Analyses de l’étude des motivations d’investissement ISR
M Heimann & S Pouget
2017-03-31
- 1 LCL
- 2 CA NS
- 3 LCL et CA NS
- 4 Toutes les données
- 5 Toutes les données sauf LCL
1 LCL
1.1 Description de l’échantillon
Age
[1] 40Genre
Female Male
991 1545 Type d’investisseur
LCL
2536 
1.2 Croyances sur l’ISR
1.3 Préférences des thématiques ESG
1.4 Distribution des investissements ISR
Proportion d’investisseurs ne choisissant pas le fonds ISR selon ne nombre de fonds: 5 fonds = 0.17 / 2 fonds = 0.05
1.5 Régressions
Codage des variables dépendantes.
###############################
# Code dependent variables
###############################
# Binary SRI population (yes/no)
# db$PopulationISR<-ifelse(db$ISR==0,0,1)
# Those who invested in SRI
db$ChoseSRI<- ifelse(db$ISR>0, 1,0)
# Proportion to all investments
db$PropISRAllFunds<-ifelse(db$NbrFund=='Five',db$ISR/(db$ISR+db$AE+db$AF+db$PREM+db$HOR),db$ISR/(db$ISR+db$AE))
# Proportion to Conventional Fund
db$PropISRTwoFunds<-db$ISR/(db$ISR+db$AE)1.5.1 Régressions sans NA
Dans cet échantillon il n’y a pas d’investisseurs ISR. Par conséquent il n’y pas la régression logistique “PopulationISR”.
Les régressions ne sont faites que pour les personnes ayant investi dans le fonds ISR. Dans le cas du choix entre deux fonds les investisseurs ayant investi tout dans le fonds conventionnels auraient été enlevés (dénominateur =0) mais ils se trouvent parmi les NA d’autres variables.
| Dependent variable: | |||
| ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | OLS | OLS | |
| (1) | (2) | (3) | |
| DonBefore | -0.67*** (0.20) | 0.04*** (0.01) | 0.03** (0.01) |
| ImageConcernPublic | -0.07 (0.19) | 0.01 (0.01) | 0.005 (0.01) |
| NbrFundTwo | 1.44*** (0.21) | 0.25*** (0.01) | -0.04*** (0.01) |
| LabelLabel | 0.10 (0.19) | 0.02 (0.01) | 0.003 (0.01) |
| WWF | -0.0001 (0.0002) | 0.0000*** (0.0000) | 0.0000** (0.0000) |
| Wiki | 0.0001 (0.0003) | 0.0000 (0.0000) | 0.0000 (0.0000) |
| CARE | 0.002* (0.001) | -0.0001 (0.0000) | -0.0001* (0.0000) |
| Transp | 0.0002 (0.0003) | 0.0000* (0.0000) | 0.0000** (0.0000) |
| KnowledgeISR | 0.15** (0.07) | -0.004 (0.005) | -0.005 (0.005) |
| SurabISR | -0.06 (0.06) | -0.005 (0.004) | -0.003 (0.004) |
| ISRhelpsS | -0.01 (0.10) | 0.01 (0.01) | 0.01* (0.01) |
| ISRhelpsE | -0.15 (0.09) | -0.005 (0.01) | -0.004 (0.01) |
| ISRrisk | 0.11* (0.06) | 0.003 (0.004) | -0.0001 (0.004) |
| ISRimpact | 0.16** (0.08) | 0.01** (0.01) | 0.01** (0.01) |
| ISRcomplice | 0.01 (0.06) | 0.003 (0.004) | 0.003 (0.004) |
| ISRperfOne | -0.10 (0.12) | 0.01 (0.01) | 0.01 (0.01) |
| ISRperfTen | 0.16 (0.16) | -0.01 (0.01) | -0.01 (0.01) |
| ISRperfThirty | 0.09 (0.12) | 0.01 (0.01) | 0.01* (0.01) |
| ISRShare | 0.01 (0.01) | -0.0003 (0.0005) | -0.0002 (0.0004) |
| ISRObjective | 0.01 (0.01) | 0.001*** (0.0003) | 0.001*** (0.0003) |
| Age | 0.003 (0.01) | -0.001 (0.001) | -0.002** (0.001) |
| GenderMale | -0.56** (0.24) | -0.004 (0.01) | -0.01 (0.01) |
| EducDiplôme professionnel | -0.22 (0.57) | 0.01 (0.04) | -0.03 (0.04) |
| EducBaccalaureat | -0.61 (0.52) | -0.04 (0.03) | -0.05 (0.03) |
| EducBac +2 | -0.27 (0.49) | 0.03 (0.03) | -0.01 (0.03) |
| EducLicence (Bac +3) | 0.01 (0.52) | -0.02 (0.03) | -0.02 (0.03) |
| EducMaster (Bac +5) | -0.08 (0.46) | 0.004 (0.03) | -0.03 (0.03) |
| ActivProAgriculteurs exploitants | -13.07 (394.83) | -0.11 (0.07) | -0.08 (0.07) |
| ActivProCadres moyens | -13.44 (394.83) | -0.07 (0.07) | -0.04 (0.07) |
| ActivProEmployés | -13.83 (394.83) | -0.01 (0.08) | -0.04 (0.08) |
| ActivProOuvriers | -13.00 (394.83) | -0.07 (0.07) | -0.06 (0.07) |
| ActivProPatrons de l’industrie et du commerce | -13.44 (394.83) | -0.08 (0.07) | -0.05 (0.07) |
| ActivProPersonnels de services | -13.33 (394.83) | -0.12* (0.07) | -0.10 (0.07) |
| ActivProProfessions libérales et cadres supérieurs | -13.47 (394.83) | -0.04 (0.07) | -0.03 (0.07) |
| ActivProSalariés de l’agriculture | -13.19 (394.83) | -0.04 (0.07) | -0.02 (0.07) |
| as.numeric(Wealth) | 0.02 (0.05) | 0.002 (0.003) | 0.002 (0.003) |
| as.numeric(Savings) | -0.05 (0.03) | -0.004* (0.002) | -0.01** (0.002) |
| Disc10 | 0.75 (0.48) | 0.02 (0.03) | 0.02 (0.03) |
| Disc500 | -0.72 (0.48) | -0.04 (0.03) | -0.05 (0.03) |
| InvestQuizz | -0.22* (0.11) | -0.003 (0.01) | 0.0004 (0.01) |
| ConsEff | 0.24** (0.11) | 0.02*** (0.01) | 0.03*** (0.01) |
| Altruism | 0.09 (0.11) | -0.01 (0.01) | -0.004 (0.01) |
| RiskSeeking | -0.09 (0.08) | -0.02*** (0.01) | -0.01** (0.01) |
| SitFin | -0.07 (0.07) | -0.01* (0.005) | -0.01 (0.005) |
| SelfMon | 0.02 (0.05) | -0.003 (0.004) | -0.01 (0.004) |
| PairValueE | -0.12 (0.33) | -0.02 (0.02) | -0.02 (0.02) |
| PairValueS | 0.31 (0.20) | 0.01 (0.01) | 0.01 (0.01) |
| PairValueG | 0.65 (0.49) | 0.03 (0.03) | 0.02 (0.03) |
| Constant | 13.47 (394.83) | 0.28*** (0.10) | 0.59*** (0.10) |
| Observations | 1,511 | 1,353 | 1,353 |
| R2 | 0.30 | 0.13 | |
| Adjusted R2 | 0.27 | 0.10 | |
| Log Likelihood | -422.64 | ||
| Akaike Inf. Crit. | 943.29 | ||
| Residual Std. Error (df = 1304) | 0.23 | 0.23 | |
| F Statistic (df = 48; 1304) | 11.64*** | 4.02*** | |
| Note: | p<0.1; p<0.05; p<0.01 | ||
1.5.2 Elasticités des régressions sans NA
| elasticities | elasticities.1 | elasticities.2 | |
| DonBefore | -0.377 | 0.020 | 0.016 |
| ImageConcernPublic | -0.031 | 0.002 | 0.002 |
| NbrFundTwo | 0.716 | 0.135 | -0.023 |
| LabelLabel | 0.050 | 0.007 | 0.001 |
| WWF | -0.013 | 0.009 | 0.007 |
| Wiki | 0.021 | 0.0002 | 0.001 |
| CARE | 0.088 | -0.003 | -0.004 |
| Transp | 0.021 | 0.004 | 0.006 |
| KnowledgeISR | 0.456 | -0.013 | -0.015 |
| SurabISR | -0.254 | -0.022 | -0.011 |
| ISRhelpsS | -0.067 | 0.060 | 0.067 |
| ISRhelpsE | -0.796 | -0.026 | -0.022 |
| ISRrisk | 0.387 | 0.010 | -0.001 |
| ISRimpact | 0.863 | 0.075 | 0.071 |
| ISRcomplice | 0.070 | 0.015 | 0.017 |
| ISRperfOne | -0.245 | 0.017 | 0.017 |
| ISRperfTen | 0.536 | -0.038 | -0.035 |
| ISRperfThirty | 0.374 | 0.055 | 0.056 |
| ISRShare | 0.051 | -0.001 | -0.001 |
| ISRObjective | 0.070 | 0.009 | 0.009 |
| Age | 0.106 | -0.040 | -0.060 |
| GenderMale | -0.371 | -0.003 | -0.008 |
| EducDiplôme professionnel | -0.015 | 0.001 | -0.002 |
| EducBaccalaureat | -0.073 | -0.004 | -0.006 |
| EducBac +2 | -0.052 | 0.005 | -0.002 |
| EducLicence (Bac +3) | 0.002 | -0.002 | -0.003 |
| EducMaster (Bac +5) | -0.036 | 0.002 | -0.013 |
| ActivProAgriculteurs exploitants | -0.476 | -0.004 | -0.003 |
| ActivProCadres moyens | -2.785 | -0.015 | -0.009 |
| ActivProEmployés | -0.247 | -0.0002 | -0.001 |
| ActivProOuvriers | -1.411 | -0.008 | -0.007 |
| ActivProPatrons de l’industrie et du commerce | -5.175 | -0.031 | -0.018 |
| ActivProPersonnels de services | -1.658 | -0.015 | -0.012 |
| ActivProProfessions libérales et cadres supérieurs | -0.883 | -0.003 | -0.002 |
| ActivProSalariés de l’agriculture | -0.620 | -0.002 | -0.001 |
| as.numeric(Wealth) | 0.086 | 0.005 | 0.007 |
| as.numeric(Savings) | -0.172 | -0.014 | -0.017 |
| Disc10 | 0.055 | 0.002 | 0.002 |
| Disc500 | -0.031 | -0.002 | -0.002 |
| InvestQuizz | -0.367 | -0.004 | 0.001 |
| ConsEff | 1.370 | 0.138 | 0.147 |
| Altruism | 0.476 | -0.028 | -0.020 |
| RiskSeeking | -0.318 | -0.056 | -0.050 |
| SitFin | -0.270 | -0.035 | -0.029 |
| SelfMon | 0.086 | -0.015 | -0.027 |
| PairValueE | -0.014 | -0.003 | -0.002 |
| PairValueS | 0.116 | 0.003 | 0.002 |
| PairValueG | 0.042 | 0.002 | 0.001 |
1.5.3 Régressions avec NA remplacées par la moyenne
Now we replace missing values with population means.
