Publication: Do investors care about impact?
Do investors care about impact?
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Heeb, F., Kölbel, J. F., Paetzold, F., & Zeisberger, S. (2023). Do investors care about impact? Review of Financial Studies, 36(5), 1737–1787. https://doi.org/10.1093/rfs/hhac066
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We assess how investors’ willingness-to-pay (WTP) for sustainable investments responds to the social impact of those investments, using a framed field experiment. While investors have a substantial WTP for sustainable investments, they do not pay significantly more for more impact. This also holds for dedicated impact investors. When investors compare several sustainable investments, their WTP responds to relative, but not to absolute, levels of impact. Regardless of investments’ impact, investors experience positive emotions when cho
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Heeb, F., Kölbel, J. F., Paetzold, F., & Zeisberger, S. (2023). Do investors care about impact? Review of Financial Studies, 36(5), 1737–1787. https://doi.org/10.1093/rfs/hhac066
