Why Do Investors Hold Socially Responsible Mutual Funds?
通过结合行政数据、调查问卷和实验行为，研究发现社会偏好和社会信号是投资者持有社会责任基金的主要原因，财务动机作用较小。
ABSTRACT To understand why investors hold socially responsible mutual funds, we link administrative data to survey responses and behavior in incentivized experiments. We find that both social preferences and social signaling explain socially responsible investment (SRI) decisions. Financial motives play less of a role. Socially responsible investors in our sample expect to earn lower returns on SRI funds than on conventional funds and pay higher management fees. This suggests that investors are willing to forgo financial performance in order to invest in accordance with their social preferences.