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Article Dans Une Revue Finance Research Letters Année : 2021

What drives retail portfolio exposure to ESG factors?

Résumé

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.

Dates et versions

hal-03373287 , version 1 (11-10-2021)

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Catherine D’hondt, Maxime Merli, Tristan Roger. What drives retail portfolio exposure to ESG factors?. Finance Research Letters, 2021, pp.102470. ⟨10.1016/j.frl.2021.102470⟩. ⟨hal-03373287⟩
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