Do Investors Care About Impact

Florian Heeb, Julian F Kölbel, Falko Paetzold, Stefan Zeisberger

2023 | Academic | Impact Investing, Investor Behavior

Regardless of investments' impact, investors experience positive emotions when choosing sustainable investments. Our findings suggest that the 'willingness to pay' for sustainable investments is primarily driven by an emotional rather than a calculative valuation of impact.