TY - JOUR
T1 - Psychological characteristics of potential SRI investors and its motivation in Japan
T2 - an experimental approach
AU - Nakai, Miwa
AU - Honda, Tomonori
AU - Nishino, Nariaki
AU - Takeuchi, Kenji
PY - 2018/10/2
Y1 - 2018/10/2
N2 - This paper aims to identify psychological characteristics of potential investors of socially responsible investment (SRI) in Japan to explain its possible motivation by economic experiments. We asked subjects to make decisions regarding stock investments on the basis of three attributes of return, variance, and corporate social responsibility (CSR). We also conducted a dictator game and two lottery-choice experiments to measure subjects’ psychological characteristics: altruism, risk aversion, and time discount rate. Applying a conditional logit model as well as mixed logit model, we found that people who have a higher time discount rate tend to be SRI investors.
AB - This paper aims to identify psychological characteristics of potential investors of socially responsible investment (SRI) in Japan to explain its possible motivation by economic experiments. We asked subjects to make decisions regarding stock investments on the basis of three attributes of return, variance, and corporate social responsibility (CSR). We also conducted a dictator game and two lottery-choice experiments to measure subjects’ psychological characteristics: altruism, risk aversion, and time discount rate. Applying a conditional logit model as well as mixed logit model, we found that people who have a higher time discount rate tend to be SRI investors.
KW - behavioural finance
KW - corporate social responsibility
KW - economic experiment
KW - Socially responsible investment
UR - http://www.scopus.com/inward/record.url?scp=85052143344&partnerID=8YFLogxK
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U2 - 10.1080/20430795.2018.1490556
DO - 10.1080/20430795.2018.1490556
M3 - Article
AN - SCOPUS:85052143344
SN - 2043-0795
VL - 8
SP - 349
EP - 367
JO - Journal of Sustainable Finance and Investment
JF - Journal of Sustainable Finance and Investment
IS - 4
ER -
