Environmental sustainability in financial investment decisions

Detalhes bibliográficos
Autor(a) principal: Code, Scotia
Data de Publicação: 2023
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: https://hdl.handle.net/10438/34920
Resumo: Purpose - This study explores the effect of sustainability on consumer perceptions of green financial assets and the lag in consumer adoption of sustainable investing practices by investigating perception, relevant heuristics, and behaviour regarding green financial investments. Methodology: This study was conducted on data obtained from a between-subjects design survey inquiring about subjects’ 1) willingness to invest in and 2) their expected return and perceived risk of ESG financial instruments. The ESG financial instruments are represented by Green Funds, which are benchmarked against a sustainability index, and are in contrast to traditional financial instruments that are only benchmarked against performance-based indices. We also collected data on the participants themselves, such as demographics and their environmental values, which enabled us to conduct statistical logistic regression analyses to compare and explore potential correlations across mean investor preferences and demographic factors. Findings - Out of 166 valid responses, it was found that overall consumers are significantly more willing to invest in traditional funds, considering them to provide better performance and lower risk. The two most notable factors affecting attitude towards green investments were a) overall value of the environment and commitment to sustainability and b) age of the respondent. Research Limitations – This research is limited by the survey design, which may not accurately reflect decision making conditions. The sample size and large percentage of North American respondents in the distribution affects confidence and bias in respondents. Originality - This survey was unique to this investigation, and to my knowledge no similar investigation exists with this study design and methodology. Practical Implications - These findings have relevance to private companies, investing platforms, and fund managers seeking to optimize their engagement strategies and to environmental interest groups seeking to influence consumer behaviour and increase the adoption of sustainable investing behaviour. This also provides value to sustainability literature and academia as scholars continue to explore the attitude towards and adoption of sustainable practices by the public.
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spelling Code, ScotiaEscolas::EBAPEMansur, Juliana ArcoverdeBraga, João Pedro Niza Jacinto Fernandes, DanielVieites, Yan2024-02-27T19:14:09Z2024-02-27T19:14:09Z2023-07-06https://hdl.handle.net/10438/34920Purpose - This study explores the effect of sustainability on consumer perceptions of green financial assets and the lag in consumer adoption of sustainable investing practices by investigating perception, relevant heuristics, and behaviour regarding green financial investments. Methodology: This study was conducted on data obtained from a between-subjects design survey inquiring about subjects’ 1) willingness to invest in and 2) their expected return and perceived risk of ESG financial instruments. The ESG financial instruments are represented by Green Funds, which are benchmarked against a sustainability index, and are in contrast to traditional financial instruments that are only benchmarked against performance-based indices. We also collected data on the participants themselves, such as demographics and their environmental values, which enabled us to conduct statistical logistic regression analyses to compare and explore potential correlations across mean investor preferences and demographic factors. Findings - Out of 166 valid responses, it was found that overall consumers are significantly more willing to invest in traditional funds, considering them to provide better performance and lower risk. The two most notable factors affecting attitude towards green investments were a) overall value of the environment and commitment to sustainability and b) age of the respondent. Research Limitations – This research is limited by the survey design, which may not accurately reflect decision making conditions. The sample size and large percentage of North American respondents in the distribution affects confidence and bias in respondents. Originality - This survey was unique to this investigation, and to my knowledge no similar investigation exists with this study design and methodology. Practical Implications - These findings have relevance to private companies, investing platforms, and fund managers seeking to optimize their engagement strategies and to environmental interest groups seeking to influence consumer behaviour and increase the adoption of sustainable investing behaviour. This also provides value to sustainability literature and academia as scholars continue to explore the attitude towards and adoption of sustainable practices by the public.Objetivo: Ao investigar a percepção, heurísticas relevantes e comportamento dos consumidores em relação a investimentos sustentáveis, essa pesquisa busca explorar a influência da sustentabilidade na percepção dos consumidores sobre ativos financeiros sustentáveis e sua lenta adoção por parte dos consumidores. Metodologia: Este estudo foi realizado com dados obtidos através de uma pesquisa que explorava: 1) a disposição de investir e 2) o retorno esperado e risco percebido dos instrumentos financeiros ESG. Os instrumentos financeiros ESG são representados por Fundos Verdes, que são comparados ao índice de sustentabilidade, em contraste com os instrumentos financeiros tradicionais que são comparados apenas com índices baseados em desempenho. Também coletamos informação sobre os próprios participantes, como dados demográficos e seus valores ambientais, o que nos permitiu realizar análises estatísticas de regressão logística para comparar e explorar possíveis correlações entre as preferências médias dos investidores e seus fatores demográficos. Resultados - Com 166 respostas, foi encontrado que, em geral, consumidores