###########################
# Repalc NA with population mean
###########################
db$ISRperfOne[is.na(db$ISRperfOne)]<-mean(db$ISRperfOne,na.rm=T)
db$ISRperfTen[is.na(db$ISRperfTen)]<-mean(db$ISRperfTen,na.rm=T)
db$ISRperfThirty[is.na(db$ISRperfThirty)]<-mean(db$ISRperfThirty,na.rm=T)
db$Wealth<-as.numeric(db$Wealth)
db$Wealth[is.na(db$Wealth)]<-mean(db$Wealth,na.rm=T)
db$Savings<-as.numeric(db$Savings)
db$Savings[is.na(db$Savings)]<-mean(db$Savings,na.rm=T)| Dependent variable: | |||
| ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | OLS | OLS | |
| (1) | (2) | (3) | |
| DonBefore | -0.35** (0.14) | 0.03*** (0.01) | 0.03*** (0.01) |
| ImageConcernPublic | -0.05 (0.14) | 0.01 (0.01) | 0.01 (0.01) |
| NbrFundTwo | 1.46*** (0.15) | 0.26*** (0.01) | -0.04*** (0.01) |
| LabelLabel | 0.17 (0.14) | 0.02 (0.01) | 0.002 (0.01) |
| WWF | 0.0002 (0.0002) | 0.0000*** (0.0000) | 0.0000*** (0.0000) |
| Wiki | 0.0001 (0.0002) | 0.0000 (0.0000) | 0.0000 (0.0000) |
| CARE | 0.001 (0.001) | -0.0001* (0.0000) | -0.0001** (0.0000) |
| Transp | 0.0003 (0.0003) | 0.0000 (0.0000) | 0.0000 (0.0000) |
| KnowledgeISR | 0.10** (0.05) | -0.01* (0.004) | -0.01** (0.004) |
| SurabISR | -0.10** (0.04) | -0.01** (0.003) | -0.01* (0.003) |
| ISRhelpsS | 0.13* (0.07) | 0.01** (0.01) | 0.01** (0.01) |
| ISRhelpsE | -0.11 (0.07) | -0.005 (0.01) | -0.003 (0.01) |
| ISRrisk | 0.10** (0.05) | -0.001 (0.003) | -0.003 (0.003) |
| ISRimpact | 0.11** (0.05) | 0.01* (0.004) | 0.01** (0.004) |
| ISRcomplice | 0.02 (0.04) | 0.003 (0.003) | 0.002 (0.003) |
| ISRperfOne | -0.04 (0.09) | 0.001 (0.01) | 0.0003 (0.01) |
| ISRperfTen | 0.11 (0.12) | -0.001 (0.01) | -0.001 (0.01) |
| ISRperfThirty | 0.05 (0.09) | 0.01 (0.01) | 0.01* (0.01) |
| ISRShare | 0.01 (0.01) | -0.0001 (0.0004) | -0.0001 (0.0004) |
| ISRObjective | 0.0005 (0.003) | 0.001*** (0.0002) | 0.001*** (0.0002) |
| Age | -0.001 (0.01) | -0.001 (0.001) | -0.001** (0.001) |
| GenderMale | -0.46*** (0.17) | -0.01 (0.01) | -0.01 (0.01) |
| EducDiplôme professionnel | -0.61 (0.40) | -0.002 (0.03) | -0.01 (0.03) |
| EducBaccalaureat | -0.39 (0.38) | -0.02 (0.03) | -0.03 (0.03) |
| EducBac +2 | -0.60* (0.36) | 0.01 (0.02) | -0.001 (0.02) |
| EducLicence (Bac +3) | -0.37 (0.37) | -0.01 (0.03) | -0.01 (0.02) |
| EducMaster (Bac +5) | -0.15 (0.34) | -0.0003 (0.02) | -0.02 (0.02) |
| ActivProAgriculteurs exploitants | -0.08 (0.79) | -0.07 (0.06) | -0.04 (0.05) |
| ActivProCadres moyens | -0.05 (0.68) | -0.04 (0.05) | -0.02 (0.05) |
| ActivProEmployés | -0.65 (0.77) | -0.02 (0.06) | -0.03 (0.06) |
| ActivProOuvriers | 0.30 (0.72) | -0.05 (0.05) | -0.04 (0.05) |
| ActivProPatrons de l’industrie et du commerce | -0.12 (0.68) | -0.04 (0.05) | -0.02 (0.05) |
| ActivProPersonnels de services | -0.23 (0.69) | -0.07 (0.05) | -0.06 (0.05) |
| ActivProProfessions libérales et cadres supérieurs | -0.07 (0.71) | -0.03 (0.05) | -0.01 (0.05) |
| ActivProSalariés de l’agriculture | -0.22 (0.73) | -0.002 (0.05) | 0.01 (0.05) |
| as.numeric(Wealth) | 0.03 (0.04) | -0.001 (0.003) | -0.002 (0.003) |
| as.numeric(Savings) | -0.05** (0.02) | -0.004** (0.002) | -0.004** (0.002) |
| Disc10 | 0.10 (0.30) | 0.01 (0.02) | 0.003 (0.02) |
| Disc500 | -0.17 (0.34) | -0.04 (0.03) | -0.05* (0.03) |
| InvestQuizz | -0.12 (0.08) | -0.01* (0.01) | -0.01 (0.01) |
| ConsEff | 0.21*** (0.08) | 0.02*** (0.01) | 0.02*** (0.01) |
| Altruism | 0.02 (0.08) | -0.002 (0.01) | -0.003 (0.01) |
| RiskSeeking | 0.02 (0.06) | -0.02*** (0.004) | -0.02*** (0.004) |
| SitFin | -0.14*** (0.05) | -0.01* (0.004) | -0.002 (0.004) |
| SelfMon | 0.01 (0.04) | -0.003 (0.003) | -0.01* (0.003) |
| PairValueE | -0.18 (0.25) | -0.02 (0.02) | -0.02 (0.02) |
| PairValueS | 0.22 (0.15) | 0.004 (0.01) | 0.004 (0.01) |
| PairValueG | 0.26 (0.32) | 0.03 (0.02) | 0.03 (0.02) |
| Constant | 0.35 (1.03) | 0.30*** (0.08) | 0.61*** (0.07) |
| Observations | 2,536 | 2,259 | 2,259 |
| R2 | 0.29 | 0.11 | |
| Adjusted R2 | 0.28 | 0.10 | |
| Log Likelihood | -752.71 | ||
| Akaike Inf. Crit. | 1,603.43 | ||
| Residual Std. Error (df = 2210) | 0.23 | 0.23 | |
| F Statistic (df = 48; 2210) | 18.98*** | 5.95*** | |
| Note: | p<0.1; p<0.05; p<0.01 | ||
1.5.4 Elasticités des régressions avec NA remplacées par la moyenne
| elasticities | elasticities.1 | elasticities.2 | |
| DonBefore | -0.194 | 0.018 | 0.016 |
| ImageConcernPublic | -0.023 | 0.006 | 0.004 |
| NbrFundTwo | 0.740 | 0.140 | -0.023 |
| LabelLabel | 0.083 | 0.008 | 0.001 |
| WWF | 0.039 | 0.009 | 0.007 |
| Wiki | 0.023 | 0.001 | 0.0004 |
| CARE | 0.042 | -0.003 | -0.004 |
| Transp | 0.031 | 0.002 | 0.002 |
| KnowledgeISR | 0.294 | -0.017 | -0.020 |
| SurabISR | -0.456 | -0.029 | -0.026 |
| ISRhelpsS | 0.704 | 0.061 | 0.070 |
| ISRhelpsE | -0.591 | -0.024 | -0.016 |
| ISRrisk | 0.351 | -0.005 | -0.009 |
| ISRimpact | 0.568 | 0.041 | 0.044 |
| ISRcomplice | 0.115 | 0.014 | 0.012 |
| ISRperfOne | -0.106 | 0.002 | 0.001 |
| ISRperfTen | 0.373 | -0.005 | -0.004 |
| ISRperfThirty | 0.216 | 0.043 | 0.047 |
| ISRShare | 0.038 | -0.001 | -0.0004 |
| ISRObjective | 0.005 | 0.010 | 0.008 |
| Age | -0.051 | -0.034 | -0.056 |
| GenderMale | -0.279 | -0.004 | -0.006 |
| EducDiplôme professionnel | -0.052 | -0.0002 | -0.001 |
| EducBaccalaureat | -0.048 | -0.002 | -0.004 |
| EducBac +2 | -0.115 | 0.001 | -0.0002 |
| EducLicence (Bac +3) | -0.054 | -0.001 | -0.002 |
| EducMaster (Bac +5) | -0.061 | -0.0001 | -0.008 |
| ActivProAgriculteurs exploitants | -0.003 | -0.002 | -0.002 |
| ActivProCadres moyens | -0.011 | -0.008 | -0.004 |
| ActivProEmployés | -0.014 | -0.0004 | -0.0005 |
| ActivProOuvriers | 0.033 | -0.006 | -0.005 |
| ActivProPatrons de l’industrie et du commerce | -0.045 | -0.013 | -0.008 |
| ActivProPersonnels de services | -0.027 | -0.008 | -0.007 |
| ActivProProfessions libérales et cadres supérieurs | -0.005 | -0.002 | -0.001 |
| ActivProSalariés de l’agriculture | -0.010 | -0.0001 | 0.001 |
| as.numeric(Wealth) | 0.104 | -0.003 | -0.005 |
| as.numeric(Savings) | -0.171 | -0.013 | -0.012 |
| Disc10 | 0.007 | 0.001 | 0.0003 |
| Disc500 | -0.007 | -0.002 | -0.002 |
| InvestQuizz | -0.199 | -0.017 | -0.012 |
| ConsEff | 1.196 | 0.144 | 0.145 |
| Altruism | 0.105 | -0.010 | -0.017 |
| RiskSeeking | 0.069 | -0.070 | -0.060 |
| SitFin | -0.572 | -0.025 | -0.008 |
| SelfMon | 0.045 | -0.016 | -0.026 |
| PairValueE | -0.020 | -0.002 | -0.002 |
| PairValueS | 0.082 | 0.001 | 0.001 |
| PairValueG | 0.017 | 0.002 | 0.002 |
2 CA NS
2.1 Description de l’échantillon
Age
[1] 49Genre
Female Male
114 197 Type d’investisseur
Epargnant ISR OPCVM
12 44 255 
2.2 Croyances sur l’ISR
2.3 Préférences des thématiques ESG
2.4 Distribution des investissements ISR
Proportion d’investisseurs ne choisissant pas le fonds ISR selon ne nombre de fonds: 5 fonds = 0.13 / 2 fonds = 0.03
2.5 Régressions
Codage des variables dépendantes.
###############################
# Code dependent variables
###############################
# Binary SRI population (yes/no)
db$PopulationISR<-ifelse(db$ISR==0,0,1)
# Those who invested in SRI
db$ChoseSRI<- ifelse(db$ISR>0, 1,0)
# Proportion to all investments
db$PropISRAllFunds<-ifelse(db$NbrFund=='Five',db$ISR/(db$ISR+db$AE+db$AF+db$PREM+db$HOR),db$ISR/(db$ISR+db$AE))
# Proportion to Conventional Fund
db$PropISRTwoFunds<-db$ISR/(db$ISR+db$AE)2.5.1 Régressions sans NA
Les régressions ne sont faites que pour les personnes ayant investi dans le fonds ISR. Dans le cas du choix entre deux fonds les investisseurs ayant investi tout dans le fonds conventionnels auraient été enlevés (dénominateur = 0) mais ils se trouvent parmi les NA d’autres variables.
| Dependent variable: | ||||
| PopulationISR | ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | logistic | OLS | OLS | |
| (1) | (2) | (3) | (4) | |
| DonBefore | -26.73 (220,202.90) | -26.73 (220,202.90) | 0.03 (0.04) | 0.06 (0.04) |
| ImageConcernPublic | 30.86 (95,656.92) | 30.86 (95,656.92) | -0.02 (0.04) | -0.03 (0.04) |
| NbrFundTwo | 30.29 (108,912.70) | 30.29 (108,912.70) | 0.24*** (0.04) | -0.04 (0.04) |
| LabelLabel | 29.33 (65,074.08) | 29.33 (65,074.08) | -0.04 (0.04) | -0.07* (0.04) |
| WWF | -0.01 (44.92) | -0.01 (44.92) | 0.0000 (0.0000) | -0.0000 (0.0000) |
| Wiki | 0.02 (156.90) | 0.02 (156.90) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| CARE | 0.11 (451.44) | 0.11 (451.44) | 0.0001 (0.0001) | 0.0001 (0.0001) |
| Transp | -0.05 (127.76) | -0.05 (127.76) | 0.0000 (0.0001) | 0.0000 (0.0001) |
| KnowledgeISR | -3.51 (31,322.37) | -3.51 (31,322.37) | 0.02 (0.02) | 0.03* (0.02) |
| SurabISR | -1.45 (42,802.56) | -1.45 (42,802.56) | -0.04** (0.02) | -0.03** (0.02) |
| ISRhelpsS | -7.10 (47,994.54) | -7.10 (47,994.54) | -0.01 (0.02) | -0.03 (0.02) |
| ISRhelpsE | 4.86 (60,683.02) | 4.86 (60,683.02) | 0.01 (0.02) | 0.03 (0.02) |
| ISRrisk | -9.49 (24,356.59) | -9.49 (24,356.59) | 0.004 (0.02) | 0.01 (0.02) |
| ISRimpact | 18.68 (33,769.78) | 18.68 (33,769.78) | 0.01 (0.02) | 0.01 (0.02) |
| ISRcomplice | -7.29 (32,518.84) | -7.29 (32,518.84) | 0.02 (0.02) | 0.02 (0.02) |
| ISRperfOne | 10.54 (105,112.80) | 10.54 (105,112.80) | -0.03 (0.03) | -0.04 (0.03) |
| ISRperfTen | 11.03 (79,785.95) | 11.03 (79,785.95) | 0.09** (0.04) | 0.11*** (0.04) |
| ISRperfThirty | -15.40 (91,113.25) | -15.40 (91,113.25) | -0.03 (0.02) | -0.04 (0.02) |
| ISRShare | -0.62 (9,143.46) | -0.62 (9,143.46) | 0.001 (0.001) | -0.001 (0.002) |
| ISRObjective | -0.56 (3,164.31) | -0.56 (3,164.31) | -0.0001 (0.001) | 0.0002 (0.001) |
| Age | 1.06 (7,928.31) | 1.06 (7,928.31) | 0.001 (0.003) | 0.0000 (0.003) |
| GenderMale | -26.82 (169,735.70) | -26.82 (169,735.70) | -0.19*** (0.05) | -0.19*** (0.05) |
| EducDiplôme professionnel | -21.29 (175,348.30) | -21.29 (175,348.30) | 0.03 (0.13) | 0.11 (0.13) |
| EducBaccalaureat | 13.65 (361,695.70) | 13.65 (361,695.70) | 0.03 (0.12) | 0.01 (0.12) |
| EducBac +2 | 12.07 (287,703.20) | 12.07 (287,703.20) | 0.07 (0.11) | 0.03 (0.11) |
| EducLicence (Bac +3) | -61.44 (264,900.60) | -61.44 (264,900.60) | 0.02 (0.12) | 0.01 (0.12) |
