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Retail investors and ESG news

Author

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  • Li, Qianqian
  • Watts, Edward M.
  • Zhu, Christina

Abstract

An important debate exists around the extent to which retail investors make sustainable investments and, if they do, why. We contribute to this debate by investigating the aggregate trading patterns of retail investors around a comprehensive sample of key environmental, social, and governance (ESG) news events for U.S. firms. We show that ESG news events appear to be an important factor in retail investors’ portfolio allocation decisions. Yet, inconsistent with arguments about retail investors’ nonpecuniary preferences, our evidence shows that retail investors mainly trade on this information when they deem it financially material to a company’s stock performance. We also find their net trading demand predicts abnormal returns in the subsample of financially material events, consistent with retail traders benefiting from incorporating ESG-related information into their decision-making when it influences firm value. Overall we conclude that the average U.S. retail investor cares about firms’ ESG activities but primarily to the extent these activities matter for company financial performance.

Suggested Citation

  • Li, Qianqian & Watts, Edward M. & Zhu, Christina, 2024. "Retail investors and ESG news," Journal of Accounting and Economics, Elsevier, vol. 78(2).
    • Handle: RePEc:eee:jaecon:v:78:y:2024:i:2:s0165410124000491
    DOI: 10.1016/j.jacceco.2024.101719
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    Cited by:

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    2. Sloan, Richard G., 2024. "Retail investors and ESG news: A discussion," Journal of Accounting and Economics, Elsevier, vol. 78(2).
    3. Allegra Pietsch & Dilyara Salakhova, 2025. "Pricing of Green Bonds: Greenium Dynamics and the Role of Retail Investors," Working papers 1010, Banque de France.
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    9. Zhu, Haobo & Pan, Hongyu & Wu, Zhen-Xing & Huang, Guan-Ying, 2025. "Green Factory Certification, information asymmetry, and stock liquidity," Finance Research Letters, Elsevier, vol. 85(PA).
    10. Janz, Catharina & Rilke, Rainer Michael & Burcin Yurtoglu, B., 2025. "Does ESG information impact individual investors’ portfolio choices?," Journal of Economic Behavior & Organization, Elsevier, vol. 234(C).
    11. Parra-Domínguez, Javier & Dote-Pardo, Jairo, 2025. "Corporate sustainability and stock market dynamics: What challenges arise for future research?," Innovation and Green Development, Elsevier, vol. 4(5).
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    14. Suzanne Haley & Matthew Shaffer & Richard Sloan, 2026. "Do sustainability reports contain financially material information?," Review of Accounting Studies, Springer, vol. 31(1), pages 1-36, March.
    15. Vasundhara Saravade & Olaf Weber & Adam Vitalis, 2025. "To label or not? A choice experiment testing whether labelled green bonds matter to retail investors," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-16, December.

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    Keywords

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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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