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Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment

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  • Pouget, Sébastien
  • Brodback, Daniel
  • Guenster, Nadja
  • Wang, Ruichen

Abstract

We present an experimental study of investors’ willingness to pay for socially responsible assets. In our initial public offering experiment, various assets share identical financial risk-return profiles but differ in the intensity and timing of societal benefits, represented by charitable donations. We find that subjects value societal benefits positively and prefer a positive correlation between financial returns and these societal benefits. We offer implications for the design of corporate social responsibility policies and for the pricing of responsible assets.

Suggested Citation

  • Pouget, Sébastien & Brodback, Daniel & Guenster, Nadja & Wang, Ruichen, 2025. "Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment," TSE Working Papers 2025-1683, Toulouse School of Economics (TSE).
    • Handle: RePEc:tse:wpaper:131057
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    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • 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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