Altruism and Egoism in Investment Decisions
Brodback Daniel, Guenster Nadja, Mezger David
Zusammenfassung
We provide survey evidence that personal values have an impact on individual investment decisions, in particular preferences for investing socially responsible. Our findings show that there is a positive link between altruistic values and the relative importance of social responsibility. This effect is stronger when individuals believe that they can make a positive social or environmental impact with their investments, or when they feel morally obliged to invest responsibly. If altruistic individuals associate responsible investments with higher returns, it decreases their motivation to invest responsibly. Egoistic values are negatively associated with the decision to invest responsibly, unless individuals associate responsible investing with higher returns.
Schlüsselwörter
investment decisions; psychological values; socially responsible investing