Wealthy individuals: Not to be overlooked when thinking ESG investment strategy

Ylva Baeckström (), Jeanette Jeanette Carlsson Hauff () and Viktor Elliot ()
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Ylva Baeckström: Kings's College London, Postal: Bush House, 30 Aldwych, London WC2B 4BG
Jeanette Jeanette Carlsson Hauff: School of Business, Administration and Law, University of Gothenburg
Viktor Elliot: School of Business, Administration and Law, University of Gothenburg

Journal of Financial Transformation, 2022, vol. 56, 110-116

Abstract: Philanthropy has a long-standing tradition among wealthy individuals. Their donations have the potential to make important positive contributions to a range of causes. We argue that the philanthropic efforts made by this powerful demographic in part correspond to the common definition of environmental, social, and governance (ESG) or sustainable investment practices more broadly. The wealthy, therefore, cannot be overlooked when we think about sustainable investing. We describe the philanthropic attitudes and giving behavior in a sample of 417 wealthy individuals with at least U.S.$5.5 million to invest. We focus on the motivations behind their donations, and more specifically giving to environmental causes, which can inform sustainable investment intentions. Our findings are relevant to the wealth management industry that seeks to increase its understanding about this demographic and for organizations as they develop their ESG strategies.

Keywords: ESG; sustainable finance; philanthropy; wealth (search for similar items in EconPapers)
JEL-codes: D14 D31 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1694

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