| EducMaster (Bac +5) | -36.87 (282,683.20) | -36.87 (282,683.20) | 0.11 (0.11) | 0.08 (0.11) |
| ActivProAgriculteurs exploitants | 138.24 (496,430.80) | 138.24 (496,430.80) | 0.01 (0.16) | -0.08 (0.16) |
| ActivProCadres moyens | 91.40 (174,513.10) | 91.40 (174,513.10) | -0.05 (0.12) | -0.11 (0.12) |
| ActivProEmployés | -17.09 (305,868.80) | -17.09 (305,868.80) | 0.20 (0.16) | 0.17 (0.16) |
| ActivProOuvriers | 80.10 (255,689.70) | 80.10 (255,689.70) | -0.08 (0.12) | -0.10 (0.12) |
| ActivProPatrons de lindustrie et du commerce | 65.29 (195,270.30) | 65.29 (195,270.30) | -0.04 (0.11) | -0.08 (0.11) |
| ActivProPersonnels de services | 111.15 (655,148.90) | 111.15 (655,148.90) | -0.09 (0.14) | -0.16 (0.14) |
| ActivProProfessions libérales et cadres supérieurs | 66.46 (179,105.40) | 66.46 (179,105.40) | -0.11 (0.13) | -0.10 (0.13) |
| ActivProSalariés de lagriculture | 192.30 (262,629.00) | 192.30 (262,629.00) | -0.05 (0.16) | -0.11 (0.16) |
| as.numeric(Wealth) | 3.15 (44,464.72) | 3.15 (44,464.72) | -0.01 (0.01) | -0.01 (0.01) |
| as.numeric(Savings) | -4.58 (23,062.55) | -4.58 (23,062.55) | -0.001 (0.01) | 0.002 (0.01) |
| Disc10 | 150.79 (167,980.10) | 150.79 (167,980.10) | 0.08 (0.09) | 0.15* (0.09) |
| Disc500 | 100.96 (502,180.10) | 100.96 (502,180.10) | -0.22* (0.13) | -0.30** (0.13) |
| InvestQuizz | 6.05 (66,202.85) | 6.05 (66,202.85) | 0.002 (0.03) | -0.02 (0.03) |
| ConsEff | -5.79 (57,338.25) | -5.79 (57,338.25) | 0.03 (0.02) | 0.05** (0.02) |
| Altruism | 12.81 (80,676.24) | 12.81 (80,676.24) | -0.02 (0.03) | -0.04 (0.03) |
| RiskSeeking | 18.86 (54,117.92) | 18.86 (54,117.92) | -0.03* (0.02) | -0.03* (0.02) |
| SitFin | 0.92 (30,045.81) | 0.92 (30,045.81) | 0.02 (0.02) | 0.01 (0.02) |
| SelfMon | -17.26 (71,938.08) | -17.26 (71,938.08) | 0.02 (0.02) | 0.02 (0.02) |
| PairValueE | 20.65 (144,652.00) | 20.65 (144,652.00) | -0.07 (0.08) | -0.09 (0.08) |
| PairValueS | 43.13 (82,125.69) | 43.13 (82,125.69) | -0.13*** (0.04) | -0.09* (0.05) |
| PairValueG | -20.80 (272,665.00) | -20.80 (272,665.00) | -0.02 (0.10) | -0.004 (0.10) |
| Constant | -75.76 (900,172.20) | -75.76 (900,172.20) | 0.26 (0.30) | 0.55* (0.30) |
| Observations | 161 | 161 | 148 | 148 |
| R2 | 0.52 | 0.44 | ||
| Adjusted R2 | 0.29 | 0.17 | ||
| Log Likelihood | -0.00 | -0.00 | ||
| Akaike Inf. Crit. | 98.00 | 98.00 | ||
| Residual Std. Error (df = 99) | 0.21 | 0.21 | ||
| F Statistic (df = 48; 99) | 2.25*** | 1.64** | ||
| Note: | p<0.1; p<0.05; p<0.01 | |||
2.5.2 Elasticités des régressions sans NA
| elasticities | elasticities.1 | elasticities.2 | elasticities.3 | |
| DonBefore | -13.782 | -13.782 | 0.014 | 0.032 |
| ImageConcernPublic | 15.332 | 15.332 | -0.011 | -0.017 |
| NbrFundTwo | 15.804 | 15.804 | 0.130 | -0.024 |
| LabelLabel | 15.849 | 15.849 | -0.023 | -0.038 |
| WWF | -2.444 | -2.444 | 0.005 | -0.005 |
| Wiki | 5.544 | 5.544 | -0.003 | -0.0004 |
| CARE | 8.158 | 8.158 | 0.010 | 0.009 |
| Transp | -9.473 | -9.473 | 0.0004 | 0.003 |
| KnowledgeISR | -9.769 | -9.769 | 0.065 | 0.091 |
| SurabISR | -6.774 | -6.774 | -0.184 | -0.156 |
| ISRhelpsS | -38.697 | -38.697 | -0.064 | -0.192 |
| ISRhelpsE | 25.647 | 25.647 | 0.068 | 0.187 |
| ISRrisk | -35.676 | -35.676 | 0.014 | 0.044 |
| ISRimpact | 99.788 | 99.788 | 0.050 | 0.048 |
| ISRcomplice | -37.378 | -37.378 | 0.115 | 0.106 |
| ISRperfOne | 25.329 | 25.329 | -0.082 | -0.089 |
| ISRperfTen | 38.306 | 38.306 | 0.309 | 0.385 |
| ISRperfThirty | -64.454 | -64.454 | -0.136 | -0.165 |
| ISRShare | -3.137 | -3.137 | 0.004 | -0.007 |
| ISRObjective | -5.427 | -5.427 | -0.001 | 0.002 |
| Age | 51.897 | 51.897 | 0.064 | 0.001 |
| GenderMale | -19.326 | -19.326 | -0.136 | -0.136 |
| EducDiplôme professionnel | -2.776 | -2.776 | 0.003 | 0.013 |
| EducBaccalaureat | 1.695 | 1.695 | 0.004 | 0.001 |
| EducBac +2 | 2.774 | 2.774 | 0.016 | 0.008 |
| EducLicence (Bac +3) | -8.014 | -8.014 | 0.003 | 0.001 |
| EducMaster (Bac +5) | -12.596 | -12.596 | 0.038 | 0.028 |
| ActivProAgriculteurs exploitants | 3.435 | 3.435 | 0.0002 | -0.002 |
| ActivProCadres moyens | 13.625 | 13.625 | -0.008 | -0.016 |
| ActivProEmployés | -0.531 | -0.531 | 0.005 | 0.005 |
| ActivProOuvriers | 14.925 | 14.925 | -0.014 | -0.018 |
| ActivProPatrons de lindustrie et du commerce | 24.333 | 24.333 | -0.015 | -0.028 |
| ActivProPersonnels de services | 6.904 | 6.904 | -0.006 | -0.011 |
| ActivProProfessions libérales et cadres supérieurs | 6.605 | 6.605 | -0.011 | -0.011 |
| ActivProSalariés de lagriculture | 4.778 | 4.778 | -0.001 | -0.003 |
| as.numeric(Wealth) | 14.358 | 14.358 | -0.030 | -0.049 |
| as.numeric(Savings) | -26.089 | -26.089 | -0.008 | 0.014 |
| Disc10 | 13.112 | 13.112 | 0.008 | 0.014 |
| Disc500 | 4.389 | 4.389 | -0.010 | -0.014 |
| InvestQuizz | 10.185 | 10.185 | 0.004 | -0.031 |
| ConsEff | -33.712 | -33.712 | 0.182 | 0.302 |
| Altruism | 71.575 | 71.575 | -0.139 | -0.213 |
| RiskSeeking | 62.856 | 62.856 | -0.113 | -0.116 |
| SitFin | 4.013 | 4.013 | 0.076 | 0.059 |
| SelfMon | -79.443 | -79.443 | 0.095 | 0.094 |
| PairValueE | 2.437 | 2.437 | -0.007 | -0.010 |
| PairValueS | 17.948 | 17.948 | -0.056 | -0.037 |
| PairValueG | -1.163 | -1.163 | -0.001 | -0.0002 |
2.5.3 Régressions avec NA remplacées par la moyenne
Now we replace missing values with population means.
###########################
# Repalc NA with population mean
###########################
db$ISRperfOne[is.na(db$ISRperfOne)]<-mean(db$ISRperfOne,na.rm=T)
db$ISRperfTen[is.na(db$ISRperfTen)]<-mean(db$ISRperfTen,na.rm=T)
db$ISRperfThirty[is.na(db$ISRperfThirty)]<-mean(db$ISRperfThirty,na.rm=T)
db$Wealth<-as.numeric(db$Wealth)
db$Wealth[is.na(db$Wealth)]<-mean(db$Wealth,na.rm=T)
db$Savings<-as.numeric(db$Savings)
db$Savings[is.na(db$Savings)]<-mean(db$Savings,na.rm=T)| Dependent variable: | ||||
| PopulationISR | ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | logistic | OLS | OLS | |
| (1) | (2) | (3) | (4) | |
| DonBefore | -1.85** (0.84) | -1.85** (0.84) | 0.03 (0.03) | 0.05 (0.03) |
| ImageConcernPublic | -0.25 (0.78) | -0.25 (0.78) | -0.004 (0.03) | -0.004 (0.03) |
| NbrFundTwo | 3.08*** (1.03) | 3.08*** (1.03) | 0.21*** (0.03) | -0.08*** (0.03) |
| LabelLabel | 1.09 (0.77) | 1.09 (0.77) | 0.01 (0.03) | -0.02 (0.03) |
| WWF | -0.001** (0.001) | -0.001** (0.001) | 0.0000 (0.0000) | -0.0000 (0.0000) |
| Wiki | 0.002* (0.001) | 0.002* (0.001) | 0.0000 (0.0000) | -0.0000 (0.0000) |
| CARE | 2.14 (225.92) | 2.14 (225.92) | -0.0000 (0.0001) | -0.0000 (0.0001) |
| Transp | -0.001 (0.001) | -0.001 (0.001) | -0.0000 (0.0000) | 0.0000 (0.0000) |
| KnowledgeISR | 0.09 (0.29) | 0.09 (0.29) | 0.01 (0.01) | 0.01 (0.01) |
| SurabISR | -0.01 (0.23) | -0.01 (0.23) | -0.02* (0.01) | -0.01 (0.01) |
| ISRhelpsS | 0.57 (0.46) | 0.57 (0.46) | -0.003 (0.02) | 0.002 (0.02) |
| ISRhelpsE | 0.19 (0.35) | 0.19 (0.35) | 0.02 (0.01) | 0.03** (0.01) |
| ISRrisk | 0.14 (0.27) | 0.14 (0.27) | -0.001 (0.01) | 0.01 (0.01) |
| ISRimpact | -0.23 (0.32) | -0.23 (0.32) | 0.01 (0.01) | -0.005 (0.01) |
| ISRcomplice | -0.05 (0.27) | -0.05 (0.27) | 0.01 (0.01) | 0.004 (0.01) |
| ISRperfOne | 0.05 (0.58) | 0.05 (0.58) | -0.01 (0.02) | -0.01 (0.02) |
| ISRperfTen | 0.55 (0.72) | 0.55 (0.72) | 0.06** (0.03) | 0.05* (0.03) |
| ISRperfThirty | -0.17 (0.58) | -0.17 (0.58) | -0.02 (0.02) | -0.02 (0.02) |
| ISRShare | 0.08 (0.07) | 0.08 (0.07) | -0.001 (0.001) | -0.002* (0.001) |
| ISRObjective | -0.01 (0.02) | -0.01 (0.02) | 0.001 (0.001) | 0.001 (0.001) |
| Age | 0.03 (0.04) | 0.03 (0.04) | 0.0002 (0.002) | -0.0001 (0.002) |
| GenderMale | -2.73** (1.16) | -2.73** (1.16) | -0.11*** (0.03) | -0.08** (0.03) |
| EducDiplôme professionnel | 1.36 (1.93) | 1.36 (1.93) | -0.09 (0.07) | -0.04 (0.07) |
| EducBaccalaureat | -0.90 (1.60) | -0.90 (1.60) | -0.06 (0.07) | -0.07 (0.07) |
| EducBac +2 | 0.80 (1.76) | 0.80 (1.76) | -0.06 (0.07) | -0.04 (0.06) |
| EducLicence (Bac +3) | 0.11 (1.67) | 0.11 (1.67) | -0.10 (0.07) | -0.05 (0.07) |
| EducMaster (Bac +5) | -0.40 (1.60) | -0.40 (1.60) | -0.02 (0.06) | -0.02 (0.06) |
| ActivProAgriculteurs exploitants | 24.93 (98,713.75) | 24.93 (98,713.75) | 0.05 (0.12) | 0.01 (0.11) |
| ActivProCadres moyens | 2.22 (1.89) | 2.22 (1.89) | -0.03 (0.09) | -0.03 (0.09) |
| ActivProEmployés | 2.61 (2.23) | 2.61 (2.23) | 0.18 (0.11) | 0.09 (0.11) |
| ActivProOuvriers | 1.68 (1.67) | 1.68 (1.67) | -0.02 (0.09) | -0.03 (0.09) |
| ActivProPatrons de lindustrie et du commerce | 3.60** (1.74) | 3.60** (1.74) | -0.04 (0.09) | -0.05 (0.09) |
| ActivProPersonnels de services | 2.29 (2.13) | 2.29 (2.13) | -0.07 (0.10) | -0.10 (0.10) |
| ActivProProfessions libérales et cadres supérieurs | 1.93 (1.84) | 1.93 (1.84) | -0.09 (0.10) | -0.10 (0.10) |
| ActivProSalariés de lagriculture | 2.61 (2.23) | 2.61 (2.23) | -0.02 (0.11) | -0.08 (0.11) |
| as.numeric(Wealth) | -0.26 (0.20) | -0.26 (0.20) | -0.01 (0.01) | -0.004 (0.01) |
| as.numeric(Savings) | 0.12 (0.13) | 0.12 (0.13) | -0.002 (0.005) | -0.003 (0.005) |
| Disc10 | 21.25 (27,988.61) | 21.25 (27,988.61) | 0.08 (0.07) | 0.18*** (0.06) |
| Disc500 | 14.88 (16,004.74) | 14.88 (16,004.74) | -0.08 (0.08) | -0.13 (0.08) |
| InvestQuizz | 0.46 (0.51) | 0.46 (0.51) | 0.01 (0.02) | -0.01 (0.02) |
| ConsEff | 0.46 (0.40) | 0.46 (0.40) | 0.02 (0.02) | 0.02 (0.02) |
| Altruism | 0.06 (0.53) | 0.06 (0.53) | -0.01 (0.02) | -0.01 (0.02) |
| RiskSeeking | 0.41 (0.39) | 0.41 (0.39) | -0.01 (0.01) | -0.01 (0.01) |
| SitFin | 0.14 (0.32) | 0.14 (0.32) | 0.004 (0.01) | -0.0005 (0.01) |
| SelfMon | -0.17 (0.25) | -0.17 (0.25) | -0.01 (0.01) | -0.01 (0.01) |
| PairValueE | -1.00 (1.17) | -1.00 (1.17) | 0.02 (0.05) | 0.001 (0.05) |
| PairValueS | 0.69 (0.81) | 0.69 (0.81) | -0.06* (0.03) | -0.05 (0.03) |
| PairValueG | 3.40 (2.31) | 3.40 (2.31) | -0.05 (0.07) | 0.01 (0.07) |
| Constant | -8.70* (5.24) | -8.70* (5.24) | 0.31 (0.20) | 0.63*** (0.19) |
| Observations | 310 | 310 | 285 | 285 |
| R2 | 0.34 | 0.27 | ||
| Adjusted R2 | 0.20 | 0.12 | ||
| Log Likelihood | -44.36 | -44.36 | ||
| Akaike Inf. Crit. | 186.73 | 186.73 | ||
| Residual Std. Error (df = 236) | 0.22 | 0.22 | ||
