Psychological characteristics of potential SRI investors and its motivation in Japan: an experimental approach

Miwa Nakai, Tomonori Honda, Nariaki Nishino, Kenji Takeuchi

Research output: Contribution to journalArticle

1 Citation (Scopus)

Abstract

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.

Original languageEnglish
Pages (from-to)349-367
Number of pages19
JournalJournal of Sustainable Finance and Investment
Volume8
Issue number4
DOIs
Publication statusPublished - 2018 Oct 2

Fingerprint

Socially responsible investment
Investors
Psychological
Discount rate
Japan
Economic experiments
Choice experiment
Lottery
Altruism
Risk aversion
Conditional logit model
Mixed logit model
Dictator game
Corporate Social Responsibility

Keywords

  • behavioural finance
  • corporate social responsibility
  • economic experiment
  • Socially responsible investment

ASJC Scopus subject areas

  • Finance
  • Economics, Econometrics and Finance (miscellaneous)
  • Business and International Management

Cite this

Psychological characteristics of potential SRI investors and its motivation in Japan : an experimental approach. / Nakai, Miwa; Honda, Tomonori; Nishino, Nariaki; Takeuchi, Kenji.

In: Journal of Sustainable Finance and Investment, Vol. 8, No. 4, 02.10.2018, p. 349-367.

Research output: Contribution to journalArticle

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