Environmental and Social Preferences and Investments in Crypto-Assets

Pavel Ciaian, Andrej Cupák (), Pirmin Fessler and d’Artis Kancs
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Andrej Cupák: National Bank of Slovakia

No WP 3/2022, Working and Discussion Papers from Research Department, National Bank of Slovakia

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.

JEL-codes: D14 G11 G41 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2022-09
New Economics Papers: this item is included in nep-ene, nep-env, nep-fmk and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Working Paper: Environmental and Social Preferences and Investments in Crypto-Assets (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:svk:wpaper:1087

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