| F Statistic (df = 48; 236) | 2.51*** | 1.82*** | ||
| Note: | p<0.1; p<0.05; p<0.01 | |||
2.5.4 Elasticités des régressions avec NA remplacées par la moyenne
| elasticities | elasticities.1 | elasticities.2 | elasticities.3 | |
| DonBefore | -0.967 | -0.967 | 0.014 | 0.023 |
| ImageConcernPublic | -0.120 | -0.120 | -0.002 | -0.002 |
| NbrFundTwo | 1.612 | 1.612 | 0.117 | -0.043 |
| LabelLabel | 0.529 | 0.529 | 0.005 | -0.010 |
| WWF | -0.269 | -0.269 | 0.005 | -0.00003 |
| Wiki | 0.479 | 0.479 | 0.0002 | -0.003 |
| CARE | 143.828 | 143.828 | -0.002 | -0.0002 |
| Transp | -0.212 | -0.212 | -0.001 | 0.002 |
| KnowledgeISR | 0.239 | 0.239 | 0.035 | 0.035 |
| SurabISR | -0.041 | -0.041 | -0.076 | -0.069 |
| ISRhelpsS | 3.046 | 3.046 | -0.016 | 0.009 |
| ISRhelpsE | 0.977 | 0.977 | 0.099 | 0.156 |
| ISRrisk | 0.519 | 0.519 | -0.005 | 0.029 |
| ISRimpact | -1.183 | -1.183 | 0.051 | -0.025 |
| ISRcomplice | -0.263 | -0.263 | 0.052 | 0.018 |
| ISRperfOne | 0.121 | 0.121 | -0.026 | -0.031 |
| ISRperfTen | 1.951 | 1.951 | 0.200 | 0.187 |
| ISRperfThirty | -0.707 | -0.707 | -0.086 | -0.069 |
| ISRShare | 0.359 | 0.359 | -0.003 | -0.009 |
| ISRObjective | -0.067 | -0.067 | 0.006 | 0.008 |
| Age | 1.388 | 1.388 | 0.011 | -0.007 |
| GenderMale | -1.723 | -1.723 | -0.067 | -0.051 |
| EducDiplôme professionnel | 0.197 | 0.197 | -0.013 | -0.006 |
| EducBaccalaureat | -0.124 | -0.124 | -0.009 | -0.010 |
| EducBac +2 | 0.173 | 0.173 | -0.013 | -0.008 |
| EducLicence (Bac +3) | 0.014 | 0.014 | -0.012 | -0.007 |
| EducMaster (Bac +5) | -0.122 | -0.122 | -0.007 | -0.005 |
| ActivProAgriculteurs exploitants | 0.724 | 0.724 | 0.002 | 0.0003 |
| ActivProCadres moyens | 0.308 | 0.308 | -0.005 | -0.004 |
| ActivProEmployés | 0.109 | 0.109 | 0.007 | 0.004 |
| ActivProOuvriers | 0.342 | 0.342 | -0.004 | -0.007 |
| ActivProPatrons de lindustrie et du commerce | 1.277 | 1.277 | -0.013 | -0.017 |
| ActivProPersonnels de services | 0.140 | 0.140 | -0.004 | -0.006 |
| ActivProProfessions libérales et cadres supérieurs | 0.200 | 0.200 | -0.009 | -0.010 |
| ActivProSalariés de lagriculture | 0.084 | 0.084 | -0.001 | -0.002 |
| as.numeric(Wealth) | -1.126 | -1.126 | -0.025 | -0.018 |
| as.numeric(Savings) | 0.689 | 0.689 | -0.013 | -0.017 |
| Disc10 | 1.508 | 1.508 | 0.007 | 0.014 |
| Disc500 | 0.624 | 0.624 | -0.004 | -0.006 |
| InvestQuizz | 0.750 | 0.750 | 0.009 | -0.023 |
| ConsEff | 2.641 | 2.641 | 0.122 | 0.139 |
| Altruism | 0.342 | 0.342 | -0.057 | -0.052 |
| RiskSeeking | 1.319 | 1.319 | -0.043 | -0.031 |
| SitFin | 0.630 | 0.630 | 0.016 | -0.002 |
| SelfMon | -0.777 | -0.777 | -0.032 | -0.056 |
| PairValueE | -0.129 | -0.129 | 0.003 | 0.0001 |
| PairValueS | 0.280 | 0.280 | -0.023 | -0.021 |
| PairValueG | 0.186 | 0.186 | -0.003 | 0.001 |
3 LCL et CA NS
3.1 Description de l’échantillon
Age
[1] 41Genre
Female Male
1105 1742 Type d’investisseur
Epargnant ISR OPCVM LCL
12 44 255 2536 
3.2 Croyances sur l’ISR
3.3 Préférences des thématiques ESG
3.4 Distribution des investissements ISR
Proportion d’investisseurs ne choisissant pas le fonds ISR selon ne nombre de fonds: 5 fonds = 0.17 / 2 fonds = 0.05
3.5 Régressions
Codage des variables dépendantes.
###############################
# Code dependent variables
###############################
# Binary SRI population (yes/no)
db$PopulationISR<-ifelse(db$ISR==0,0,1)
# Those who invested in SRI
db$ChoseSRI<- ifelse(db$ISR>0, 1,0)
# Proportion to all investments
db$PropISRAllFunds<-ifelse(db$NbrFund=='Five',db$ISR/(db$ISR+db$AE+db$AF+db$PREM+db$HOR),db$ISR/(db$ISR+db$AE))
# Proportion to Conventional Fund
db$PropISRTwoFunds<-db$ISR/(db$ISR+db$AE)3.5.1 Régressions sans NA
Les régressions ne sont faites que pour les personnes ayant investi dans le fonds ISR. Dans le cas du choix entre deux fonds les investisseurs ayant investi tout dans le fonds conventionnels auraient été enlevés (dénominateur = 0) mais ils se trouvent parmi les NA d’autres variables.
| Dependent variable: | |||
| ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | OLS | OLS | |
| (1) | (2) | (3) | |
| DonBefore | -0.73*** (0.19) | 0.03** (0.01) | 0.03** (0.01) |
| ImageConcernPublic | -0.02 (0.18) | 0.003 (0.01) | 0.002 (0.01) |
| NbrFundTwo | 1.42*** (0.20) | 0.25*** (0.01) | -0.04*** (0.01) |
| LabelLabel | 0.10 (0.18) | 0.01 (0.01) | -0.004 (0.01) |
| WWF | -0.0001 (0.0002) | 0.0000*** (0.0000) | 0.0000* (0.0000) |
| Wiki | 0.0002 (0.0002) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| CARE | 0.002** (0.001) | -0.0000 (0.0000) | -0.0001 (0.0000) |
| Transp | 0.0001 (0.0003) | 0.0000 (0.0000) | 0.0000** (0.0000) |
| KnowledgeISR | 0.14** (0.07) | -0.004 (0.004) | -0.004 (0.004) |
| SurabISR | -0.05 (0.06) | -0.01* (0.004) | -0.004 (0.004) |
| ISRhelpsS | -0.02 (0.09) | 0.01 (0.01) | 0.01 (0.01) |
| ISRhelpsE | -0.08 (0.09) | -0.001 (0.01) | 0.002 (0.01) |
| ISRrisk | 0.10 (0.06) | 0.002 (0.004) | 0.0004 (0.004) |
| ISRimpact | 0.16** (0.07) | 0.01*** (0.01) | 0.01** (0.01) |
| ISRcomplice | 0.004 (0.06) | 0.004 (0.004) | 0.003 (0.004) |
| ISRperfOne | -0.08 (0.11) | 0.01 (0.01) | 0.01 (0.01) |
| ISRperfTen | 0.22 (0.15) | -0.01 (0.01) | -0.01 (0.01) |
| ISRperfThirty | 0.04 (0.11) | 0.01 (0.01) | 0.01 (0.01) |
| ISRShare | 0.01* (0.01) | -0.0001 (0.0004) | -0.0003 (0.0004) |
| ISRObjective | 0.005 (0.005) | 0.001*** (0.0003) | 0.001*** (0.0002) |
| Age | 0.004 (0.01) | -0.001 (0.001) | -0.002** (0.001) |
| GenderMale | -0.63*** (0.23) | -0.02 (0.01) | -0.02 (0.01) |
| EducDiplôme professionnel | -0.42 (0.54) | -0.004 (0.04) | -0.02 (0.04) |
| EducBaccalaureat | -0.51 (0.51) | -0.03 (0.03) | -0.05 (0.03) |
| EducBac +2 | -0.29 (0.48) | 0.02 (0.03) | -0.02 (0.03) |
| EducLicence (Bac +3) | -0.19 (0.50) | -0.02 (0.03) | -0.02 (0.03) |
| EducMaster (Bac +5) | -0.22 (0.45) | 0.002 (0.03) | -0.03 (0.03) |
| ActivProAgriculteurs exploitants | 0.57 (0.97) | -0.05 (0.06) | -0.05 (0.06) |
| ActivProCadres moyens | 0.05 (0.81) | -0.01 (0.06) | -0.02 (0.06) |
| ActivProEmployés | -0.34 (0.95) | 0.05 (0.07) | -0.001 (0.07) |
| ActivProOuvriers | 0.49 (0.87) | -0.02 (0.06) | -0.04 (0.06) |
| ActivProPatrons de l’industrie et du commerce | 0.12 (0.81) | -0.02 (0.06) | -0.02 (0.06) |
| ActivProPersonnels de services | 0.29 (0.83) | -0.05 (0.06) | -0.07 (0.06) |
| ActivProProfessions libérales et cadres supérieurs | 0.03 (0.86) | 0.005 (0.06) | -0.02 (0.06) |
| ActivProSalariés de l’agriculture | 0.42 (0.89) | 0.01 (0.06) | 0.0003 (0.06) |
| as.numeric(Wealth) | 0.02 (0.05) | 0.002 (0.003) | 0.002 (0.003) |
| as.numeric(Savings) | -0.05* (0.03) | -0.005** (0.002) | -0.01** (0.002) |
| Disc10 | 0.87* (0.47) | 0.03 (0.02) | 0.04* (0.02) |
| Disc500 | -0.77 (0.48) | -0.05 (0.03) | -0.07** (0.03) |
| InvestQuizz | -0.19* (0.11) | -0.001 (0.01) | -0.001 (0.01) |
| ConsEff | 0.21** (0.10) | 0.02*** (0.01) | 0.03*** (0.01) |
| Altruism | 0.07 (0.11) | -0.005 (0.01) | -0.004 (0.01) |
| RiskSeeking | -0.05 (0.08) | -0.02*** (0.01) | -0.01*** (0.01) |
| SitFin | -0.04 (0.07) | -0.01* (0.005) | -0.01 (0.005) |
| SelfMon | 0.01 (0.05) | -0.002 (0.004) | -0.004 (0.004) |
| PairValueE | -0.12 (0.32) | -0.02 (0.02) | -0.02 (0.02) |
| PairValueS | 0.37* (0.20) | -0.002 (0.01) | 0.001 (0.01) |
| PairValueG | 0.66 (0.47) | 0.03 (0.03) | 0.02 (0.03) |
| isLCLLCL | -0.31 (0.34) | -0.02 (0.02) | -0.01 (0.02) |
| Constant | 0.14 (1.34) | 0.24*** (0.09) | 0.58*** (0.09) |
| Observations | 1,672 | 1,501 | 1,501 |
| R2 | 0.30 | 0.13 | |
| Adjusted R2 | 0.27 | 0.10 | |
| Log Likelihood | -461.10 | ||
| Akaike Inf. Crit. | 1,022.21 | ||
| Residual Std. Error (df = 1451) | 0.23 | 0.23 | |
| F Statistic (df = 49; 1451) | 12.46*** | 4.37*** | |
| Note: | p<0.1; p<0.05; p<0.01 | ||
3.5.2 Elasticités des régressions sans NA
| elasticities | elasticities.1 | elasticities.2 | |
| DonBefore | -0.408 | 0.017 | 0.016 |
| ImageConcernPublic | -0.008 | 0.001 | 0.001 |
| NbrFundTwo | 0.711 | 0.133 | -0.023 |
| LabelLabel | 0.051 | 0.004 | -0.002 |
| WWF | -0.032 | 0.009 | 0.006 |
| Wiki | 0.033 | -0.0002 | -0.0001 |
| CARE | 0.105 | -0.002 | -0.003 |
| Transp | 0.019 | 0.004 | 0.005 |
| KnowledgeISR | 0.412 | -0.012 | -0.012 |
| SurabISR | -0.240 | -0.028 | -0.017 |
| ISRhelpsS | -0.127 | 0.050 | 0.047 |
| ISRhelpsE | -0.412 | -0.005 | 0.011 |
| ISRrisk | 0.355 | 0.008 | 0.001 |
| ISRimpact | 0.858 | 0.080 | 0.069 |
| ISRcomplice | 0.020 | 0.018 | 0.016 |
| ISRperfOne | -0.203 | 0.013 | 0.013 |
| ISRperfTen | 0.743 | -0.021 | -0.018 |
| ISRperfThirty | 0.172 | 0.040 | 0.041 |
| ISRShare | 0.064 | -0.001 | -0.001 |
| ISRObjective | 0.050 | 0.007 | 0.008 |
| Age | 0.163 | -0.036 | -0.063 |
| GenderMale | -0.419 | -0.011 | -0.015 |
| EducDiplôme professionnel | -0.032 | -0.0003 | -0.001 |
| EducBaccalaureat | -0.061 | -0.004 | -0.006 |
| EducBac +2 | -0.056 | 0.003 | -0.003 |
| EducLicence (Bac +3) | -0.025 | -0.003 | -0.003 |
| EducMaster (Bac +5) | -0.091 | 0.001 | -0.014 |
| ActivProAgriculteurs exploitants | 0.020 | -0.002 | -0.002 |
| ActivProCadres moyens | 0.009 | -0.003 | -0.004 |
| ActivProEmployés | -0.007 | 0.001 | -0.00002 |
| ActivProOuvriers | 0.057 | -0.003 | -0.004 |
| ActivProPatrons de l’industrie et du commerce | 0.046 | -0.009 | -0.009 |
| ActivProPersonnels de services | 0.035 | -0.006 | -0.009 |
| ActivProProfessions libérales et cadres supérieurs | 0.002 | 0.0003 | -0.001 |
| ActivProSalariés de l’agriculture | 0.019 | 0.001 | 0.00001 |
| as.numeric(Wealth) | 0.063 | 0.006 | 0.006 |
| as.numeric(Savings) | -0.199 | -0.017 | -0.019 |
| Disc10 | 0.065 | 0.002 | 0.003 |
| Disc500 | -0.034 | -0.002 | -0.003 |
| InvestQuizz | -0.317 | -0.001 | -0.001 |
| ConsEff | 1.188 | 0.135 | 0.152 |
| Altruism | 0.390 | -0.026 | -0.023 |
| RiskSeeking | -0.191 | -0.055 | -0.052 |
| SitFin | -0.141 | -0.031 | -0.024 |
| SelfMon | 0.026 | -0.009 | -0.021 |
| PairValueE | -0.015 | -0.003 | -0.002 |
| PairValueS | 0.139 | -0.001 | 0.0004 |
| PairValueG | 0.042 | 0.002 | 0.001 |
| isLCLLCL | -0.283 | -0.015 | -0.012 |
3.5.3 Régressions avec NA remplacées par la moyenne
Now we replace missing values with population means.
