative priming (images of child worker, alcohol, and tobacco) to encourage investors to prefer a SRI fund over a classical one. The effect of this nudge is significant only when combined with a message depicting the virtues of ESG criterion.…”

Section: Main Nudges In the Financial Literaturementioning

confidence: 99%

Nudges for responsible finance? A survey of interventions targeted at financial decision making

Gajewski,

Heimann,

Meunier

et al. 2023

Corp Soc Responsibility Env

Self Cite

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In a comprehensive review, we investigate how nudges can help financial decisionmakers allocate funds according to ethical considerations to promote sustainable development. We begin by identifying the main nudge frameworks and highlighting their many similarities, including the use of default options, making information more salient, and manipulating the framing of incentives. While nudges have been used in personal finance primarily to promote saving for retirement or avoiding credit card debt, they can also encourage socially responsible investment (SRI). We propose potential nudges in SRI and provide a primer on nudge implementation by reviewing methods for selecting effective nudges and ensuring their ethical acceptability.

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Nudges in SRI: The Power of the Default Option

Cited by 24 publications

References 95 publications

Green and socially responsible finance: past, present and future

Green and socially responsible finance: past, present and future

Identity over nudges? Factors influencing decisions about participation in pro-environmental behaviors

Nudges for responsible finance? A survey of interventions targeted at financial decision making

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