Sustainability and private investors

References

• Amel-Zadeh, A., and G. Serafeim. 2018. “Why and How Investors Use ESG Information: Evidence from a Global Survey.” Financial Analysts Journal 74 (3): 87–103. https://doi.org/10.2469/faj.v74.n3.2.
   Web of Science ®Google Scholar
• Anderson, A., and D. T. Robinson. 2022. “Financial Literacy in the Age of Green Investment.” Review of Finance 26 (6): 1551–1584. https://doi.org/10.1093/rof/rfab031.
   Web of Science ®Google Scholar
• Avramov, D., S. Cheng, A. Lioui, and A. Tarelli. 2022. “Sustainable Investing with ESG Rating Uncertainty.” Journal of Financial Economics 145 (2): 642–664. https://doi.org/10.1016/j.jfineco.2021.09.009.
   Web of Science ®Google Scholar
• Barber, B. M., and T. Odean. 2001. “Boys Will be Boys: Gender, Overconfidence, and Common Stock Investment.” The Quarterly Journal of Economics 116 (1): 261–292. https://doi.org/10.1162/003355301556400.
   Web of Science ®Google Scholar
• Bender, S., J. J. Choi, D. Dyson, and A. Z. Robertson. 2022. “Millionaires Speak: What Drives Their Personal Investment Decisions?” Journal of Financial Economics 146 (1): 305–330. https://doi.org/10.1016/j.jfineco.2021.09.016.
   Web of Science ®Google Scholar
• Bengtsson, E. 2008. “A History of Scandinavian Socially Responsible Investing.” Journal of Business Ethics 82 (4): 969–983. https://doi.org/10.1007/s10551-007-9606-y.
   Web of Science ®Google Scholar
• Boston Consulting Group. 2021. Global Asset Management 2021. The $100 Trillion Machine. https://web-assets.bcg.com/79/bf/d1d361854084a9624a0cbce3bf07/bcg-global-asset-management-2021-jul-2021.pdf.
   Google Scholar
• Brav, A., J. R. Graham, C. R. Harvey, and R. Michaely. 2005. “Payout Policy in the 21st Century.” Journal of Financial Economics 77 (3): 483–527. https://doi.org/10.1016/j.jfineco.2004.07.004.
   Web of Science ®Google Scholar
• Brest, P., and K. Born. 2013. “When Can Impact Investing Create Real Impact.” Stanford Social Innovation Review 11 (4): 22–31.
   Google Scholar
• Brundtland, G. H. 1987. “Our Common Future – Call for Action.” Environmental Conservation 14 (4): 291–294. https://doi.org/10.1017/S0376892900016805.
   Web of Science ®Google Scholar
• Buchanan, B., C. X. Cao, and C. Chen. 2018. “Corporate Social Responsibility, Firm Value, and Influential Institutional Ownership.” Journal of Corporate Finance 52:73–95. https://doi.org/10.1016/j.jcorpfin.2018.07.004.
   Web of Science ®Google Scholar
• Cheung, Y. W., and M. D. Chinn. 2001. “Currency Traders and Exchange Rate Dynamics: A Survey of the US Market.” Journal of International Money and Finance 20 (4): 439–471. https://doi.org/10.1016/S0261-5606(01)00002-X.
   Web of Science ®Google Scholar
• Cheung, Y. W., M. D. Chinn, and I. W. Marsh. 2004. “How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?” International Journal of Finance & Economics 9 (4): 289–306. https://doi.org/10.1002/ijfe.252.
   Web of Science ®Google Scholar
• Choi, J. J., and A. Z. Robertson. 2020. “What Matters to Individual Investors? Evidence from the Horse’s Mouth.” The Journal of Finance 75 (4): 1965–2020. https://doi.org/10.1111/jofi.12895.
   Web of Science ®Google Scholar
• Das, S., C. M. Kuhnen, and S. Nagel. 2020. “Socioeconomic Status and Macroeconomic Expectations.” The Review of Financial Studies 33 (1): 395–432. https://doi.org/10.1093/rfs/hhz041.
   Web of Science ®Google Scholar
• Deloitte. 2020. “Advancing Environmental, Social, and Governance Investing.” https://www2.deloitte.com/us/en/insights/industry/financial-services/esg-investing-performance.html.
   Google Scholar
• Diamond, S. S. 2000. “Reference Guide on Survey Research.” In Reference Manual on Scientific Evidence. 2nd ed., edited by S. S. Diamond, 229–276. Washington, DC: The Federal Judicial Center.