###########################
# Repalc NA with population mean
###########################
db$ISRperfOne[is.na(db$ISRperfOne)]<-mean(db$ISRperfOne,na.rm=T)
db$ISRperfTen[is.na(db$ISRperfTen)]<-mean(db$ISRperfTen,na.rm=T)
db$ISRperfThirty[is.na(db$ISRperfThirty)]<-mean(db$ISRperfThirty,na.rm=T)
db$Wealth<-as.numeric(db$Wealth)
db$Wealth[is.na(db$Wealth)]<-mean(db$Wealth,na.rm=T)
db$Savings<-as.numeric(db$Savings)
db$Savings[is.na(db$Savings)]<-mean(db$Savings,na.rm=T)| Dependent variable: | |||
| ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | OLS | OLS | |
| (1) | (2) | (3) | |
| DonBefore | -0.44*** (0.14) | 0.03*** (0.01) | 0.03*** (0.01) |
| ImageConcernPublic | -0.06 (0.13) | 0.01 (0.01) | 0.01 (0.01) |
| NbrFundTwo | 1.46*** (0.15) | 0.25*** (0.01) | -0.05*** (0.01) |
| LabelLabel | 0.18 (0.13) | 0.01 (0.01) | 0.0000 (0.01) |
| WWF | 0.0001 (0.0002) | 0.0000*** (0.0000) | 0.0000*** (0.0000) |
| Wiki | 0.0002 (0.0002) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| CARE | 0.001* (0.001) | -0.0000 (0.0000) | -0.0001** (0.0000) |
| Transp | 0.0003 (0.0003) | 0.0000 (0.0000) | 0.0000 (0.0000) |
| KnowledgeISR | 0.09* (0.05) | -0.01 (0.003) | -0.01* (0.003) |
| SurabISR | -0.10** (0.04) | -0.01** (0.003) | -0.01** (0.003) |
| ISRhelpsS | 0.12* (0.07) | 0.01* (0.01) | 0.01** (0.01) |
| ISRhelpsE | -0.07 (0.07) | -0.0004 (0.005) | 0.002 (0.005) |
| ISRrisk | 0.10** (0.05) | -0.002 (0.003) | -0.002 (0.003) |
| ISRimpact | 0.09* (0.05) | 0.01* (0.004) | 0.01* (0.004) |
| ISRcomplice | 0.02 (0.04) | 0.004 (0.003) | 0.003 (0.003) |
| ISRperfOne | -0.03 (0.09) | 0.0004 (0.01) | -0.0004 (0.01) |
| ISRperfTen | 0.13 (0.11) | 0.003 (0.01) | 0.003 (0.01) |
| ISRperfThirty | 0.03 (0.09) | 0.01 (0.01) | 0.01 (0.01) |
| ISRShare | 0.01* (0.01) | -0.0001 (0.0003) | -0.0002 (0.0003) |
| ISRObjective | 0.001 (0.003) | 0.001*** (0.0002) | 0.001*** (0.0002) |
| Age | 0.0002 (0.01) | -0.001 (0.001) | -0.001*** (0.001) |
| GenderMale | -0.56*** (0.16) | -0.02 (0.01) | -0.02* (0.01) |
| EducDiplôme professionnel | -0.49 (0.37) | -0.02 (0.03) | -0.01 (0.03) |
| EducBaccalaureat | -0.31 (0.36) | -0.02 (0.02) | -0.04 (0.02) |
| EducBac +2 | -0.45 (0.33) | -0.01 (0.02) | -0.01 (0.02) |
| EducLicence (Bac +3) | -0.31 (0.35) | -0.02 (0.02) | -0.02 (0.02) |
| EducMaster (Bac +5) | -0.11 (0.32) | -0.01 (0.02) | -0.03 (0.02) |
| ActivProAgriculteurs exploitants | 0.40 (0.67) | -0.04 (0.05) | -0.03 (0.05) |
| ActivProCadres moyens | 0.23 (0.54) | -0.01 (0.04) | -0.01 (0.04) |
| ActivProEmployés | -0.15 (0.63) | 0.03 (0.05) | 0.001 (0.05) |
| ActivProOuvriers | 0.59 (0.58) | -0.02 (0.04) | -0.03 (0.04) |
| ActivProPatrons de l’industrie et du commerce | 0.28 (0.54) | -0.01 (0.04) | -0.02 (0.04) |
| ActivProPersonnels de services | 0.15 (0.56) | -0.04 (0.04) | -0.05 (0.04) |
| ActivProProfessions libérales et cadres supérieurs | 0.28 (0.57) | -0.01 (0.04) | -0.01 (0.04) |
| ActivProSalariés de l’agriculture | 0.13 (0.60) | 0.02 (0.05) | 0.01 (0.05) |
| as.numeric(Wealth) | 0.01 (0.03) | -0.001 (0.002) | -0.002 (0.002) |
| as.numeric(Savings) | -0.04* (0.02) | -0.004** (0.002) | -0.004** (0.002) |
| Disc10 | 0.18 (0.29) | 0.02 (0.02) | 0.02 (0.02) |
| Disc500 | -0.15 (0.34) | -0.05* (0.03) | -0.06** (0.02) |
| InvestQuizz | -0.11 (0.08) | -0.01 (0.01) | -0.01 (0.01) |
| ConsEff | 0.21*** (0.07) | 0.02*** (0.01) | 0.02*** (0.01) |
| Altruism | 0.003 (0.08) | -0.001 (0.01) | -0.003 (0.01) |
| RiskSeeking | 0.04 (0.06) | -0.02*** (0.004) | -0.02*** (0.004) |
| SitFin | -0.12** (0.05) | -0.004 (0.003) | -0.0005 (0.003) |
| SelfMon | 0.004 (0.04) | -0.003 (0.003) | -0.01** (0.003) |
| PairValueE | -0.24 (0.23) | -0.02 (0.02) | -0.01 (0.02) |
| PairValueS | 0.24 (0.15) | -0.003 (0.01) | -0.002 (0.01) |
| PairValueG | 0.32 (0.31) | 0.02 (0.02) | 0.02 (0.02) |
| isLCLLCL | -0.54** (0.25) | -0.02 (0.02) | -0.02 (0.02) |
| Constant | 0.33 (0.95) | 0.31*** (0.07) | 0.63*** (0.07) |
| Observations | 2,846 | 2,544 | 2,544 |
| R2 | 0.28 | 0.11 | |
| Adjusted R2 | 0.27 | 0.10 | |
| Log Likelihood | -822.35 | ||
| Akaike Inf. Crit. | 1,744.71 | ||
| Residual Std. Error (df = 2494) | 0.23 | 0.23 | |
| F Statistic (df = 49; 2494) | 20.15*** | 6.57*** | |
| Note: | p<0.1; p<0.05; p<0.01 | ||
3.5.4 Elasticités des régressions avec NA remplacées par la moyenne
| elasticities | elasticities.1 | elasticities.2 | |
| DonBefore | -0.242 | 0.017 | 0.017 |
| ImageConcernPublic | -0.028 | 0.005 | 0.003 |
| NbrFundTwo | 0.747 | 0.137 | -0.025 |
| LabelLabel | 0.089 | 0.007 | 0.00001 |
| WWF | 0.020 | 0.008 | 0.006 |
| Wiki | 0.039 | -0.0001 | -0.001 |
| CARE | 0.059 | -0.002 | -0.003 |
| Transp | 0.028 | 0.001 | 0.002 |
| KnowledgeISR | 0.255 | -0.015 | -0.017 |
| SurabISR | -0.438 | -0.033 | -0.030 |
| ISRhelpsS | 0.653 | 0.047 | 0.054 |
| ISRhelpsE | -0.391 | -0.002 | 0.009 |
| ISRrisk | 0.376 | -0.006 | -0.007 |
| ISRimpact | 0.476 | 0.039 | 0.034 |
| ISRcomplice | 0.108 | 0.018 | 0.013 |
| ISRperfOne | -0.064 | 0.001 | -0.001 |
| ISRperfTen | 0.446 | 0.012 | 0.009 |
| ISRperfThirty | 0.142 | 0.030 | 0.037 |
| ISRShare | 0.044 | -0.001 | -0.001 |
| ISRObjective | 0.008 | 0.010 | 0.008 |
| Age | 0.007 | -0.029 | -0.055 |
| GenderMale | -0.345 | -0.010 | -0.011 |
| EducDiplôme professionnel | -0.045 | -0.002 | -0.001 |
| EducBaccalaureat | -0.039 | -0.003 | -0.004 |
| EducBac +2 | -0.089 | -0.001 | -0.002 |
| EducLicence (Bac +3) | -0.044 | -0.003 | -0.003 |
| EducMaster (Bac +5) | -0.042 | -0.003 | -0.010 |
| ActivProAgriculteurs exploitants | 0.013 | -0.001 | -0.001 |
| ActivProCadres moyens | 0.047 | -0.003 | -0.002 |
| ActivProEmployés | -0.003 | 0.001 | 0.00002 |
| ActivProOuvriers | 0.071 | -0.003 | -0.004 |
| ActivProPatrons de l’industrie et du commerce | 0.101 | -0.005 | -0.006 |
| ActivProPersonnels de services | 0.017 | -0.005 | -0.006 |
| ActivProProfessions libérales et cadres supérieurs | 0.024 | -0.001 | -0.001 |
| ActivProSalariés de l’agriculture | 0.006 | 0.001 | 0.001 |
| as.numeric(Wealth) | 0.052 | -0.005 | -0.006 |
| as.numeric(Savings) | -0.152 | -0.015 | -0.016 |
| Disc10 | 0.013 | 0.001 | 0.002 |
| Disc500 | -0.006 | -0.002 | -0.002 |
| InvestQuizz | -0.175 | -0.013 | -0.013 |
| ConsEff | 1.216 | 0.135 | 0.140 |
| Altruism | 0.019 | -0.006 | -0.015 |
| RiskSeeking | 0.127 | -0.067 | -0.056 |
| SitFin | -0.474 | -0.018 | -0.002 |
| SelfMon | 0.021 | -0.015 | -0.027 |
| PairValueE | -0.028 | -0.002 | -0.002 |
| PairValueS | 0.089 | -0.001 | -0.001 |
| PairValueG | 0.021 | 0.001 | 0.001 |
| isLCLLCL | -0.483 | -0.020 | -0.018 |
4 Toutes les données
4.1 Description de l’échantillon
Age
[1] 42Genre
Female Male
1218 1850 Type d’investisseur
DetenteursECD DetenteursEPA DetenteursUC Epargnant ISR
62 23 138 12 43
LCL OPCVM
2536 254 
4.2 Croyances sur l’ISR
4.3 Préférences des thématiques ESG
4.4 Distribution des investissements ISR
Proportion d’investisseurs ne choisissant pas le fonds ISR selon ne nombre de fonds: 5 fonds = 0.17 / 2 fonds = 0.05
4.5 Régressions
Codage des variables dépendantes.
###############################
# Code dependent variables
###############################
# Binary SRI population (yes/no)
db$PopulationISR<-ifelse(db$isLCL=="NoLCL",0,1)
# Those who invested in SRI
db$ChoseSRI<- ifelse(db$ISR>0, 1,0)
# Proportion to all investments
db$PropISRAllFunds<-ifelse(db$NbrFund=='Five',db$ISR/(db$ISR+db$AE+db$AF+db$PREM+db$HOR),db$ISR/(db$ISR+db$AE))
# Proportion to Conventional Fund
db$PropISRTwoFunds<-db$ISR/(db$ISR+db$AE)4.5.1 Régressions sans NA
Les régressions ne sont faites que pour les personnes ayant investi dans le fonds ISR. Dans le cas du choix entre deux fonds les investisseurs ayant investi tout dans le fonds conventionnels auraient été enlevés (dénominateur = 0) mais ils se trouvent parmi les NA d’autres variables.
