Sustainable Investment and Corporate Governance Working Papers, Sustainable Investment Research Platform
No 2009/6:
Psychological Influences on Investors Intention to be Socially Responsible Investors: A comparison what influences SRI intentions among different types of investors
Magnus Jansson ()
and Anders Biel ()
Abstract: This study investigates determinants of equity investments
according to socially responsible criteria among Swedish investors such as
investment institutions, institutional investors and private investors. In
total 38 investment institutions, 60 employees from 19 investment
institutions, 453 private investors and 71 institutional investors
participated in a questionnaire study. The aim of the study was to
investigate financial beliefs and psychological factors that may promote or
impede SRI among different types of investors. It was found that while
Socially Responsible Investment (SRI) among private and institutional
investors was guided by self-transcendent values (environmental and social
values), this was not the case among fund managers working in investment
institutions. Fund managers were affected by beliefs about long-term
returns of SRI. Private investors were, in addition, influenced by beliefs
about long-term returns, while institutional investors were motivated by an
effort to reduce financial risks. Finally, investment institutions tended
to overrate the importance of financial returns among their beneficiaries
(private and institutional beneficiaries) and underestimate the importance
of ethical, environmental and social aspects for beneficiaries. The results
indicate that private and institutional investors/beneficiaries give a
wider interpretation of fiduciary duty than institutional investors do.
Keywords: Socially responsible investment; Investment decisions; Ethical investments; Values; Beliefs; (follow links to similar papers)
19 pages, September 2, 2009
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