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Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs)

Pavel Ciaian, Andrej Cupak (), Pirmin Fessler () and d'Artis Kancs
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Andrej Cupak: LIS Cross-National Data Center, http://www.lisdatacenter.org/

Working Papers from Oesterreichische Nationalbank (Austrian Central Bank)

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’ 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 but no significant relationship for the benchmarks of traditional asset classes such as bonds and shares.

Keywords: crypto-assets; investment portfolio; financial behaviour; financial literacy; environmental-social-governance preferences (search for similar items in EconPapers)
JEL-codes: D14 G11 G41 (search for similar items in EconPapers)
Date: 2022-07-19
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