Optimistic framing increases responsible investment of investment professionals

The global warming crisis is unlikely to abate while the world continues to collectively fund the extraction and burning of fossil fuels. Carbon divestment is urgently needed to ward off the impending climate emergency. Yet responsible investments still only account for a modest share of global asse...

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Published inScientific reports Vol. 14; no. 1; pp. 583 - 9
Main Authors Daugaard, Dan, Kent, Danielle, Servátka, Maroš, Zhang, Lyla
Format Journal Article
LanguageEnglish
Published London Nature Publishing Group UK 05.01.2024
Nature Publishing Group
Nature Portfolio
Subjects
631/477/2811
704/106/694/682
Carbon
Climate change
Divestments
Experiments
Fossil fuels
Global warming
Humanities and Social Sciences
Institutional investments
Investors
multidisciplinary
Optimism
Science
Science (multidisciplinary)
Social norms
Online AccessGet full text
ISSN2045-2322
2045-2322
DOI10.1038/s41598-023-50965-w

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Abstract The global warming crisis is unlikely to abate while the world continues to collectively fund the extraction and burning of fossil fuels. Carbon divestment is urgently needed to ward off the impending climate emergency. Yet responsible investments still only account for a modest share of global assets. We conduct an incentivized artefactual field experiment to test whether framing divestment as a social norm, communicating it by a person with perceived credibility and expertise (a messenger), and highlighting optimistic attributes bolster responsible investment. Our subjects are investment professionals who have significant influence over the allocation of funds. We provide evidence that optimistic framing increases responsible investment. Assuming a comparable effect size, the observed increase would represent a $3.6 trillion USD global shift in asset allocations.
AbstractList Abstract The global warming crisis is unlikely to abate while the world continues to collectively fund the extraction and burning of fossil fuels. Carbon divestment is urgently needed to ward off the impending climate emergency. Yet responsible investments still only account for a modest share of global assets. We conduct an incentivized artefactual field experiment to test whether framing divestment as a social norm, communicating it by a person with perceived credibility and expertise (a messenger), and highlighting optimistic attributes bolster responsible investment. Our subjects are investment professionals who have significant influence over the allocation of funds. We provide evidence that optimistic framing increases responsible investment. Assuming a comparable effect size, the observed increase would represent a $3.6 trillion USD global shift in asset allocations.
The global warming crisis is unlikely to abate while the world continues to collectively fund the extraction and burning of fossil fuels. Carbon divestment is urgently needed to ward off the impending climate emergency. Yet responsible investments still only account for a modest share of global assets. We conduct an incentivized artefactual field experiment to test whether framing divestment as a social norm, communicating it by a person with perceived credibility and expertise (a messenger), and highlighting optimistic attributes bolster responsible investment. Our subjects are investment professionals who have significant influence over the allocation of funds. We provide evidence that optimistic framing increases responsible investment. Assuming a comparable effect size, the observed increase would represent a $3.6 trillion USD global shift in asset allocations.
The global warming crisis is unlikely to abate while the world continues to collectively fund the extraction and burning of fossil fuels. Carbon divestment is urgently needed to ward off the impending climate emergency. Yet responsible investments still only account for a modest share of global assets. We conduct an incentivized artefactual field experiment to test whether framing divestment as a social norm, communicating it by a person with perceived credibility and expertise (a messenger), and highlighting optimistic attributes bolster responsible investment. Our subjects are investment professionals who have significant influence over the allocation of funds. We provide evidence that optimistic framing increases responsible investment. Assuming a comparable effect size, the observed increase would represent a $3.6 trillion USD global shift in asset allocations.The global warming crisis is unlikely to abate while the world continues to collectively fund the extraction and burning of fossil fuels. Carbon divestment is urgently needed to ward off the impending climate emergency. Yet responsible investments still only account for a modest share of global assets. We conduct an incentivized artefactual field experiment to test whether framing divestment as a social norm, communicating it by a person with perceived credibility and expertise (a messenger), and highlighting optimistic attributes bolster responsible investment. Our subjects are investment professionals who have significant influence over the allocation of funds. We provide evidence that optimistic framing increases responsible investment. Assuming a comparable effect size, the observed increase would represent a $3.6 trillion USD global shift in asset allocations.
ArticleNumber 583
Author Zhang, Lyla
Servátka, Maroš
Daugaard, Dan
Kent, Danielle
Author_xml – sequence: 1
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  surname: Daugaard
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  givenname: Danielle
  surname: Kent
  fullname: Kent, Danielle
  email: danielle.kent@sydney.edu.au
  organization: Discipline of Finance, University of Sydney Business School, The University of Sydney
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  givenname: Maroš
  surname: Servátka
  fullname: Servátka, Maroš
  organization: MQBS Experimental Economics Laboratory, Department of Economics, Macquarie Business School, Macquarie University, University of Economics in Bratislava
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  givenname: Lyla
  surname: Zhang
  fullname: Zhang, Lyla
  organization: MQBS Experimental Economics Laboratory, Department of Economics, Macquarie Business School, Macquarie University
BackLink https://www.ncbi.nlm.nih.gov/pubmed/38182708$$D View this record in MEDLINE/PubMed
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CitedBy_id crossref_primary_10_1016_j_jik_2024_100565
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SSID ssj0000529419
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Snippet The global warming crisis is unlikely to abate while the world continues to collectively fund the extraction and burning of fossil fuels. Carbon divestment is...
Abstract The global warming crisis is unlikely to abate while the world continues to collectively fund the extraction and burning of fossil fuels. Carbon...
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Carbon
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Title Optimistic framing increases responsible investment of investment professionals
URI https://link.springer.com/article/10.1038/s41598-023-50965-w
https://www.ncbi.nlm.nih.gov/pubmed/38182708
https://www.proquest.com/docview/2910735510
https://www.proquest.com/docview/2911840498
https://doaj.org/article/9915de4f6f2a430ab58146a78acfa7b6
Volume 14
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