estão significativamente mais dispostos a investir em fundos tradicionais, com expectativas de melhores rendimentos e menores riscos. Os dois fatores que mais influenciam a disposição de realizar investimentos sustentáveis foram: a) valores pessoais em relação ao compromisso com a sustentabilidade b) idade. Limitações da investigação - Esta pesquisa foi limitada pelo desenho do estudo, que pode não refletir as condições de tomada de decisão de forma acurada. Além disso, o tamanho da amostra e a grande percentagem de respostas de norte-americanos afetam a confiança e o viés dos respondentes. Originalidade - Este questionário foi único para esta investigação e, do meu conhecimento, não existe nenhuma investigação semelhante com este desenho de estudo e metodologia. Implicações práticas - Estas conclusões são relevantes para empresas privadas, plataformas de investimento e gestores de fundos que procuram otimizar as suas estratégias de envolvimento e para os grupos de interesse ambiental que procuram influenciar o comportamento dos consumidores e aumentar a adoção de um comportamento de investimento sustentável. Além disso, essas conclusões também são importante para a literatura sobre sustentabilidade e para o meio acadêmico, uma vez que os acadêmicos continuam a explorar o comportamento e a adoção de práticas sustentáveis pelo público.engESGSustainabilityGreen FundsGreen FinanceConsumer BehaviourSustentabilidadeFundos verdesComportamento do consumidorSustentabilidadeResponsabilidade social da empresaComportamento do consumidorEconomia ambientalInvestimentos - Aspectos ambientaisEnvironmental sustainability in financial investment decisionsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALScotia Code_final.pdfScotia Code_final.pdfapplication/pdf1350399https://repositorio.fgv.br/bitstreams/ce2e8d83-65dc-4592-8904-bbed8280e285/download2c853580d4e87d7aaf5de50baa5fa036MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv Environmental sustainability in financial investment decisions
title Environmental sustainability in financial investment decisions
spellingShingle Environmental sustainability in financial investment decisions
Code, Scotia
ESG
Sustainability
Green Funds
Green Finance
Consumer Behaviour
Sustentabilidade
Fundos verdes
Comportamento do consumidor
Sustentabilidade
Responsabilidade social da empresa
Comportamento do consumidor
Economia ambiental
Investimentos - Aspectos ambientais
title_short Environmental sustainability in financial investment decisions
title_full Environmental sustainability in financial investment decisions
title_fullStr Environmental sustainability in financial investment decisions
title_full_unstemmed Environmental sustainability in financial investment decisions
title_sort Environmental sustainability in financial investment decisions
author Code, Scotia
author_facet Code, Scotia
author_role author
dc.contributor.unidadefgv.none.fl_str_mv Escolas::EBAPE
dc.contributor.member.none.fl_str_mv Mansur, Juliana Arcoverde
Braga, João Pedro Niza Jacinto
Fernandes, Daniel
dc.contributor.author.fl_str_mv Code, Scotia
dc.contributor.advisor1.fl_str_mv Vieites, Yan
contributor_str_mv Vieites, Yan
dc.subject.eng.fl_str_mv ESG
Sustainability
Green Funds
Green Finance
Consumer Behaviour
topic ESG
Sustainability
Green Funds
Green Finance
Consumer Behaviour
Sustentabilidade
Fundos verdes
Comportamento do consumidor
Sustentabilidade
Responsabilidade social da empresa
Comportamento do consumidor
Economia ambiental
Investimentos - Aspectos ambientais
dc.subject.por.fl_str_mv Sustentabilidade
Fundos verdes
Comportamento do consumidor
dc.subject.bibliodata.por.fl_str_mv Sustentabilidade
Responsabilidade social da empresa
Comportamento do consumidor
Economia ambiental
Investimentos - Aspectos ambientais
description Purpose - This study explores the effect of sustainability on consumer perceptions of green financial assets and the lag in consumer adoption of sustainable investing practices by investigating perception, relevant heuristics, and behaviour regarding green financial investments. Methodology: This study was conducted on data obtained from a between-subjects design survey inquiring about subjects’ 1) willingness to invest in and 2) their expected return and perceived risk of ESG financial instruments. The ESG financial instruments are represented by Green Funds, which are benchmarked against a sustainability index, and are in contrast to traditional financial instruments that are only benchmarked against performance-based indices. We also collected data on the participants themselves, such as demographics and their environmental values, which enabled us to conduct statistical logistic regression analyses to compare and explore potential correlations across mean investor preferences and demographic factors. Findings - Out of 166 valid responses, it was found that overall consumers are significantly more willing to invest in traditional funds, considering them to provide better performance and lower risk. The two most notable factors affecting attitude towards green investments were a) overall value of the environment and commitment to sustainability and b) age of the respondent. Research Limitations – This research is limited by the survey design, which may not accurately reflect decision making conditions. The sample size and large percentage of North American respondents in the distribution affects confidence and bias in respondents. Originality - This survey was unique to this investigation, and to my knowledge no similar investigation exists with this study design and methodology. Practical Implications - These findings have relevance to private companies, investing platforms, and fund managers seeking to optimize their engagement strategies and to environmental interest groups seeking to influence consumer behaviour and increase the adoption of sustainable investing behaviour. This also provides value to sustainability literature and academia as scholars continue to explore the attitude towards and adoption of sustainable practices by the public.
publishDate 2023
dc.date.issued.fl_str_mv 2023-07-06
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