Drivers of Nature‐Related Investment Strategies Among Institutional Investors
基于557家机构投资者的调查数据，研究了驱动机构投资者选择自然相关投资策略的因素，发现财务动机（尤其是风险降低和回报机会）与撤资和投资组合生物多样性风险分析关联最强，而股东参与相对有限。
ABSTRACT Institutional investors are increasingly responding to biodiversity loss through nature‐related investment strategies. Using survey data from 557 institutional investors, this study examines the drivers of strategy selection and how biodiversity risk is integrated across investor types, sizes, and regions. Financial motivations, especially risk reduction and return opportunities, are most strongly associated with divestment and portfolio biodiversity risk analysis, while shareholder engagement remains comparatively limited. Pressure from clients and activists steers institutional investors toward visible, low‐burden measures (risk analysis, divestment, and target‐setting) rather than resource‐intensive stewardship. US‐based investors report stronger commitments to nature‐related investments, whereas larger institutions do not exhibit higher engagement. The findings suggest targeted policy support for nature‐related investment practices: clearer recognition of biodiversity loss as a financially material risk within fiduciary frameworks, integration of nature objectives into stewardship codes and proxy‐voting norms, and harmonized biodiversity disclosure standards to reduce data uncertainty and enable more effective investor responses.