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Exploring Factors that Influence Social Retail Investors' Decisions: Evidence from Desjardins Fund

机译:探索影响社会零售投资者决策的因素:Desjardins基金的证据

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Most studies on the choices, motivations and behavior of investors consist of segmentations focused on socio-demographic characteristics such as age, income, education level, etc. Such approaches seem to simplify, even mutilate, reality by aggregating data about observable variables and considering investors as homogeneous groups. These perspectives are inspired by a scientific approach that consists of separating in order to better understand the observed phenomena. By considering individual as a "homo economicus'', that is to say, a rational and autonomous individual who makes decisions motivated by material gains, these studies fail to recognize all the complexity that shapes human behavior. This paper argues that to understand the behavior and choices of investors in regards to socially responsible investing (SRI), we must consider social investors as complex individuals. In addition, we should take into account influence that the institution may exercise throughout the role of advisors and SRI promotion strategies. Our research builds on a multidimensional approach that explores to what extent demographic, environmental, social and governance (ESG) issues, the trade-offs between financial return and social values, the attitudes and the role of the institution (throughout the role of the advisor and SRI promotion strategies) influence the decisions of individual social investors. Moreover, it adopts a more open approach by exploring the characteristics and behaviors of individual social investors in relation to those of conventional investors. Our research provides evidence from the Desjardins Fund. Qualitative and quantitative data gathered by Desjardins from online surveys are subjected to bivariate and multivariate analyses and are complimented by ten semi-structured interviews with managers, analysts, and advisors who provided further insight into SRI investment behavior and choice. The results show that while demographic characteristics still remain important in understanding the behavior and attitudes of social investors, it is their social values, ESG issues, financial return considerations and the role played by the institution in mediating investment decisions that are significantly associated with SRI portfolios. Our research highlights the complexity surrounding the phenomenon of SRI and has several implications both in terms of theory and practice.
机译:大多数有关投资者选择,动机和行为的研究都是针对年龄,收入,受教育程度等社会人口特征进行细分的。这些方法通过汇总有关可观察变量的数据并考虑了投资者,似乎简化了甚至残废了现实。作为同质群体。这些观点是受科学方法启发的,该科学方法包括分离以更好地了解观察到的现象。通过将个体视为“同质的经济人”,也就是说,理性的和自主的个体以物质利益为动机进行决策,这些研究未能认识到塑造人类行为的所有复杂性。以及在社会责任投资(SRI)方面的投资者选择,我们必须将社会投资者视为复杂的个人,此外,我们还应考虑该机构在顾问和SRI促进策略的整个过程中可能发挥的影响力。以多维方法探讨人口,环境,社会和治理(ESG)问题在多大程度上,财务回报与社会价值之间的权衡,机构的态度和作用(贯穿顾问和SRI晋升的整个过程)策略)影响个人社会投资者的决策,而且它通过探索特征来采取更开放的方法与传统投资者相比,个人社会投资者的行为和行为。我们的研究提供了Desjardins基金会的证据。 Desjardins从在线调查中收集的定性和定量数据经过双变量和多变量分析,此外,还接受了与经理,分析师和顾问进行的十次半结构化访谈,以进一步了解SRI投资行为和选择。结果表明,尽管人口特征在理解社会投资者的行为和态度方面仍然很重要,但社会价值,ESG问题,财务回报考虑以及机构在调解与SRI投资组合显着相关的投资决策中所扮演的角色。我们的研究突出了围绕SRI现象的复杂性,并且在理论和实践方面都具有若干含义。

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