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Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs)

Author

Listed:
  • Pavel Ciaian

    (European Commission)

  • Andrej Cupak

    (LIS Cross-National Data Center)

  • Pirmin Fessler

    (Oesterreichische Nationalbank, Economic Analysis Division)

  • d'Artis Kancs

    (European Commission)

Abstract

The purpose of this study is to contribute to our understanding of the relationship of environmental and social attitudes of investors and their investment into cryptoassets compared to traditional assets. Given the controversies over the environmental footprint of some crypto-asset classes, primarily due to energy-intensive mining, they present an intriguing subject for investigation. Leveraging a unique household finance survey representative of the Austrian population, we examine whether environmental and social attitudes can elucidate the variance in individual portfolio exposure to crypto-assets. Results indicate a robust link between investors’ environmental and social attitudes and their exposure to crypto-investments, yet no significant association was found with traditional asset benchmarks like bonds and shares. [This is a corrected version of the original version published on July 22, 2022]

Suggested Citation

  • Pavel Ciaian & Andrej Cupak & Pirmin Fessler & d'Artis Kancs, 2022. "Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs)," Working Papers 243, Oesterreichische Nationalbank (Austrian Central Bank).
    • Handle: RePEc:onb:oenbwp:243
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    More about this item

    Keywords

    crypto-assets; investment portfolio; financial behaviour; financial literacy; environmental-social-governance preferences;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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