Between impact and returns: Private investors and the sustainable development goals
研究了60位高净值个人对可持续发展目标相关投资的影响和财务回报期望，发现他们偏好高回报的SDG，导致其他SDG资金不足。
Abstract We investigate the expectations of wealthy private investors regarding the impact and financial return of sustainable investments. Our paper focuses on the sustainable development goals (SDGs) as a framework for investors' attempts to create impact. We analyze the behavior of 60 high‐net‐worth individuals (HNWIs), a powerful yet overlooked investor segment. Our results show large allocations in line with the SDGs, which demonstrates these investors' aim of achieving real‐word changes. Furthermore, we show that these “impact investors” have a clear preference for SDGs that are associated with high financial returns. As such, we confirm that both impact and attractive financial returns are expected. Our findings provide rich, deep insights into how HNWIs practice impact investing and their underlying motivations. We outline practical implications for different stakeholders, notably regarding the fact that financially attractive SDGs are likely to attract substantial amounts of capital, with other SDGs remaining underfunded.