Revisiting the determinants of individual sustainable investment—The case of Japan

Gunnar Gutsche*, Miwa Nakai, Toshi H. Arimura


研究成果: Article査読

11 被引用数 (Scopus)


This study empirically examines individual sustainable investment behavior of households’ decision-makers in Japan from three perspectives. Based on data from a representative online survey among financial decision makers in Japanese households, we analyze (i) the individual awareness of sustainable investments, (ii) the current share of sustainable investments in individual investors’ portfolios, and (iii) the individual investors’ intention to invest sustainably in the future. We find evidence for huge information deficits among Japanese individual investors indicating that individual sustainable investment in Japan is still in its infancy. Financial literacy, social signaling or word-of-mouth learning, perceived financial performance, and risk preferences are the most important determinants of current individual sustainable investments. Remarkably, non-financial factors such as personal attitudes and values seem to be less important than in Western countries. Nevertheless, the intention to invest sustainably in the future is also driven by individual environmental values and ecological political identification.

ジャーナルJournal of Behavioral and Experimental Finance
出版ステータスPublished - 2021 6月

ASJC Scopus subject areas

  • 財務


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