Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/319222 
Year of Publication: 
2025
Series/Report no.: 
CESifo Working Paper No. 11854
Publisher: 
CESifo GmbH, Munich
Abstract: 
We examine nonpecuniary preferences across a broad set of corporate actions using a representative sample of the U.S. population. Our core findings, based on largescale online surveys, are that (i) self-reported nonpecuniary concerns are large both for stock market investors and non-investors; (ii) concerns about the treatment of workers and CEO pay rank highest - higher than concerns about workforce diversity and fossil energy usage; (iii) moral universalism emerges as an important driver of nonpecuniary preferences. Combined, our findings provide new evidence on the importance of moral concerns as a key determinant of nonpecuniary preferences over corporate actions.
Subjects: 
corporate social responsibility
nonpecuniary preferences
moral universalism.
JEL: 
G30
G40
D30
Document Type: 
Working Paper
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