Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment
Management Science · 2026 · Daniel Brodback、Nadja Guenster、Sébastien Pouget、Ruichen Wang
中文摘要
我们对投资者为社会责任资产支付意愿进行了一项实验研究。在我们的首次公开发行实验中，各类资产具有完全相同的金融风险—回报特征，但其以慈善捐赠所代表的社会效益在强度与时间上存在差异。我们发现，被试对社会效益给予正向估值，并偏好金融回报与这些社会效益之间存在正相关。我们的研究对企业社会责任政策的设计以及责任资产的定价具有启示意义。本文由 David Sraer 接收（金融领域）。资助：本研究得到图卢兹经济学院可持续金融研究讲席的支持。S. Pouget 感谢法国国家研究署[资助号 ANR-17-EURE-0010]、Finance Durable et Investissement Responsable 研究计划以及 Netspar 提供的经费支持。补充材料：在线附录与数据文件可通过 https://doi.org/10.1287/mnsc.2022.01349 获取。
Abstract
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. This paper was accepted by David Sraer, finance. Funding: This work was supported by the Research Chair on Sustainable Finance at Toulouse School of Economics. S. Pouget gratefully acknowledges the Agence Nationale de la Recherche [Grant ANR-17-EURE-0010], the Research Initiative Finance Durable et Investissement Responsable, and Netspar for financial support. Supplemental Material: The online appendices and data files are available at https://doi.org/10.1287/mnsc.2022.01349 .