No 2009/6: Psychological Influences on Investors Intention to be Socially Responsible Investors: A comparison what influences SRI intentions among different types of investors

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

19 pages, September 2, 2009

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