Determinants of individual sustainable investment behavior - A framed field experiment

This paper empirically analyzes which different pecuniary and non-pecuniary motives are relevant for sustainable investments at the individual level. We examine data from an incentivized framed field experiment that was part of online survey among a broad sample financial decision makers in Germany. find strong preferences funds. These driven by both motives. can largely confirm results previous studies showing social key to explain investing. In addition, we identify feelings warm glow, literacy, environmental values as further factors. Feelings glow most these Our thus consistent with other recent Heeb et al. (2022), suggesting positive emotions play important role investment behavior. findings provide useful implications mobilizing investors development.