   Google Scholar
• Dichev, I. D., J. R. Graham, C. R. Harvey, and S. Rajgopal. 2013. “Earnings Quality: Evidence from the Field.” Journal of Accounting and Economics 56 (2–3): 1–33. https://doi.org/10.1016/j.jacceco.2013.05.004.
   Web of Science ®Google Scholar
• Dillman, D. A., J. J. Hox, and E. D. De Leeuw. 2008. International Handbook of Survey Methodology. Taylor & Francis.
   Google Scholar
• Dwyer, P. D., J. H. Gilkeson, and J. A. List. 2002. “Gender Differences in Revealed Risk Taking: Evidence from Mutual Fund Investors.” Economics Letters 76 (2): 151–158. https://doi.org/10.1016/S0165-1765(02)00045-9.
   Web of Science ®Google Scholar
• Eccles, R. G., M. D. Kastrapeli, and S. J. Potter. 2017. “How to Integrate ESG into Investment Decision-Making: Results of a Global Survey of Institutional Investors.” Journal of Applied Corporate Finance 29 (4): 125–133. https://doi.org/10.1111/jacf.12267.
   Web of Science ®Google Scholar
• Euroclear. 2022. Development of the Number of Shareholders. https://www.euroclear.com/finland/en/statistics.html#content_title_1177124260.
   Google Scholar
• Fifka, M. S., and M. Drabble. 2012. “Focus and Standardization of Sustainability Reporting – a Comparative Study of the United Kingdom and Finland.” Business Strategy and the Environment 21 (7): 455–474. https://doi.org/10.1002/bse.1730.
   Web of Science ®Google Scholar
• Finnish Tax Administration. 2022. Equity Savings Account. https://www.vero.fi/en/individuals/property/investments/equity-savings-account/.
   Google Scholar
• Giglio, S., M. Maggiori, J. Stroebel, Z. Tan, S. Utkus, and X. Xu. 2023. Four Facts about ESG Beliefs and Investor Portfolios (No. w31114). National Bureau of Economic Research.
   Google Scholar
• Giglio, S., M. Maggiori, J. Stroebel, and S. Utkus. 2021. “Five Facts About Beliefs and Portfolios.” American Economic Review 111 (5): 1481–1522. https://doi.org/10.1257/aer.20200243.
   Web of Science ®Google Scholar
• Global Sustainable Investment Review. 2020. http://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf.
   Google Scholar
• Graham, J. R., and C. R. Harvey. 2001. “The Theory and Practice of Corporate Finance: Evidence from the Field.” Journal of Financial Economics 60 (2–3): 187–243. https://doi.org/10.1016/S0304-405X(01)00044-7.
   Web of Science ®Google Scholar
• Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. “The Economic Implications of Corporate Financial Reporting.” Journal of Accounting and Economics 40 (1–3): 3–73. https://doi.org/10.1016/j.jacceco.2005.01.002.
   Web of Science ®Google Scholar
• Grinblatt, M., and M. Keloharju. 2001. “How Distance, Language, and Culture Influence Stockholdings and Trades.” The Journal of Finance 56 (3): 1053–1073. https://doi.org/10.1111/0022-1082.00355.
   Web of Science ®Google Scholar
• Gutsche, G., and A. Ziegler. 2019. “Which Private Investors are Willing to Pay for Sustainable Investments? Empirical Evidence from Stated Choice Experiments.” Journal of Banking & Finance 102:193–214. https://doi.org/10.1016/j.jbankfin.2019.03.007.
   Web of Science ®Google Scholar
• Haber, S., J. D. Kepler, D. F. Larcker, A. Seru, and B. Tayan. 2022. ESG Investing: What Shareholders Do Fund Managers Represent? (Working Paper) Rock Center for Corporate Governance at Stanford University.
   Google Scholar
• Hardy, B., and L. R. Ford. 2014. “It’s Not Me, It’s You: Miscomprehension in Surveys.” Organizational Research Methods 17 (2): 138–162. https://doi.org/10.1177/1094428113520185.
   Web of Science ®Google Scholar
• Hartzmark, S. M., and A. B. Sussman. 2019. “Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows.” Journal of Finance 74 (6): 2789–2837. https://doi.org/10.1111/jofi.12841.
