Environmental and Social Preferences and Investments in Crypto-Assets

Pavel Ciaian, Andrej Cupak (), Pirmin Fessler and d'Artis Kancs
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Andrej Cupak: National Bank of Slovakia and University of Economics in Bratislava

No JRC129919, JRC Research Reports from Joint Research Centre

Abstract: Individuals invest in Environmental-Social-Governance (ESG)-assets not only because of (higher) expected returns but also driven by ethical and social considerations. Less is known about ESG-conscious investor subjective beliefs about crypto-assets and how these compare to traditional assets. Controversies surrounding the ESG footprint of certain crypto-asset classes – mainly on grounds of their energy-intensive crypto mining – offer a potentially informative object of inquiry. Leveraging a unique representative household finance survey for the Austrian population, we examine whether investors’ environmental and social preferences can explain cross- sectional differences in individual portfolio exposure to crypto-assets. We find a strong association between investors’ environmental and social preferences and the crypto-investment exposure but no significant relationship for the benchmarks of traditional asset classes such as bonds and shares.

Keywords: Crypto-assets; investment portfolio; financial behaviour; financial literacy; environmental and social preferences (search for similar items in EconPapers)
JEL-codes: D14 G11 G41 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2022-11
New Economics Papers: this item is included in nep-ban, nep-env, nep-fmk and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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https://publications.jrc.ec.europa.eu/repository/handle/JRC129919 (application/pdf)

Related works:
Working Paper: Environmental-Social-Governance Preferences and Investments in Crypto-Assets (2022)
Working Paper: Environmental-Social-Governance Preferences and the Holding of Crypto-Assets (2022)
Working Paper: Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs) (2022)
Working Paper: Environmental and Social Preferences and Investments in Crypto-Assets (2022)
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