IDEAS home Printed from
   My bibliography  Save this article

Profiling German-speaking socially responsible investors


  • Gregor Dorfleitner
  • Sebastian Utz


Purpose - – The purpose of this paper is to analyze the main motives of investors in allocating their money in a socially responsible (SR) way. Design/methodology/approach - – The paper is based on primary data collected in a survey using an online questionnaire. This paper applies tests for continuous and categorical data and (ordered) logit models. Findings - – In a multivariate analysis that investigates determinants of SR investing, this study finds little influence of the demographic factors of gender and investment volume and none of educational level. Furthermore, it shows that the regions investors allocate their money to are significant along with the preference toward the order of return, risk and liquidity. Moreover, there appears to be a gap between supply and demand of SR investments. Additionally, there are indications that a very important inducement for SR investing is the expectation of a high financial performance. Originality/value - – There are very few international studies concerning the link between SR investments and the explanation of preferences with factors other than demographic ones. This study broadens the scope of the literature by providing novel empirical evidence for the German-speaking market.

Suggested Citation

  • Gregor Dorfleitner & Sebastian Utz, 2014. "Profiling German-speaking socially responsible investors," Qualitative Research in Financial Markets, Emerald Group Publishing, vol. 6(2), pages 118-156, July.
  • Handle: RePEc:eme:qrfmpp:v:6:y:2014:i:2:p:118-156

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers

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


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Gunnar Gutsche & Bernhard Zwergel, 2016. "Information barriers and SRI market participation – Can sustainability and transparency labels help?," MAGKS Papers on Economics 201624, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Anett Wins & Bernhard Zwergel, 2016. "Comparing those who do, might and will not invest in sustainable funds: a survey among German retail fund investors," Business Research, Springer;German Academic Association for Business Research, vol. 9(1), pages 51-99, April.
    3. Gunnar Gutsche & Andreas Ziegler, 2016. "Are private investors willing to pay for sustainable investments? A stated choice experiment," MAGKS Papers on Economics 201640, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    4. Gregor Dorfleitner & Mai Nguyen, 2016. "Which proportion of SR investments is enough? A survey-based approach," Business Research, Springer;German Academic Association for Business Research, vol. 9(1), pages 1-25, April.
    5. repec:pal:assmgt:v:18:y:2017:i:2:d:10.1057_s41260-016-0011-x is not listed on IDEAS

    More about this item


    Survey; Multivariate analysis; Investment choice preferences; Socially responsible investors; D81; G02; G11;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions


    Access and download statistics


    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:eme:qrfmpp:v:6:y:2014:i:2:p:118-156. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Virginia Chapman). General contact details of provider: .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.