Environmental-Social-Governance Preferences and Investments in Crypto-Assets

Pavel Ciaian, Andrej Cupak, Pirmin Fessler and d'Artis Kancs

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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 do 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' ESG preferences can explain cross-sectional differences in individual portfolio exposure to crypto-assets. We find a strong association between investors' ESG preferences and the crypto-investment exposure. The ESG-conscious investor attention is higher for crypto-assets compared to traditional asset classes such as bonds and shares.

Date: 2022-06
New Economics Papers: this item is included in nep-ban, nep-ene, nep-env and nep-pay
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Citations: View citations in EconPapers (2)

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http://arxiv.org/pdf/2206.14548 Latest version (application/pdf)

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