Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups

Sustainable development requires a shift from traditionally invested assets to socially responsible investing (SRI), bringing together financial profits and social welfare. Private high-net-worth individuals (HNWIs) are critical for this shift as they control nearly half of global wealth. While we k...

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Autores principales:	David Risi, Falko Paetzold, Anne Kellers
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	high-net-worth individuals (HNWIs) qualitative research reference group theory socially responsible investing (SRI) Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/b9902edbbeb5487eaadf67eec29039c1
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spelling	oai:doaj.org-article:b9902edbbeb5487eaadf67eec29039c12021-11-25T19:05:34ZWealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups10.3390/su1322129312071-1050https://doaj.org/article/b9902edbbeb5487eaadf67eec29039c12021-11-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/22/12931https://doaj.org/toc/2071-1050Sustainable development requires a shift from traditionally invested assets to socially responsible investing (SRI), bringing together financial profits and social welfare. Private high-net-worth individuals (HNWIs) are critical for this shift as they control nearly half of global wealth. While we know little about HNWIs’ investment behavior, reference group theory suggests that their SRI engagement is influenced by their identification with and comparison to reference groups. We thus ask: how do reference groups influence the investment behavior of SRI-oriented HNWIs? To answer this question, we analyzed a unique qualitative data set of 55 semi-structured interviews with SRI-oriented HNWIs and industry experts. Our qualitative research found that, on the one hand, the family serves as a normative reference group that upholds the economic profit motive and directly shapes HNWIs to make financial gains from their investments at the expense of social welfare. On the other hand, fellow SRI-oriented HNWIs serve as a comparative reference group that does not impose any concrete requirements on social welfare performance, indirectly influencing SRI-oriented HNWIs to subordinate social concerns to financial profits. Our scholarly insights contribute to the SRI literature, reference group theory, and practice.David RisiFalko PaetzoldAnne KellersMDPI AGarticlehigh-net-worth individuals (HNWIs)qualitative researchreference group theorysocially responsible investing (SRI)Environmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 12931, p 12931 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	high-net-worth individuals (HNWIs) qualitative research reference group theory socially responsible investing (SRI) Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	high-net-worth individuals (HNWIs) qualitative research reference group theory socially responsible investing (SRI) Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 David Risi Falko Paetzold Anne Kellers Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups
description	Sustainable development requires a shift from traditionally invested assets to socially responsible investing (SRI), bringing together financial profits and social welfare. Private high-net-worth individuals (HNWIs) are critical for this shift as they control nearly half of global wealth. While we know little about HNWIs’ investment behavior, reference group theory suggests that their SRI engagement is influenced by their identification with and comparison to reference groups. We thus ask: how do reference groups influence the investment behavior of SRI-oriented HNWIs? To answer this question, we analyzed a unique qualitative data set of 55 semi-structured interviews with SRI-oriented HNWIs and industry experts. Our qualitative research found that, on the one hand, the family serves as a normative reference group that upholds the economic profit motive and directly shapes HNWIs to make financial gains from their investments at the expense of social welfare. On the other hand, fellow SRI-oriented HNWIs serve as a comparative reference group that does not impose any concrete requirements on social welfare performance, indirectly influencing SRI-oriented HNWIs to subordinate social concerns to financial profits. Our scholarly insights contribute to the SRI literature, reference group theory, and practice.
format	article
author	David Risi Falko Paetzold Anne Kellers
author_facet	David Risi Falko Paetzold Anne Kellers
author_sort	David Risi
title	Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups
title_short	Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups
title_full	Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups
title_fullStr	Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups
title_full_unstemmed	Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups
title_sort	wealthy private investors and socially responsible investing: the influence of reference groups
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/b9902edbbeb5487eaadf67eec29039c1
work_keys_str_mv	AT davidrisi wealthyprivateinvestorsandsociallyresponsibleinvestingtheinfluenceofreferencegroups AT falkopaetzold wealthyprivateinvestorsandsociallyresponsibleinvestingtheinfluenceofreferencegroups AT annekellers wealthyprivateinvestorsandsociallyresponsibleinvestingtheinfluenceofreferencegroups
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Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups

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