Academic Journal
Doing good in good times only?:Uncertainty as contingency factor of warm-glow investment
| العنوان: | Doing good in good times only?:Uncertainty as contingency factor of warm-glow investment |
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| المؤلفون: | Dreyer, Johannes Kabderian, Sund, Kristian J., Tatomir, Mirel |
| المصدر: | Dreyer , J K , Sund , K J & Tatomir , M 2024 , ' Doing good in good times only? Uncertainty as contingency factor of warm-glow investment ' , Research in International Business and Finance , vol. 71 , 102446 . https://doi.org/10.1016/j.ribaf.2024.102446 |
| سنة النشر: | 2024 |
| المجموعة: | Roskilde Universitets forskningsportal (RUC) / Roskilde University Research Portal |
| مصطلحات موضوعية: | Uncertainty, Investor altruism, Warm-glow preference, Green investment, Banking and ESG, Sustainability, /dk/atira/pure/sustainabledevelopmentgoals/partnerships, SDG 17 - Partnerships for the Goals |
| الوصف: | Recent studies in investor behavior have put forth a so-called warm-glow theory, suggesting that investors appear to have developed a preference for socially responsible investments. The theory explains why investors appear willing to pay a premium for responsible assets. According to recent reports, however, Covid-19, supply chain uncertainties, and the recent surge in inflation have led to a resurgence of investment in what could be considered non-responsible assets. Investor sentiment thus appears to have changed. Our research question in this paper is whether market uncertainty acts as a contingency variable of warm-glow preferences, such that in times of crisis, investors lose the taste for responsible assets, in favor of the preservation of their consumption and wealth. Exploring a global sample of 882 financial sector firms over two decades, we use panel regressions to link both operating and stock performance to environmental, social, and governance (ESG) ratings. We break down our sample into periods of low and high uncertainty. Our results indicate that uncertainty may moderate investors’ warm-glow preferences, as hypothesized. Thus, our study adds uncertainty as an important contextual contingency to discussions on socially responsible investing: investors may be willing to do good in good times only. |
| نوع الوثيقة: | article in journal/newspaper |
| وصف الملف: | application/pdf |
| اللغة: | English |
| DOI: | 10.1016/j.ribaf.2024.102446 |
| الاتاحة: | https://forskning.ruc.dk/da/publications/6157dca2-9222-4cbc-b466-38e5b2f9f8e4 https://doi.org/10.1016/j.ribaf.2024.102446 https://hdl.handle.net/1800/6157dca2-9222-4cbc-b466-38e5b2f9f8e4 https://rucforsk.ruc.dk/ws/files/104580140/Doing_good_in_good_times_only_Uncertainty_as_contingency_factor_of_warm-glow_investment.pdf |
| Rights: | info:eu-repo/semantics/openAccess |
| رقم الانضمام: | edsbas.23EA612C |
| قاعدة البيانات: | BASE |
| DOI: | 10.1016/j.ribaf.2024.102446 |
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