Risk- and social preferences of individual investors

P.M.A. Smeets

Research output: ThesisDoctoral ThesisInternal

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This dissertation studied the behaviour of a large group of individual investors from Robeco, ASN Bank and Triodos Bank. The research shows that sustainable investors also behave more socially in other contexts than common investors. For example, sustainable investors donate substantially more money to charity, practice volunteer work more frequently, and are more often registered as organ donors. Moreover, the dissertation shows that there are two types of sustainable investors. A large group of investors buys sustainable funds because of their personal inclination to contribute to a better world. The other important group of investors buys sustainable funds for a financial reason, such as tax privilege or a higher expected return. And finally, the dissertation shows that sustainable banks, such as ASN Bank and Triodos Bank benefit from the loyalty of sustainable investors, because these investors not only think of Financial return, but also social return.

Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Maastricht University
  • Bauer, Rob, Supervisor
  • Eichholtz, Piet, Supervisor
Award date15 Jun 2012
Place of PublicationMaastricht
Print ISBNs978 94 6159 157 9
Publication statusPublished - 1 Jan 2012


  • behaviour
  • individual investors
  • sustainable


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