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Motives to engage in sustainable investment: A comparison between institutional and private investors

Journal article
Authors Magnus Jansson
Anders Biel
Published in Sustainable Development
Volume 19
Issue 2
Pages 135-142
Publication year 2011
Published at Department of Psychology
Pages 135-142
Language en
Links onlinelibrary.wiley.com/doi/10.1002...
Keywords Beliefs, ethical investments, investment decisions, socially responsible investments, values
Subject categories Environmental psychology

Abstract

The current study compares motives to invest in accordance with socially responsible criteria among different groups of investors. In total, 60 employees from 19 investment institutions, 453 private investors and 71 institutional investors participated in a questionnaire study. While socially responsible investment (SRI) among private and institutional investors was guided by self-transcendent values (environmental and social values), this was not the case among fund managers working in investment institutions. Fund managers in investment institutions were affected by beliefs about long-term returns of SRI. Private investors were, in addition, influenced by beliefs about long-term returns, whereas institutional investors were motivated by an effort to reduce financial risks. Finally, investment institutions tended to overrate the importance of financial returns among their beneficiaries (private and institutional beneficiaries) and underestimate the importance of ethical, environmental and social aspects for beneficiaries. The results indicate that private and institutional investors/beneficiaries give a wider interpretation of fiduciary duty than investment institutions do.

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