What drives retail portfolio exposure to ESG factors?

被引：18

作者：

D'Hondt, Catherine ^{[1
]}

Merli, Maxime ^{[2
]}

Roger, Tristan ^{[3
]}

机构：

[1] UCLouvain, Louvain Sch Management & Louvain Finance LIDAM, Mons, Belgium

[2] Univ Strasbourg, Strasbourg Business Sch, LaRGE Res Ctr, Strasbourg, France

[3] Univ Lorraine, ICN Business Sch, CEREFIGE, Nancy, France

来源：

FINANCE RESEARCH LETTERS | 2022年 / 46卷

关键词：

ESG factors; Crises; Financial literacy; Risk tolerance; Retail investors; INDIVIDUAL INVESTORS; PERFORMANCE; LITERACY;

D O I：

10.1016/j.frl.2021.102470

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using both survey and trading data from 9,286 retail investors for the 2005-2011 period, we highlight the impact of financial literacy and risk tolerance on retail stock portfolio exposure to environmental, social and corporate governance (ESG) factors. Our results also reveal that the three ESG factors are not homogeneous and should be considered separately. Lower exposure to ESG factors during the crisis period suggests that ESG investing is a luxury good for most investors.

引用

页数：8

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