Which private investors are willing to pay for sustainable investments? Empirical evidence from stated choice experiments
Which private investors are willing to pay for sustainable investments? Empirical evidence from stated choice experiments
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DOI：
10.1016/j.jbankfin.2019.03.007
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发表时间：
2019-05-01
影响因子：
3.7
通讯作者：
Ziegler, Andreas
中科院分区：
文献类型：
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作者：
Gutsche, Gunnar;Ziegler, Andreas
基于德国私人金融决策者的代表性调查，其中包括两个固定利率投资产品和股票基金的选择实验的数据，本文实证研究是否和哪些投资者愿意支付可持续投资。事实上，我们的计量经济学分析与混合和潜在类logit模型显示，强烈的陈述偏好和相当大的意愿支付（WTP）的可持续投资产品。此外，我们的混合logit模型分析表明，认证的可持续投资产品的平均支付意愿强烈高于未经认证的同行的平均支付意愿。此外，我们的估计结果表明，投资者对可持续投资的热情，对左翼政党的亲和力和强烈的环保意识有很高的感受，比他们的同行有更高的平均愿意牺牲可持续投资产品的回报。虽然风险认知似乎对经认证的可持续股票基金具有额外的相关性，但对于风险较低的可持续固定利率投资产品，风险认知显然起着微不足道的作用。(C)2019爱思唯尔B.V.保留所有权利。
Based on data from a representative survey among German private financial decision makers that comprised two stated choice experiments for fixed-interest investment products and equity funds, this paper empirically examines whether and which investors are willing to pay for sustainable investments. In fact, our econometric analyses with mixed and latent class logit models reveal strong stated preferences and a considerable willingness to pay (WTP) for sustainable investment products. Furthermore, our mixed logit model analysis implies that the mean WTP for certified sustainable investment products is strongly higher than the mean WTP for the uncertified counterparts. In addition, our estimation results suggest that investors with high feelings of warm glow from sustainable investments, an affinity to left-wing parties, and a strong environmental awareness have a clearly higher mean willingness to sacrifice returns for sustainable investment products than their counterparts. While risk perceptions seem to be additionally relevant for certified sustainable equity funds, they obviously play a negligible role for less risky sustainable fixed-interest investment products. (C) 2019 Elsevier B.V. All rights reserved.