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May 22, 2026Sustainability Accounting Management and Policy Journal

Investigating the heterogeneity of ESG investors: evidence from emerging economies

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Authors

BNBiju Ajithakumari Vijayappan NairAJAmbili JayachandranASAghila Sasidharan

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Overview

Investigating ESG investment behavior diversity among retail investors, indicating implications for sustainable finance policies.

Key Points

  • This research explores the diverse behavioral characteristics of retail investors in sustainable investments across emerging markets.
  • Developed and validated five ESG behavioral indices through a comprehensive survey of 511 retail investors in India.
  • Conducted heterogeneity analysis to identify variations in behavioral characteristics based on demographics.
  • Applied quantile regression analysis to assess how demographic segments influence ESG behavioral dimensions.
  • Identified that demographic factors significantly influence ESG investment behavior, particularly age and income.
  • Younger investors engage less with ESG, while higher income investors display selective sustainability preferences but increased impulsivity.
  • Gender differences were noted, revealing distinct environmental and social priority orientations among investors.

Cite This Study

Nair et al. (2026) studied this question.

synapsesocial.com/papers/6a0ff312d674f7c03778b84bhttps://doi.org/10.1108/sampj-03-2025-0390
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