Examining socially responsible investment preferences: A discrete choice conjoint experiment

George Apostolakis*, Gert van Dijk, Frido Kraanen, Robert J. Blomme

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

7 Citations (Scopus)

Abstract

Using a hierarchical Bayesian estimation of a discrete choice conjoint model, this research examines preferences for different responsible investment characteristics from the perspective of pension beneficiaries. We conducted a choice-based conjoint experiment in which participants were invited to select a preferred investment portfolio among different options by combining attributes such as socially responsible investments and impact investments. Based on a sample of 334 respondents, the results show the utility and relative importance that members of the administrative organization of a Dutch pension fund with a cooperative structure attach to the socially responsible portfolio. Latent class analysis yielded three segments of pension beneficiaries with different levels of psychological distance toward socially responsible investments.
Original languageEnglish
Pages (from-to)83-96
JournalJournal of Behavioral and Experimental Finance
Volume17
DOIs
Publication statusPublished - 1 Mar 2018

Keywords

  • Conjoint analysis
  • Impact investing
  • Institutional investors
  • Pension funds
  • Psychological distance
  • SRI

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