Does social capital foster sustainable investment?
研究发现，高社会资本国家的共同基金更倾向于在投资组合中纳入环境、社会和治理（ESG）筛选，尤其是在购买新股票和海外投资时。社会资本通过影响散户投资者的偏好，促使基金经理做出响应，这种效应在个人主义和高权力距离社会中更为显著。
Abstract How do country‐level societal norms affect financial investments? We provide evidence that mutual funds managed in high social capital countries are inclined to consider environmental, social and governance filters in their portfolios, especially when acquiring new stocks and investing abroad. We argue that social capital nurtures the investment preferences of retail investors, whose demand incentivizes fund managers to respond in kind. Such impact is more pronounced in individualistic and high–power distance societies, suggesting that the social cohesion benefit of social capital complements altruistic inclinations in the former and provides mechanisms to punish unsustainable investment behaviour in the latter.