   Web of Science ®Google Scholar
• Hofstede, G. H., and G. Hofstede. 2001. Culture’s Consequences: Comparing Values, Behaviors, Institutions and Organizations Across Nations. London: Sage.
   Google Scholar
• Hong, H., J. D. Kubik, and J. C. Stein. 2005. “Thy Neighbor’s Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money Managers.” The Journal of Finance 60 (6): 2801–2824. https://doi.org/10.1111/j.1540-6261.2005.00817.x.
   Web of Science ®Google Scholar
• Huber, C., J. Huber, and M. Kirchler. 2021. “Market Shocks and Professionals’ Investment Behavior–Evidence from the Covid-19 Crash.” Journal of Banking & Finance 133:106247. https://doi.org/10.1016/j.jbankfin.2021.106247.
   PubMed Web of Science ®Google Scholar
• Jansson, M., and A. Biel. 2011. “Motives to Engage in Sustainable Investment: A Comparison Between Institutional and Private Investors.” Sustainable Development 19 (2): 135–142. https://doi.org/10.1002/sd.512.
   Web of Science ®Google Scholar
• Keloharju, M., and A. Lehtinen. 2021. “A Quarter Century of Shareholdings and Trades of Finnish Stocks.” Nordic Journal of Business 70:5–38.
   Google Scholar
• Knüpfer, S., E. Rantapuska, and M. Sarvimäki. 2023. “Social Interaction in the Family: Evidence from Investors’ Security Holdings.” Review of Finance 27 (4): 1297–1327. https://doi.org/10.1093/rof/rfac060.
   Web of Science ®Google Scholar
• Koellner, T., O. Weber, M. Fenchel, and R. Scholz. 2005. “Principles for Sustainability Rating of Investment Funds.” Business Strategy and the Environment 14 (1): 54–70. https://doi.org/10.1002/bse.423.
   Google Scholar
• Kreander, N. 2001. An Analysis of European Ethical Funds (No. 33). Certified Accountants Educational Trust.
   Google Scholar
• Lagerkvist, C. J., A. K. Edenbrandt, I. Tibbelin, and Y. Wahlstedt. 2020. “Preferences for Sustainable and Responsible Equity Funds – a Choice Experiment with Swedish Private Investors.” Journal of Behavioral and Experimental Finance 28:100406. https://doi.org/10.1016/j.jbef.2020.100406.
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 2008. “The Economic Consequences of Legal Origins.” Journal of Economic Literature 46 (2): 285–332. https://doi.org/10.1257/jel.46.2.285.
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny. 1998. “Law and Finance.” Journal of Political Economy 106 (6): 1113–1155. https://doi.org/10.1086/250042.
   Web of Science ®Google Scholar
• Lintner, J. 1956. “Distribution of Incomes of Corporations Among Dividends, Retained Earnings and Taxes.” American Economics Review 46 (2): 97–113.
   Web of Science ®Google Scholar
• Metcalf, L. E., A. Bird, M. Shankarmahesh, Z. Aycan, J. Larimo, and D. D. Valdelamar. 2006. “Cultural Tendencies in Negotiation: A Comparison of Finland, India, Mexico, Turkey, and the United States.” Journal of World Business 41 (4): 382–394. https://doi.org/10.1016/j.jwb.2006.08.004.
   Web of Science ®Google Scholar
• Michelson, G., N. Wailes, S. Van Der Laan, and G. Frost. 2004. “Ethical Investment Processes and Outcomes.” Journal of Business Ethics 52:1–10. https://doi.org/10.1023/B:BUSI.0000033103.12560.be.
   Web of Science ®Google Scholar
• Ministry of Agriculture and Forestry in Finland. 2022. Forest Resources in Finland. https://mmm.fi/en/forests/forestry/forest-resources.
   Google Scholar
• Mnif, E., B. Salhi, K. Mouakha, and A. Jarboui. 2022. “Investor Behavior and Cryptocurrency Market Bubbles During the COVID-19 Pandemic.” Review of Behavioral Finance 14 (4): 491–507. https://doi.org/10.1108/RBF-09-2021-0190.
   Web of Science ®Google Scholar
• Morgan Stanley. 2017. “Millennials Drive Growth in Sustainable Investing.” https://www.morganstanley.com/ideas/sustainable-socially-responsible-investing-millennials-drive-growth.
