Is Sustainable Investing Driven by Altruism? Evidence from Shocks to Philanthropy

Research output: Working paper

Abstract / Description of output

We test the conjecture that sustainable investing (SI) is driven by altruistic motives by examining the responses of charitable giving and SI flows to exogenous shocks to altruism. We find that while philanthropy responds strongly and significantly, SI flows do not. In addition, two further types of shocks to the reputation and tax shield benefits of philanthropy do not result in an increase in SI either. Our results contribute to understanding the channels behind SI and suggest that altruism is not as an important determinant as previously suggested.
Original languageEnglish
Number of pages53
Publication statusPublished - 15 May 2020

Keywords / Materials (for Non-textual outputs)

  • sustainable investing
  • philanthropy
  • ESG
  • altruism
  • charitable giving

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