Wealth transfer intentions, family decision-making style and sustainable investing: The case of millionaires

Ylva Baeckström and Jeanette Carlsson Hauff

Finance Research Letters, 2024, vol. 69, issue PB

Abstract: With an abundance of wealth and a long-standing tradition of philanthropic giving, millionaires are well-positioned to aid the transition towards sustainable finance. Yet, little is known about how the wealthy make sustainable investment decisions. Using unique survey data from 402 millionaires, we document the importance of future wealth transfer intentions and family decision-making style. Funds are more likely to be channeled towards sustainable causes in society-oriented families that adopt democratic decision-making styles compared to families whose decision-making style is autocratic and where the intention is for future family generations to inherit wealth.

Keywords: Wealthy individuals; Philanthropy; Sustainable investing; Decision-making style (search for similar items in EconPapers)
JEL-codes: G11 G51 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:69:y:2024:i:pb:s1544612324012376

DOI: 10.1016/j.frl.2024.106208

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