| Dependent variable: | ||||
| PopulationISR | ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | logistic | OLS | OLS | |
| (1) | (2) | (3) | (4) | |
| DonBefore | -0.00 (17,356.55) | -0.60*** (0.18) | 0.03** (0.01) | 0.03** (0.01) |
| ImageConcernPublic | 0.0000 (16,859.99) | -0.09 (0.17) | 0.01 (0.01) | 0.004 (0.01) |
| NbrFundTwo | 0.00 (16,754.70) | 1.43*** (0.19) | 0.25*** (0.01) | -0.04*** (0.01) |
| LabelNoLabel | -0.0000 (16,737.04) | -0.13 (0.17) | -0.01 (0.01) | 0.005 (0.01) |
| WWF | 0.00 (17.75) | -0.0000 (0.0002) | 0.0000** (0.0000) | 0.0000 (0.0000) |
| Wiki | 0.00 (19.63) | 0.0002 (0.0002) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| CARE | -0.00 (39.15) | 0.0001 (0.0004) | -0.0000 (0.0000) | -0.0000* (0.0000) |
| Transp | -0.00 (25.45) | 0.0002 (0.0003) | 0.0000 (0.0000) | 0.0000 (0.0000) |
| KnowledgeISR | 0.0000 (6,066.15) | 0.06 (0.06) | -0.005 (0.004) | -0.01 (0.004) |
| SurabISR | 0.00 (5,259.47) | -0.12** (0.05) | -0.01** (0.004) | -0.005 (0.004) |
| ISRhelpsS | -0.00 (8,987.54) | -0.04 (0.08) | 0.01 (0.01) | 0.01 (0.01) |
| ISRhelpsE | 0.00 (8,570.79) | -0.05 (0.08) | 0.002 (0.01) | 0.01 (0.01) |
| ISRrisk | -0.00 (5,786.00) | 0.07 (0.06) | 0.003 (0.004) | 0.002 (0.004) |
| ISRimpact | -0.00 (7,328.76) | 0.21*** (0.07) | 0.02*** (0.01) | 0.02*** (0.01) |
| ISRcomplice | 0.00 (5,455.83) | -0.002 (0.05) | 0.004 (0.004) | 0.003 (0.004) |
| ISRperfOne | -0.00 (9,676.61) | -0.09 (0.10) | 0.003 (0.01) | 0.004 (0.01) |
| ISRperfTen | 0.0000 (13,715.01) | 0.17 (0.14) | -0.003 (0.01) | -0.004 (0.01) |
| ISRperfThirty | 0.00 (10,565.68) | 0.06 (0.10) | 0.01 (0.01) | 0.01 (0.01) |
| ISRShare | 0.00 (595.77) | 0.01* (0.01) | -0.0002 (0.0004) | -0.0002 (0.0004) |
| ISRObjective | -0.00 (356.17) | 0.01 (0.005) | 0.001*** (0.0002) | 0.001*** (0.0002) |
| Age | 0.00 (895.69) | -0.005 (0.01) | -0.001* (0.001) | -0.002*** (0.001) |
| EducDiplôme professionnel | -0.0000 (51,823.64) | -0.35 (0.53) | -0.004 (0.04) | -0.02 (0.04) |
| EducBaccalaureat | 0.00 (47,047.91) | -0.48 (0.50) | -0.01 (0.03) | -0.03 (0.03) |
| EducBac +2 | -0.0000 (44,821.63) | -0.26 (0.48) | 0.02 (0.03) | -0.01 (0.03) |
| EducLicence (Bac +3) | -0.0000 (46,655.33) | -0.12 (0.50) | -0.02 (0.03) | -0.02 (0.03) |
| EducMaster (Bac +5) | -0.0000 (42,031.15) | -0.15 (0.45) | -0.004 (0.03) | -0.04 (0.03) |
| ActivProAgriculteurs exploitants | -0.00 (76,594.90) | 0.42 (0.71) | 0.02 (0.05) | 0.02 (0.05) |
| ActivProCadres moyens | -0.0000 (64,545.15) | 0.46 (0.57) | 0.04 (0.04) | 0.03 (0.04) |
| ActivProEmployés | -0.00 (85,430.07) | -0.16 (0.72) | 0.08 (0.06) | 0.05 (0.06) |
| ActivProOuvriers | -0.0000 (68,026.75) | 0.80 (0.62) | 0.04 (0.05) | 0.02 (0.05) |
| ActivProPatrons de l’industrie et du commerce | 0.00 (63,924.94) | 0.33 (0.56) | 0.04 (0.04) | 0.03 (0.04) |
| ActivProPersonnels de services | -0.0000 (67,342.84) | 0.65 (0.61) | -0.001 (0.05) | -0.03 (0.05) |
| ActivProProfessions libérales et cadres supérieurs | -0.0000 (69,474.82) | 0.32 (0.62) | 0.06 (0.05) | 0.02 (0.05) |
| ActivProSalariés de l’agriculture | -0.00 (73,037.50) | 0.60 (0.66) | 0.07 (0.05) | 0.04 (0.05) |
| as.numeric(Wealth) | 0.00 (3,478.05) | 0.02 (0.03) | 0.001 (0.002) | 0.001 (0.002) |
| as.numeric(Savings) | 0.00 (2,311.04) | 0.003 (0.02) | -0.002 (0.002) | -0.001 (0.002) |
| Disc10 | 0.0000 (34,009.16) | 0.58 (0.37) | 0.02 (0.02) | 0.04 (0.02) |
| Disc500 | 0.00 (42,294.41) | -0.91** (0.37) | -0.04 (0.03) | -0.05* (0.03) |
| InvestQuizz | 0.00 (9,981.25) | -0.27*** (0.10) | -0.003 (0.01) | -0.004 (0.01) |
| ConsEff | -0.00 (7,940.38) | 0.18** (0.08) | 0.01* (0.01) | 0.01** (0.01) |
| Altruism | 0.00 (10,432.58) | 0.12 (0.10) | -0.002 (0.01) | -0.003 (0.01) |
| RiskSeeking | -0.00 (7,458.39) | -0.06 (0.07) | -0.01*** (0.01) | -0.01** (0.01) |
| SitFin | -0.00 (6,333.70) | -0.10 (0.06) | -0.01** (0.004) | -0.01** (0.004) |
| SelfMon | 0.0000 (4,944.71) | -0.01 (0.05) | -0.01** (0.003) | -0.01*** (0.003) |
| PairValueE | -0.0000 (27,817.52) | -0.14 (0.25) | -0.02 (0.02) | -0.02 (0.02) |
| PairValueS | -0.00 (18,430.15) | 0.35* (0.19) | -0.003 (0.01) | -0.003 (0.01) |
| PairValueG | -0.0000 (31,718.70) | 0.65** (0.32) | 0.02 (0.02) | 0.02 (0.02) |
| isLCLLCL | 53.13 (28,870.38) | -0.33 (0.31) | -0.04* (0.02) | -0.03* (0.02) |
| Constant | -26.57 (113,893.60) | 0.42 (1.07) | 0.28*** (0.08) | 0.63*** (0.08) |
| Observations | 1,856 | 1,856 | 1,663 | 1,663 |
| R2 | 0.29 | 0.11 | ||
| Adjusted R2 | 0.27 | 0.08 | ||
| Log Likelihood | -0.00 | -529.87 | ||
| Akaike Inf. Crit. | 98.00 | 1,157.74 | ||
| Residual Std. Error (df = 1614) | 0.23 | 0.23 | ||
| F Statistic (df = 48; 1614) | 13.80*** | 4.14*** | ||
| Note: | p<0.1; p<0.05; p<0.01 | |||
4.5.2 Elasticités des régressions sans NA
| elasticities | elasticities.1 | elasticities.2 | elasticities.3 | |
| DonBefore | -0 | -0.336 | 0.015 | 0.015 |
| ImageConcernPublic | 0 | -0.040 | 0.003 | 0.002 |
| NbrFundTwo | 0 | 0.720 | 0.136 | -0.023 |
| LabelNoLabel | -0 | -0.065 | -0.003 | 0.002 |
| WWF | 0 | -0.004 | 0.006 | 0.004 |
| Wiki | 0 | 0.041 | -0.0001 | -0.0004 |
| CARE | -0 | 0.006 | -0.002 | -0.003 |
| Transp | -0 | 0.025 | 0.002 | 0.004 |
| KnowledgeISR | 0.00000 | 0.164 | -0.014 | -0.015 |
| SurabISR | 0 | -0.535 | -0.033 | -0.022 |
| ISRhelpsS | -0.00000 | -0.235 | 0.043 | 0.038 |
| ISRhelpsE | 0 | -0.251 | 0.013 | 0.032 |
| ISRrisk | -0.00000 | 0.243 | 0.010 | 0.006 |
| ISRimpact | -0 | 1.111 | 0.092 | 0.088 |
| ISRcomplice | 0.00000 | -0.008 | 0.020 | 0.017 |
| ISRperfOne | -0 | -0.228 | 0.008 | 0.009 |
| ISRperfTen | 0.00000 | 0.606 | -0.010 | -0.013 |
| ISRperfThirty | 0 | 0.245 | 0.034 | 0.038 |
| ISRShare | 0 | 0.063 | -0.001 | -0.001 |
| ISRObjective | -0 | 0.089 | 0.010 | 0.011 |
| Age | 0 | -0.188 | -0.049 | -0.082 |
| EducDiplôme professionnel | -0 | -0.024 | -0.0003 | -0.001 |
| EducBaccalaureat | 0 | -0.099 | -0.002 | -0.005 |
| EducBac +2 | -0 | -0.045 | 0.003 | -0.003 |
| EducLicence (Bac +3) | -0 | -0.014 | -0.002 | -0.003 |
| EducMaster (Bac +5) | -0.00000 | -0.057 | -0.001 | -0.015 |
| ActivProAgriculteurs exploitants | -0 | 0.015 | 0.001 | 0.001 |
| ActivProCadres moyens | -0 | 0.092 | 0.008 | 0.005 |
| ActivProEmployés | -0 | -0.003 | 0.001 | 0.001 |
| ActivProOuvriers | -0 | 0.107 | 0.005 | 0.003 |
| ActivProPatrons de l’industrie et du commerce | 0 | 0.120 | 0.013 | 0.009 |
| ActivProPersonnels de services | -0.00000 | 0.073 | -0.0001 | -0.003 |
| ActivProProfessions libérales et cadres supérieurs | -0 | 0.022 | 0.004 | 0.001 |
| ActivProSalariés de l’agriculture | -0 | 0.027 | 0.003 | 0.002 |
| as.numeric(Wealth) | 0 | 0.066 | 0.004 | 0.005 |
| as.numeric(Savings) | 0 | 0.016 | -0.010 | -0.007 |
| Disc10 | 0 | 0.047 | 0.002 | 0.003 |
| Disc500 | 0 | -0.046 | -0.002 | -0.002 |
| InvestQuizz | 0 | -0.448 | -0.005 | -0.007 |
| ConsEff | -0 | 0.964 | 0.057 | 0.068 |
| Altruism | 0.00000 | 0.683 | -0.013 | -0.015 |
| RiskSeeking | -0.00000 | -0.214 | -0.052 | -0.047 |
| SitFin | -0.00000 | -0.401 | -0.039 | -0.039 |
| SelfMon | 0.00000 | -0.033 | -0.030 | -0.044 |
| PairValueE | -0 | -0.017 | -0.002 | -0.002 |
| PairValueS | -0 | 0.131 | -0.001 | -0.001 |
| PairValueG | -0 | 0.067 | 0.002 | 0.002 |
| isLCLLCL | 43.256 | -0.267 | -0.030 | -0.028 |
4.5.3 Régressions avec NA remplacées par la moyenne
Now we replace missing values with population means.
