IDEAS home Printed from https://ideas.repec.org/a/eee/jeborg/v234y2025ics016726812500126x.html
   My bibliography  Save this article

Does ESG information impact individual investors’ portfolio choices?

Author

Listed:
  • Janz, Catharina
  • Rilke, Rainer Michael
  • Burcin Yurtoglu, B.

Abstract

We use an online asset market experiment to study whether ESG information affects the portfolio choices of retail investors. We find a significantly higher portfolio allocation to stocks with ESG information in the order of 14 percentage points compared to a control group where no ESG information is released. ESG information impacts retail investors regardless of its association with one of its components (Environment, Social or Governance) and degree of detail. In contrast to survey-based evidence on the importance of socio-demographic characteristics and personal traits, our results provide very limited evidence that such characteristics meaningfully correlate with portfolio reallocations in response to ESG information.

Suggested Citation

  • 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).
    • Handle: RePEc:eee:jeborg:v:234:y:2025:i:c:s016726812500126x
    DOI: 10.1016/j.jebo.2025.107007
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S016726812500126X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jebo.2025.107007?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    ESG; Corporate social responsibility; Environmental; Social; Governance; Investor behavior; Experiment;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K29 - Law and Economics - - Regulation and Business Law - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jeborg:v:234:y:2025:i:c:s016726812500126x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jebo .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.