What drives retail portfolio exposure to ESG factors?

Catherine D’hondt, Maxime Merli and Tristan Roger ()
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Catherine D’hondt: Louvain School of Management - UCL - Université Catholique de Louvain = Catholic University of Louvain
Maxime Merli: EM Strasbourg - École de Management de Strasbourg = EM Strasbourg Business School
Tristan Roger: ICN Business School, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine

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Abstract: Using both survey and trading data from 9,286 retail investors for the 2005–2011 period, we highlight the impact of financial literacy and risk tolerance on retail stock portfolio exposure to environmental, social and corporate governance (ESG) factors. Our results also reveal that the three ESG factors are not homogeneous and should be considered separately. Lower exposure to ESG factors during the crisis period suggests that ESG investing is a luxury good for most investors.

Keywords: ESG factors; Crises; Financial literacy; Risk tolerance; Retail investors (search for similar items in EconPapers)
Date: 2021-09
Note: View the original document on HAL open archive server: https://hal.science/hal-03373287v1
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Citations: View citations in EconPapers (1)

Published in Finance Research Letters, 2021, pp.102470. ⟨10.1016/j.frl.2021.102470⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03373287

DOI: 10.1016/j.frl.2021.102470

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