###########################
# Repalc NA with population mean
###########################
db$ISRperfOne[is.na(db$ISRperfOne)]<-mean(db$ISRperfOne,na.rm=T)
db$ISRperfTen[is.na(db$ISRperfTen)]<-mean(db$ISRperfTen,na.rm=T)
db$ISRperfThirty[is.na(db$ISRperfThirty)]<-mean(db$ISRperfThirty,na.rm=T)
db$Wealth<-as.numeric(db$Wealth)
db$Wealth[is.na(db$Wealth)]<-mean(db$Wealth,na.rm=T)
db$Savings<-as.numeric(db$Savings)
db$Savings[is.na(db$Savings)]<-mean(db$Savings,na.rm=T)| Dependent variable: | ||||
| PopulationISR | ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | logistic | OLS | OLS | |
| (1) | (2) | (3) | (4) | |
| DonBefore | 0.00 (13,404.26) | -0.40*** (0.13) | 0.03*** (0.01) | 0.03*** (0.01) |
| ImageConcernPublic | 0.0000 (13,021.01) | -0.08 (0.13) | 0.01 (0.01) | 0.01 (0.01) |
| NbrFundTwo | -0.0000 (12,963.63) | 1.48*** (0.14) | 0.25*** (0.01) | -0.05*** (0.01) |
| LabelNoLabel | -0.00 (12,947.29) | -0.21* (0.13) | -0.01 (0.01) | -0.001 (0.01) |
| WWF | 0.00 (14.21) | 0.0002 (0.0002) | 0.0000*** (0.0000) | 0.0000*** (0.0000) |
| Wiki | -0.00 (15.58) | 0.0003 (0.0002) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| CARE | 0.00 (32.21) | -0.0002 (0.0003) | -0.0000* (0.0000) | -0.0001** (0.0000) |
| Transp | -0.00 (22.53) | 0.0003 (0.0003) | 0.0000 (0.0000) | 0.0000 (0.0000) |
| KnowledgeISR | 0.00 (4,673.18) | 0.04 (0.05) | -0.01* (0.003) | -0.01** (0.003) |
| SurabISR | 0.00 (4,072.76) | -0.13*** (0.04) | -0.01*** (0.003) | -0.01** (0.003) |
| ISRhelpsS | -0.0000 (6,898.03) | 0.08 (0.06) | 0.01* (0.005) | 0.01** (0.005) |
| ISRhelpsE | 0.00 (6,553.06) | -0.03 (0.06) | 0.001 (0.005) | 0.003 (0.005) |
| ISRrisk | -0.00 (4,602.45) | 0.09** (0.04) | -0.001 (0.003) | -0.001 (0.003) |
| ISRimpact | 0.0000 (5,348.34) | 0.12** (0.05) | 0.01** (0.004) | 0.01** (0.004) |
| ISRcomplice | -0.00 (4,184.92) | 0.02 (0.04) | 0.004 (0.003) | 0.003 (0.003) |
| ISRperfOne | 0.00 (8,187.67) | -0.03 (0.08) | 0.001 (0.01) | 0.002 (0.01) |
| ISRperfTen | -0.00 (11,104.89) | 0.12 (0.11) | 0.003 (0.01) | 0.001 (0.01) |
| ISRperfThirty | 0.00 (8,993.43) | 0.05 (0.08) | 0.01 (0.01) | 0.01 (0.01) |
| ISRShare | 0.00 (491.27) | 0.01* (0.01) | -0.0002 (0.0003) | -0.0002 (0.0003) |
| ISRObjective | -0.00 (272.62) | 0.002 (0.003) | 0.001*** (0.0002) | 0.001*** (0.0002) |
| Age | -0.00 (687.27) | -0.004 (0.01) | -0.001** (0.0005) | -0.002*** (0.0005) |
| EducDiplôme professionnel | -0.0000 (37,167.96) | -0.47 (0.37) | -0.01 (0.03) | -0.01 (0.03) |
| EducBaccalaureat | 0.0000 (34,339.75) | -0.30 (0.35) | -0.01 (0.02) | -0.02 (0.02) |
| EducBac +2 | -0.0000 (32,919.51) | -0.45 (0.33) | -0.002 (0.02) | -0.01 (0.02) |
| EducLicence (Bac +3) | -0.0000 (34,168.03) | -0.24 (0.35) | -0.02 (0.02) | -0.02 (0.02) |
| EducMaster (Bac +5) | -0.00 (30,911.12) | -0.09 (0.31) | -0.01 (0.02) | -0.03 (0.02) |
| ActivProAgriculteurs exploitants | 0.0000 (60,163.23) | 0.26 (0.56) | 0.01 (0.04) | 0.01 (0.04) |
| ActivProCadres moyens | -0.0000 (50,609.50) | 0.43 (0.44) | 0.02 (0.04) | 0.01 (0.04) |
| ActivProEmployés | 0.0000 (64,354.37) | -0.14 (0.54) | 0.06 (0.05) | 0.02 (0.04) |
| ActivProOuvriers | 0.0000 (53,032.36) | 0.62 (0.47) | 0.01 (0.04) | -0.003 (0.04) |
| ActivProPatrons de l’industrie et du commerce | -0.0000 (50,194.93) | 0.31 (0.44) | 0.02 (0.04) | 0.01 (0.03) |
| ActivProPersonnels de services | -0.0000 (52,839.05) | 0.31 (0.47) | -0.01 (0.04) | -0.03 (0.04) |
| ActivProProfessions libérales et cadres supérieurs | -0.0000 (53,582.62) | 0.39 (0.48) | 0.02 (0.04) | 0.004 (0.04) |
| ActivProSalariés de l’agriculture | -0.00 (56,988.21) | 0.23 (0.50) | 0.05 (0.04) | 0.03 (0.04) |
| as.numeric(Wealth) | 0.00 (2,859.49) | 0.005 (0.03) | 0.001 (0.002) | -0.0002 (0.002) |
| as.numeric(Savings) | 0.00 (1,788.80) | 0.002 (0.02) | -0.003** (0.001) | -0.002 (0.001) |
| Disc10 | 0.0000 (26,644.70) | 0.11 (0.26) | 0.01 (0.02) | 0.01 (0.02) |
| Disc500 | 0.0000 (33,453.89) | -0.38 (0.29) | -0.04 (0.02) | -0.04* (0.02) |
| InvestQuizz | 0.0000 (7,723.43) | -0.17** (0.08) | -0.01** (0.01) | -0.01** (0.01) |
| ConsEff | 0.00 (6,110.20) | 0.20*** (0.06) | 0.01*** (0.004) | 0.01*** (0.004) |
| Altruism | 0.00 (8,062.26) | 0.06 (0.07) | 0.001 (0.01) | -0.001 (0.01) |
| RiskSeeking | -0.00 (5,665.53) | 0.01 (0.05) | -0.02*** (0.004) | -0.02*** (0.004) |
| SitFin | -0.00 (4,814.86) | -0.15*** (0.05) | -0.01* (0.003) | -0.003 (0.003) |
| SelfMon | 0.00 (3,871.27) | -0.01 (0.04) | -0.01*** (0.003) | -0.01*** (0.003) |
| PairValueE | 0.0000 (22,135.83) | -0.27 (0.20) | -0.01 (0.02) | -0.01 (0.02) |
| PairValueS | 0.00 (14,173.99) | 0.24* (0.14) | -0.004 (0.01) | -0.01 (0.01) |
| PairValueG | -0.00 (25,493.46) | 0.47** (0.24) | 0.02 (0.02) | 0.03 (0.02) |
| isLCLLCL | 53.13 (21,178.32) | -0.53** (0.23) | -0.03** (0.01) | -0.03** (0.01) |
| Constant | -26.57 (88,990.96) | 0.46 (0.82) | 0.34*** (0.06) | 0.67*** (0.06) |
| Observations | 3,068 | 3,068 | 2,741 | 2,741 |
| R2 | 0.28 | 0.10 | ||
| Adjusted R2 | 0.27 | 0.08 | ||
| Log Likelihood | -0.00 | -903.97 | ||
| Akaike Inf. Crit. | 98.00 | 1,905.95 | ||
| Residual Std. Error (df = 2692) | 0.23 | 0.23 | ||
| F Statistic (df = 48; 2692) | 21.74*** | 6.28*** | ||
| Note: | p<0.1; p<0.05; p<0.01 | |||
4.5.4 Elasticités des régressions avec NA remplacées par la moyenne
| elasticities | elasticities.1 | elasticities.2 | |
| DonBefore | -0.221 | 0.016 | 0.017 |
| ImageConcernPublic | -0.035 | 0.006 | 0.004 |
| NbrFundTwo | 0.757 | 0.138 | -0.025 |
| LabelNoLabel | -0.106 | -0.007 | -0.0004 |
| WWF | 0.044 | 0.008 | 0.006 |
| Wiki | 0.045 | -0.0004 | -0.001 |
| CARE | -0.011 | -0.002 | -0.003 |
| Transp | 0.031 | 0.001 | 0.001 |
| KnowledgeISR | 0.112 | -0.016 | -0.019 |
| SurabISR | -0.590 | -0.036 | -0.032 |
| ISRhelpsS | 0.413 | 0.044 | 0.051 |
| ISRhelpsE | -0.161 | 0.003 | 0.017 |
| ISRrisk | 0.320 | -0.003 | -0.002 |
| ISRimpact | 0.602 | 0.049 | 0.046 |
| ISRcomplice | 0.082 | 0.020 | 0.013 |
| ISRperfOne | -0.071 | 0.004 | 0.004 |
| ISRperfTen | 0.412 | 0.012 | 0.003 |
| ISRperfThirty | 0.189 | 0.034 | 0.042 |
| ISRShare | 0.048 | -0.001 | -0.001 |
| ISRObjective | 0.027 | 0.012 | 0.011 |
| Age | -0.169 | -0.044 | -0.071 |
| EducDiplôme professionnel | -0.040 | -0.001 | -0.001 |
| EducBaccalaureat | -0.056 | -0.001 | -0.003 |
| EducBac +2 | -0.081 | -0.0003 | -0.001 |
| EducLicence (Bac +3) | -0.031 | -0.002 | -0.002 |
| EducMaster (Bac +5) | -0.033 | -0.003 | -0.010 |
| ActivProAgriculteurs exploitants | 0.009 | 0.0003 | 0.0003 |
| ActivProCadres moyens | 0.088 | 0.004 | 0.002 |
| ActivProEmployés | -0.003 | 0.001 | 0.001 |
| ActivProOuvriers | 0.083 | 0.002 | -0.0004 |
| ActivProPatrons de l’industrie et du commerce | 0.110 | 0.007 | 0.002 |
| ActivProPersonnels de services | 0.034 | -0.001 | -0.004 |
| ActivProProfessions libérales et cadres supérieurs | 0.032 | 0.002 | 0.0003 |
| ActivProSalariés de l’agriculture | 0.011 | 0.002 | 0.001 |
| as.numeric(Wealth) | 0.017 | 0.003 | -0.001 |
| as.numeric(Savings) | 0.008 | -0.014 | -0.010 |
| Disc10 | 0.009 | 0.001 | 0.001 |
| Disc500 | -0.018 | -0.002 | -0.002 |
| InvestQuizz | -0.276 | -0.017 | -0.018 |
| ConsEff | 1.115 | 0.082 | 0.081 |
| Altruism | 0.349 | 0.007 | -0.006 |
| RiskSeeking | 0.018 | -0.067 | -0.055 |
| SitFin | -0.610 | -0.025 | -0.013 |
| SelfMon | -0.049 | -0.032 | -0.044 |
| PairValueE | -0.032 | -0.002 | -0.001 |
| PairValueS | 0.089 | -0.002 | -0.002 |
| PairValueG | 0.044 | 0.002 | 0.002 |
| isLCLLCL | -0.438 | -0.028 | -0.027 |
5 Toutes les données sauf LCL
5.1 Description de l’échantillon
Age
[1] 50Genre
Female Male
227 305 Type d’investisseur
DetenteursECD DetenteursEPA DetenteursUC Epargnant ISR
62 23 138 12 43
OPCVM
254 
5.2 Croyances sur l’ISR
5.3 Préférences des thématiques ESG
5.4 Distribution des investissements ISR
Proportion d’investisseurs ne choisissant pas le fonds ISR selon ne nombre de fonds: 5 fonds = 0.15 / 2 fonds = 0.04
5.5 Régressions
Codage des variables dépendantes.
###############################
# Code dependent variables
###############################
# Binary SRI population (yes/no)
# db$PopulationISR<-ifelse(db$ISR==0,0,1)
# Those who invested in SRI
db$ChoseSRI<- ifelse(db$ISR>0, 1,0)
# Proportion to all investments
db$PropISRAllFunds<-ifelse(db$NbrFund=='Five',db$ISR/(db$ISR+db$AE+db$AF+db$PREM+db$HOR),db$ISR/(db$ISR+db$AE))
# Proportion to Conventional Fund
db$PropISRTwoFunds<-db$ISR/(db$ISR+db$AE)5.5.1 Régressions sans NA
Dans cet échantillon il n’y a pas d’investisseurs ISR. Par conséquent il n’y pas la régression logistique.
Les régressions ne sont faites que pour les personnes ayant investi dans le fonds ISR. Dans le cas du choix entre deux fonds les investisseurs ayant investi tout dans le fonds conventionnels auraient été enlevés (dénominateur =0) mais ils se trouvent parmi les NA d’autres variables.
| Dependent variable: | |||
| ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | OLS | OLS | |
| (1) | (2) | (3) | |
| DonBefore | -1.21** (0.60) | -0.01 (0.03) | 0.03 (0.03) |
| ImageConcernPublic | -0.83 (0.62) | 0.01 (0.03) | -0.002 (0.03) |
| NbrFundTwo | 2.24*** (0.65) | 0.26*** (0.03) | -0.03 (0.03) |
| LabelNoLabel | -1.27** (0.58) | 0.04 (0.03) | 0.04 (0.03) |
| WWF | 0.0000 (0.0005) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| Wiki | 0.001 (0.001) | 0.0000 (0.0000) | 0.0000 (0.0000) |
| CARE | -0.001 (0.001) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| Transp | -0.0005 (0.001) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| KnowledgeISR | -0.50*** (0.19) | 0.001 (0.01) | -0.001 (0.01) |
| SurabISR | -0.63*** (0.19) | -0.02* (0.01) | -0.01 (0.01) |
| ISRhelpsS | -0.40 (0.27) | -0.002 (0.01) | -0.01 (0.01) |
| ISRhelpsE | 0.46** (0.21) | 0.03* (0.01) | 0.04*** (0.01) |
| ISRrisk | -0.02 (0.20) | 0.01 (0.01) | 0.02* (0.01) |
| ISRimpact | 0.72*** (0.24) | 0.01 (0.01) | 0.02 (0.01) |
| ISRcomplice | -0.05 (0.17) | 0.01 (0.01) | 0.002 (0.01) |
| ISRperfOne | 0.06 (0.26) | -0.02 (0.01) | -0.01 (0.01) |
| ISRperfTen | -0.29 (0.37) | 0.04* (0.02) | 0.04 (0.02) |
| ISRperfThirty | 0.02 (0.28) | -0.01 (0.02) | -0.01 (0.02) |
| ISRShare | 0.02 (0.02) | 0.0000 (0.001) | -0.0001 (0.001) |
| ISRObjective | -0.004 (0.01) | -0.0000 (0.001) | 0.0001 (0.001) |
| Age | 0.02 (0.02) | -0.001 (0.001) | -0.002 (0.002) |
| EducDiplôme professionnel | -13.78 (2,053.30) | -0.08 (0.11) | -0.01 (0.11) |
| EducBaccalaureat | -13.88 (2,053.30) | -0.04 (0.10) | -0.05 (0.10) |
| EducBac +2 | -12.28 (2,053.30) | -0.07 (0.10) | -0.09 (0.10) |
