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August 19, 2026Sustainability Accounting Management and Policy JournalOpen Access

Revealed preferences in sustainable investing: the portfolio allocation choices of high-net-worth-individuals

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Authors

MPMatteo PasquinoCLCaterina Lucarelli

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Overview

Cross-sectional survey reveals that advisor-mediated ESG communication increases sustainable investing among high-net-worth individuals, indicating the critical role of trusted intermediaries.

Key Points

  • To investigate how financial advisors act as informational intermediaries between corporate ESG disclosures and the sustainable portfolio allocation decisions of high-net-worth individuals.
  • Surveyed N=800 Italian high-net-worth individuals regarding their actual portfolio holdings across five asset classes.
  • Estimated logistic regression and mediation models to analyze how advisor communication, trust, and perceived credibility of sustainability claims influence sustainable product ownership.
  • Sustainable investment adoption depended strongly on investor perceptions of claim credibility and effectiveness, which were heavily shaped by financial advisor interactions.
  • Mandatory regulatory disclosures increased overall exposure to sustainable assets, whereas detailed, discretionary advisor communication was more strongly linked to actual portfolio allocation.

Cite This Study

Pasquino et al. (2026) studied this question.

synapsesocial.com/papers/6a8563ae03308d306e2d6eefhttps://doi.org/10.1108/sampj-06-2025-0916
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Also Consider

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  1. 1From Awareness to Allocation of Sustainable Assets: Results From an In‐Field Survey in Italy2026
  2. 2Shaping the compass? how sustainability preference elicitation guides investor demand2026
  3. 3Why do individuals invest sustainably? A motivational analysis with marketing implications2025
  4. 4Investigating the heterogeneity of ESG investors: evidence from emerging economies2026
  5. 5Sustainable funds acceptance by private banking customers: the role of the narrative and the banker's customer orientation2026