Investor’s values and investment decision towards ESG stocks

IF 3.6 Q1 BUSINESS, FINANCE Review of Accounting and Finance Pub Date : 2023-06-20 DOI:10.1108/raf-12-2022-0353
R. Raut, N. Shastri, A. Mishra, A. Tiwari
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引用次数: 3

Abstract

Purpose This study aims to investigate factors that influence the attitudes and intentions of investors towards environmental, social and governance (ESG) stocks in the presence of perceived risk as a moderator. Design/methodology/approach Data was collected through an online survey method from 341 investors with more than three years of investing experience. Smart PLS was used to analyse the data using two-stage structural equation modelling. First, a measurement model was performed for construct reliability and validity, followed by path analysis (structural model) for hypothesis testing and overall model predictability. Findings The findings show that both environmental concern (altruistic value) and economic concern (egoistic value) are crucial for the attitude and intention of investors to invest in ESG-backed stocks; however, environmental concern was found to be a more significant predictor of their behaviour, showing evidence of pro-environmental values in the decision-making of utility-seeking individuals. No significant impact of perceived risk was evident as a moderator of the relationship between attitude and intention towards ESG stocks. Practical implications The study's findings have implications for fund managers, policymakers, and the government. Values as antecedents were found to be influential in shaping investors’ attitudes and intentions towards the environmental cause. Fund managers could include more ESG-compliant companies in their portfolios, and the government can play an important role in encouraging investors by providing financial incentives. Corporates should also take strategic steps to adopt green production processes to secure long-term, sustainable capital funding. Originality/value To the best of the authors’ knowledge, there has been no research done in the field of ESG investing that takes into account the values (both altruistic and egoistic) of investors as potential antecedents of their attitudes and intentions.
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投资者价值观与ESG股票投资决策
目的本研究旨在调查在存在感知风险作为调节因素的情况下,影响投资者对环境、社会和治理(ESG)股票态度和意图的因素。设计/方法/方法通过在线调查方法从341名具有三年以上投资经验的投资者中收集数据。智能PLS用于使用两阶段结构方程建模来分析数据。首先,对结构的可靠性和有效性进行测量模型,然后进行路径分析(结构模型),进行假设检验和整体模型的可预测性。研究结果表明,环境关注(利他价值)和经济关注(利己价值)对投资者投资ESG支持股票的态度和意图至关重要;然而,环境问题被发现是他们行为的一个更重要的预测因素,这表明在追求效用的个人的决策中有利于环境的价值观。感知风险对ESG股票的态度和意图之间的关系没有明显的调节作用。实际含义研究结果对基金经理、政策制定者和政府都有启示。研究发现,作为前因的价值观对塑造投资者对环境事业的态度和意图具有影响。基金经理可以在其投资组合中包括更多符合ESG的公司,政府可以通过提供财务激励在鼓励投资者方面发挥重要作用。企业还应采取战略措施,采用绿色生产流程,以确保长期、可持续的资本资金。原创性/价值据作者所知,在ESG投资领域,还没有任何研究将投资者的价值观(包括利他主义和利己主义)作为其态度和意图的潜在前因。
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
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