Is Sustainable Investing Driven by Altruism: Evidence from Shocks to Philanthropy
Abstract
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...
Paper Details
Title
Is Sustainable Investing Driven by Altruism: Evidence from Shocks to Philanthropy
Published Date
Jan 1, 2020
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