   Google Scholar
• Morningstar. 2021. “A Broken Record: Flows for U.S. Sustainable Funds Again Reach New Heights.” https://www.morningstar.com/articles/1019195/a-broken-record-flows-for-us-sustainable-funds-again-reach-new-heights.
   Google Scholar
• Nath, L., L. Holder-Webb, and J. Cohen. 2013. “Will Women Lead the way? Differences in Demand for Corporate Social Responsibility Information for Investment Decisions.” Journal of Business Ethics 118 (1): 85–102. https://doi.org/10.1007/s10551-012-1573-2.
   Web of Science ®Google Scholar
• Nemoto, T., and D. Beglar. 2014. “Likert-Scale Questionnaires.” In JALT 2013 Conference Proceedings, 1–8.
   Google Scholar
• Niculaescu, C. E., I. Sangiorgi, and A. R. Bell. 2023. “Does Personal Experience with COVID-19 Impact Investment Decisions? Evidence from a Survey of US Retail Investors.” International Review of Financial Analysis 88:102703. https://doi.org/10.1016/j.irfa.2023.102703.
   PubMed Web of Science ®Google Scholar
• Nordnet. 2021. “400 000 asiakkaan raja ylittyi Nordnet Suomessa.” https://www.nordnet.fi/blogi/400-000-asiakkaan-raja-ylittyi-nordnet-suomessa/.
   Google Scholar
• Ortmann, R., M. Pelster, and S. T. Wengerek. 2020. “COVID-19 and Investor Behavior.” Finance Research Letters 37:101717. https://doi.org/10.1016/j.frl.2020.101717.
   PubMed Web of Science ®Google Scholar
• Paetzold, F., and T. Busch. 2014. “Unleashing the Powerful Few: Sustainable Investing Behaviour of Wealthy Private Investors.” Organization & Environment 27 (4): 347–367. https://doi.org/10.1177/1086026614555991.
   Web of Science ®Google Scholar
• Pagano, M. S., J. Sedunov, and R. Velthuis. 2021. “How Did Retail Investors Respond to the COVID-19 Pandemic? The Effect of Robinhood Brokerage Customers on Market Quality.” Finance Research Letters 43:101946. https://doi.org/10.1016/j.frl.2021.101946.
   Web of Science ®Google Scholar
• Phillis, Y. A., E. Grigoroudis, and V. S. Kouikoglou. 2011. “Sustainability Ranking and Improvement of Countries.” Ecological Economics 70 (3): 542–553. https://doi.org/10.1016/j.ecolecon.2010.09.037.
   Web of Science ®Google Scholar
• Scholtens, B., and R. Sievänen. 2013. “Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries.” Journal of Business Ethics 115 (3): 605–616. https://doi.org/10.1007/s10551-012-1410-7.
   Web of Science ®Google Scholar
• Shiller, R. J., and J. Pound. 1989. “Survey Evidence on Diffusion of Interest and Information among Investors.” Journal of Economic Behavior & Organization 12 (1): 47–66. https://doi.org/10.1016/0167-2681(89)90076-0.
   Web of Science ®Google Scholar
• Silvola, H., and T. Landau. 2021. Sustainable Investing. London: Palgrave Macmillan.
   Google Scholar
• Sunden, A. E., and B. J. Surette. 1998. “Gender Differences in the Allocation of Assets in Retirement Savings Plans.” The American Economic Review 88 (2): 207–211.
   Web of Science ®Google Scholar
• Van der Stede, W. A., S. M. Young, and C. X. Chen. 2005. “Assessing the Quality of Evidence in Empirical Management Accounting Research: The Case of Survey Studies.” Accounting, Organizations and Society 30 (7–8): 655–684. https://doi.org/10.1016/j.aos.2005.01.003.
   Web of Science ®Google Scholar
• World Economic Forum. 2022. The Davos Agenda: Private Equity and ESG. World Economic Forum. https://www.weforum.org/events/the-davos-agenda-2022.
   Google Scholar
• Yan, B., L. Stuart, A. Tu, and T. Zhang. 2020. “Analysis of the Effect of COVID-19 on the Stock Market and Investing Strategies.” Available at SSRN 3563380.
   Google Scholar
• Yuan, Y., H. Wang, and X. Jin. 2022. “Pandemic-Driven Financial Contagion and Investor Behavior: Evidence from the COVID-19.” International Review of Financial Analysis 83:102315. https://doi.org/10.1016/j.irfa.2022.102315.
   PubMed Web of Science ®Google Scholar