| EducLicence (Bac +3) | -15.26 (2,053.30) | -0.08 (0.11) | -0.09 (0.11) |
| EducMaster (Bac +5) | -14.03 (2,053.30) | -0.02 (0.10) | -0.06 (0.10) |
| ActivProAgriculteurs exploitants | 1.01 (1.45) | 0.17* (0.09) | 0.15 (0.10) |
| ActivProCadres moyens | 2.62** (1.13) | 0.10 (0.06) | 0.05 (0.06) |
| ActivProEmployés | 1.63 (1.37) | 0.10 (0.10) | 0.13 (0.10) |
| ActivProOuvriers | 2.45** (1.07) | 0.08 (0.06) | 0.06 (0.07) |
| ActivProPatrons de l’industrie et du commerce | 1.61* (0.90) | 0.11* (0.06) | 0.06 (0.06) |
| ActivProPersonnels de services | 20.38 (1,122.04) | 0.04 (0.08) | -0.03 (0.08) |
| ActivProProfessions libérales et cadres supérieurs | 2.33 (1.42) | 0.04 (0.07) | -0.02 (0.08) |
| ActivProSalariés de l’agriculture | 2.64 (1.75) | 0.08 (0.09) | -0.003 (0.09) |
| as.numeric(Wealth) | 0.04 (0.10) | -0.0000 (0.01) | 0.01 (0.01) |
| as.numeric(Savings) | 0.01 (0.07) | -0.0003 (0.003) | 0.003 (0.003) |
| Disc10 | -0.09 (0.78) | 0.04 (0.05) | 0.08* (0.05) |
| Disc500 | -2.32*** (0.79) | -0.05 (0.06) | -0.07 (0.06) |
| InvestQuizz | -0.11 (0.35) | 0.01 (0.02) | -0.01 (0.02) |
| ConsEff | 0.14 (0.29) | 0.01 (0.01) | 0.02 (0.01) |
| Altruism | 0.24 (0.32) | -0.003 (0.02) | -0.02 (0.02) |
| RiskSeeking | 0.45* (0.25) | -0.01 (0.01) | -0.0001 (0.01) |
| SitFin | 0.07 (0.18) | -0.02 (0.01) | -0.03** (0.01) |
| SelfMon | -0.26 (0.26) | -0.02 (0.01) | -0.03** (0.01) |
| PairValueE | 0.03 (0.74) | -0.01 (0.05) | -0.01 (0.05) |
| PairValueS | 1.48* (0.76) | -0.07** (0.03) | -0.05 (0.04) |
| PairValueG | 0.60 (0.80) | -0.05 (0.04) | -0.02 (0.04) |
| Constant | 13.01 (2,053.30) | 0.24 (0.19) | 0.62*** (0.19) |
| Observations | 345 | 310 | 310 |
| R2 | 0.38 | 0.22 | |
| Adjusted R2 | 0.27 | 0.08 | |
| Log Likelihood | -70.16 | ||
| Akaike Inf. Crit. | 236.32 | ||
| Residual Std. Error (df = 262) | 0.22 | 0.22 | |
| F Statistic (df = 47; 262) | 3.43*** | 1.56** | |
| Note: | p<0.1; p<0.05; p<0.01 | ||
5.5.2 Elasticités des régressions sans NA
| elasticities | elasticities.1 | elasticities.2 | |
| DonBefore | -0.004 | 0.014 | 0.014 |
| ImageConcernPublic | 0.008 | -0.001 | -0.001 |
| NbrFundTwo | 0.148 | -0.019 | -0.019 |
| LabelNoLabel | 0.019 | 0.020 | 0.020 |
| WWF | -0.005 | -0.010 | -0.010 |
| Wiki | 0.003 | 0.003 | 0.003 |
| CARE | -0.0004 | -0.001 | -0.001 |
| Transp | -0.003 | -0.002 | -0.002 |
| KnowledgeISR | 0.004 | -0.002 | -0.002 |
| SurabISR | -0.080 | -0.053 | -0.053 |
| ISRhelpsS | -0.010 | -0.063 | -0.063 |
| ISRhelpsE | 0.131 | 0.201 | 0.201 |
| ISRrisk | 0.039 | 0.074 | 0.074 |
| ISRimpact | 0.069 | 0.104 | 0.104 |
| ISRcomplice | 0.026 | 0.008 | 0.008 |
| ISRperfOne | -0.051 | -0.040 | -0.040 |
| ISRperfTen | 0.163 | 0.139 | 0.139 |
| ISRperfThirty | -0.064 | -0.054 | -0.054 |
| ISRShare | 0.0003 | -0.001 | -0.001 |
| ISRObjective | -0.00002 | 0.002 | 0.002 |
| Age | -0.027 | -0.121 | -0.121 |
| EducDiplôme professionnel | -0.004 | -0.0005 | -0.0005 |
| EducBaccalaureat | -0.021 | -0.030 | -0.030 |
| EducBac +2 | -0.008 | -0.011 | -0.011 |
| EducLicence (Bac +3) | -0.004 | -0.005 | -0.005 |
| EducMaster (Bac +5) | -0.003 | -0.009 | -0.009 |
| ActivProAgriculteurs exploitants | 0.005 | 0.004 | 0.004 |
| ActivProCadres moyens | 0.019 | 0.010 | 0.010 |
| ActivProEmployés | 0.003 | 0.004 | 0.004 |
| ActivProOuvriers | 0.019 | 0.014 | 0.014 |
| ActivProPatrons de l’industrie et du commerce | 0.030 | 0.017 | 0.017 |
| ActivProPersonnels de services | 0.003 | -0.002 | -0.002 |
| ActivProProfessions libérales et cadres supérieurs | 0.003 | -0.001 | -0.001 |
| ActivProSalariés de l’agriculture | 0.003 | -0.0001 | -0.0001 |
| as.numeric(Wealth) | -0.0002 | 0.032 | 0.032 |
| as.numeric(Savings) | -0.002 | 0.023 | 0.023 |
| Disc10 | 0.005 | 0.009 | 0.009 |
| Disc500 | -0.003 | -0.005 | -0.005 |
| InvestQuizz | 0.016 | -0.016 | -0.016 |
| ConsEff | 0.035 | 0.073 | 0.073 |
| Altruism | -0.015 | -0.090 | -0.090 |
| RiskSeeking | -0.029 | -0.0005 | -0.0005 |
| SitFin | -0.076 | -0.120 | -0.120 |
| SelfMon | -0.038 | -0.059 | -0.059 |
| PairValueE | -0.002 | -0.001 | -0.001 |
| PairValueS | -0.027 | -0.018 | -0.018 |
| PairValueG | -0.012 | -0.005 | -0.005 |
5.5.3 Régressions avec NA remplacées par la moyenne
Now we replace missing values with population means.
###########################
# Repalc NA with population mean
###########################
db$ISRperfOne[is.na(db$ISRperfOne)]<-mean(db$ISRperfOne,na.rm=T)
db$ISRperfTen[is.na(db$ISRperfTen)]<-mean(db$ISRperfTen,na.rm=T)
db$ISRperfThirty[is.na(db$ISRperfThirty)]<-mean(db$ISRperfThirty,na.rm=T)
db$Wealth<-as.numeric(db$Wealth)
db$Wealth[is.na(db$Wealth)]<-mean(db$Wealth,na.rm=T)
db$Savings<-as.numeric(db$Savings)
db$Savings[is.na(db$Savings)]<-mean(db$Savings,na.rm=T)| Dependent variable: | |||
| ChoseSRI | PropISRAllFunds | PropISRTwoFunds | |
| logistic | OLS | OLS | |
| (1) | (2) | (3) | |
| DonBefore | -1.21*** (0.42) | 0.01 (0.02) | 0.03 (0.02) |
| ImageConcernPublic | -0.60 (0.39) | -0.004 (0.02) | -0.01 (0.02) |
| NbrFundTwo | 2.06*** (0.45) | 0.24*** (0.02) | -0.06*** (0.02) |
| LabelNoLabel | -0.58 (0.38) | -0.01 (0.02) | 0.01 (0.02) |
| WWF | 0.0002 (0.0004) | 0.0000 (0.0000) | -0.0000 (0.0000) |
| Wiki | 0.001 (0.001) | 0.0000 (0.0000) | 0.0000 (0.0000) |
| CARE | -0.001 (0.0004) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| Transp | -0.0002 (0.001) | -0.0000 (0.0000) | -0.0000 (0.0000) |
| KnowledgeISR | -0.34** (0.14) | 0.003 (0.01) | 0.003 (0.01) |
| SurabISR | -0.35*** (0.13) | -0.01* (0.01) | -0.01 (0.01) |
| ISRhelpsS | -0.23 (0.19) | -0.01 (0.01) | -0.004 (0.01) |
| ISRhelpsE | 0.43*** (0.15) | 0.02** (0.01) | 0.03*** (0.01) |
| ISRrisk | 0.14 (0.14) | 0.01 (0.01) | 0.01* (0.01) |
| ISRimpact | 0.17 (0.16) | 0.01 (0.01) | 0.01 (0.01) |
| ISRcomplice | -0.04 (0.12) | 0.01 (0.01) | -0.001 (0.01) |
| ISRperfOne | -0.04 (0.19) | -0.003 (0.01) | 0.004 (0.01) |
| ISRperfTen | -0.06 (0.31) | 0.03 (0.02) | 0.01 (0.02) |
| ISRperfThirty | 0.11 (0.23) | -0.01 (0.01) | -0.002 (0.01) |
| ISRShare | 0.02 (0.02) | -0.001 (0.001) | -0.001 (0.001) |
| ISRObjective | 0.01 (0.01) | 0.001 (0.0004) | 0.001* (0.0004) |
| Age | 0.01 (0.02) | 0.0003 (0.001) | -0.001 (0.001) |
| EducDiplôme professionnel | 0.79 (1.14) | -0.10 (0.07) | -0.05 (0.07) |
| EducBaccalaureat | 0.01 (1.04) | -0.06 (0.07) | -0.06 (0.07) |
| EducBac +2 | 0.92 (1.09) | -0.07 (0.06) | -0.05 (0.06) |
| EducLicence (Bac +3) | 0.36 (1.14) | -0.09 (0.07) | -0.06 (0.07) |
| EducMaster (Bac +5) | 0.37 (1.00) | -0.04 (0.06) | -0.05 (0.06) |
| ActivProAgriculteurs exploitants | 0.53 (1.17) | 0.14* (0.08) | 0.14* (0.08) |
| ActivProCadres moyens | 1.25 (0.83) | 0.06 (0.06) | 0.04 (0.06) |
| ActivProEmployés | 0.69 (1.12) | 0.18** (0.08) | 0.13* (0.07) |
| ActivProOuvriers | 1.46* (0.82) | 0.05 (0.06) | 0.03 (0.06) |
| ActivProPatrons de l’industrie et du commerce | 1.40* (0.77) | 0.06 (0.05) | 0.02 (0.05) |
| ActivProPersonnels de services | 2.28* (1.17) | -0.01 (0.07) | -0.04 (0.07) |
| ActivProProfessions libérales et cadres supérieurs | 1.83* (1.05) | 0.004 (0.06) | -0.04 (0.06) |
| ActivProSalariés de l’agriculture | 1.15 (1.11) | 0.08 (0.07) | 0.01 (0.07) |
| as.numeric(Wealth) | -0.03 (0.08) | -0.004 (0.005) | 0.001 (0.005) |
| as.numeric(Savings) | 0.02 (0.05) | 0.001 (0.003) | 0.003 (0.003) |
| Disc10 | 0.05 (0.66) | 0.01 (0.04) | 0.07 (0.04) |
| Disc500 | -1.47** (0.66) | -0.02 (0.05) | -0.04 (0.05) |
| InvestQuizz | -0.08 (0.25) | 0.002 (0.01) | -0.02 (0.01) |
| ConsEff | 0.16 (0.16) | 0.01 (0.01) | 0.02* (0.01) |
| Altruism | 0.02 (0.22) | -0.003 (0.01) | -0.01 (0.01) |
| RiskSeeking | 0.08 (0.17) | -0.01 (0.01) | -0.004 (0.01) |
| SitFin | -0.02 (0.14) | -0.01 (0.01) | -0.01 (0.01) |
| SelfMon | -0.14 (0.14) | -0.02** (0.01) | -0.02*** (0.01) |
| PairValueE | -0.31 (0.53) | 0.01 (0.04) | 0.01 (0.04) |
| PairValueS | 0.60 (0.49) | -0.04 (0.03) | -0.04 (0.03) |
| PairValueG | 0.84 (0.59) | -0.02 (0.03) | 0.003 (0.03) |
| Constant | 0.65 (2.26) | 0.26* (0.14) | 0.61*** (0.14) |
| Observations | 532 | 482 | 482 |
| R2 | 0.29 | 0.16 | |
| Adjusted R2 | 0.22 | 0.07 | |
| Log Likelihood | -121.35 | ||
| Akaike Inf. Crit. | 338.70 | ||
| Residual Std. Error (df = 434) | 0.23 | 0.23 | |
| F Statistic (df = 47; 434) | 3.81*** | 1.72*** | |
| Note: | p<0.1; p<0.05; p<0.01 | ||
5.5.4 Elasticités des régressions avec NA remplacées par la moyenne
| elasticities | elasticities.1 | elasticities.2 | |
| DonBefore | 0.005 | 0.016 | 0.016 |
| ImageConcernPublic | -0.002 | -0.007 | -0.007 |
| NbrFundTwo | 0.133 | -0.032 | -0.032 |
| LabelNoLabel | -0.003 | 0.003 | 0.003 |
| WWF | 0.002 | -0.001 | -0.001 |
| Wiki | 0.002 | 0.0002 | 0.0002 |
| CARE | -0.003 | -0.004 | -0.004 |
| Transp | -0.004 | -0.003 | -0.003 |
| KnowledgeISR | 0.007 | 0.007 | 0.007 |
| SurabISR | -0.054 | -0.038 | -0.038 |
| ISRhelpsS | -0.038 | -0.023 | -0.023 |
| ISRhelpsE | 0.113 | 0.150 | 0.150 |
| ISRrisk | 0.018 | 0.053 | 0.053 |
| ISRimpact | 0.065 | 0.046 | 0.046 |
| ISRcomplice | 0.030 | -0.005 | -0.005 |
| ISRperfOne | -0.008 | 0.011 | 0.011 |
| ISRperfTen | 0.110 | 0.054 | 0.054 |
| ISRperfThirty | -0.031 | -0.011 | -0.011 |
| ISRShare | -0.005 | -0.008 | -0.008 |
| ISRObjective | 0.011 | 0.015 | 0.015 |
| Age | 0.014 | -0.040 | -0.040 |
| EducDiplôme professionnel | -0.008 | -0.004 | -0.004 |
| EducBaccalaureat | -0.028 | -0.030 | -0.030 |
| EducBac +2 | -0.010 | -0.007 | -0.007 |
| EducLicence (Bac +3) | -0.006 | -0.004 | -0.004 |
| EducMaster (Bac +5) | -0.008 | -0.008 | -0.008 |
| ActivProAgriculteurs exploitants | 0.004 | 0.005 | 0.005 |
| ActivProCadres moyens | 0.011 | 0.006 | 0.006 |
| ActivProEmployés | 0.007 | 0.005 | 0.005 |
| ActivProOuvriers | 0.012 | 0.007 | 0.007 |
| ActivProPatrons de l’industrie et du commerce | 0.017 | 0.006 | 0.006 |
| ActivProPersonnels de services | -0.0003 | -0.002 | -0.002 |
| ActivProProfessions libérales et cadres supérieurs | 0.0003 | -0.004 | -0.004 |
| ActivProSalariés de l’agriculture | 0.003 | 0.0003 | 0.0003 |
| as.numeric(Wealth) | -0.020 | 0.007 | 0.007 |
| as.numeric(Savings) | 0.004 | 0.018 | 0.018 |
| Disc10 | 0.001 | 0.006 | 0.006 |
| Disc500 | -0.001 | -0.003 | -0.003 |
| InvestQuizz | 0.004 | -0.026 | -0.026 |
| ConsEff | 0.056 | 0.071 | 0.071 |
| Altruism | -0.019 | -0.059 | -0.059 |
| RiskSeeking | -0.038 | -0.012 | -0.012 |
| SitFin | -0.023 | -0.051 | -0.051 |
| SelfMon | -0.048 | -0.064 | -0.064 |
| PairValueE | 0.001 | 0.001 | 0.001 |
| PairValueS | -0.016 | -0.015 | -0.015 |
| PairValueG | -0.005 | 0.001 | 0.001 |