Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/273050 
Year of Publication: 
2022
Series/Report no.: 
EERI Research Paper Series No. 07/2022
Publisher: 
Economics and Econometrics Research Institute (EERI), Brussels
Abstract: 
Individuals invest in ESG-assets not only because of higher expected returns but also for ethical and social considerations. Controversies surrounding the ESG footprint of crypto-assets - mainly on grounds of the energy-intensive crypto mining and their use for illegal activities - offer an interesting object of inquiry. Leveraging a unique representative survey for the Austrian population, we examine whether investors' ESG preferences can explain cross-sectional differences in individual portfolio exposure to crypto-assets. While we find no statistically significant relationship between ESG concerns of investors and the probability of holding bonds or shares, in contrast, we find a strong association between investors' ESG preferences and crypto-investment exposure.
Subjects: 
Crypto-assets
financial behaviour
environmental-social-governance preferences
JEL: 
D14
G11
G41
Document Type: 
Working Paper

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