Résumé
We present an experimental study of investors’ willingness to pay for socially responsible assets. In our initial public offering experiment, various assets share identical financial risk-return profiles but differ in the intensity and timing of societal benefits, represented by charitable donations. We find that subjects value societal benefits positively and prefer a positive correlation between financial returns and these societal benefits. We offer implications for the design of corporate social responsibility policies and for the pricing of responsible assets.
Mots-clés
Socially Responsible Investing; Investment Decisions; ESG Preferences; Experimental Finance;
Codes JEL
- A13: Relation of Economics to Social Values
- C91: Laboratory, Individual Behavior
- G41:
Remplace
Sébastien Pouget, Daniel Brodback, Nadja Guenster et Ruichen Wang, « Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment », TSE Working Paper, n° 2025-1683, octobre 2025, 75 pages.
Référence
Sébastien Pouget, Daniel Brodback, Nadja Guenster et Ruichen Wang, « Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment », Management Science, octobre 2025, 17 pages.
Voir aussi
Publié dans
Management Science, octobre 2025, 17 pages