Analyses de l’étude des motivations d’investissement ISR
M Heimann & S Pouget
2017-04-25
1 All data
load(file="dataLCLCAGAM.rda")
###############################
# Code dependent variables
###############################
# Binary SRI population (yes/no)
db$PopulationISR<-ifelse(db$P=="DetenteursECD",1,0)
# 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$AE)Pour cacluer les ESG nous avons utilisé le code suivant.
# db$PairE<-ifelse(db$EvsS==1&db$GvsE==2,1,0)
# db$PairS<-ifelse(db$EvsS==2&db$SvsG==1,1,0)
# db$PairG<-ifelse(db$GvsE==2&db$SvsG==2,1,0)Si quelqu’un a toujours choisi E S ou G il est codé 1 pour cette valeur. Les corrélations sont assez faibles, la plus élevé était de .34.
1.1 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.
1.1.1 Choose SRI
| Dependent variable: | |||||
| ChoseSRI | |||||
| (1) | (2) | (3) | (4) | (5) | |
| ConsEff | 0.17*** (0.04) | 0.16*** (0.04) | 0.19*** (0.04) | 0.20*** (0.06) | 0.18*** (0.07) |
| Altruism | 0.16** (0.07) | 0.15** (0.07) | 0.08 (0.09) | 0.15 (0.10) | |
| RiskSeeking | 0.01 (0.05) | 0.02 (0.05) | -0.03 (0.06) | -0.05 (0.07) | |
| PairValueE | -0.27 (0.18) | -0.25 (0.18) | -0.07 (0.23) | -0.19 (0.25) | |
| PairValueS | 0.25* (0.13) | 0.24* (0.13) | 0.29* (0.17) | 0.33* (0.18) | |
| PairValueG | 0.43* (0.22) | 0.39* (0.22) | 0.68** (0.28) | 0.66** (0.31) | |
| Disc10 | 0.07 (0.23) | 0.03 (0.28) | 0.22 (0.32) | ||
| SelfMon | -0.05* (0.03) | -0.03 (0.04) | -0.02 (0.05) | ||
| KnowledgeISR | 0.03 (0.05) | 0.04 (0.06) | |||
| SurabISR | -0.13*** (0.05) | -0.12** (0.05) | |||
| ISRhelpsS | 0.02 (0.07) | -0.04 (0.08) | |||
| ISRhelpsE | -0.01 (0.07) | -0.05 (0.08) | |||
| ISRrisk | 0.08 (0.05) | 0.05 (0.06) | |||
| ISRimpact | 0.14** (0.06) | 0.21*** (0.07) | |||
| ISRcomplice | -0.01 (0.05) | 0.003 (0.05) | |||
| ISRperfOne | -0.07 (0.09) | -0.08 (0.10) | |||
| ISRperfTen | 0.18 (0.12) | 0.17 (0.13) | |||
| ISRperfThirty | 0.03 (0.09) | 0.05 (0.10) | |||
| ISRShare | 0.01 (0.01) | 0.01 (0.01) | |||
| ISRObjective | 0.005 (0.004) | 0.01* (0.005) | |||
| InvestQuizz | -0.22** (0.09) | -0.27*** (0.10) | |||
| NbrFundTwo | 1.36*** (0.17) | 1.40*** (0.18) | |||
| Age | -0.004 (0.01) | ||||
| EducDiplôme professionnel | -0.27 (0.52) | ||||
| EducBaccalaureat | -0.32 (0.49) | ||||
| EducBac +2 | -0.17 (0.47) | ||||
| EducLicence (Bac +3) | -0.04 (0.49) | ||||
| EducMaster (Bac +5) | -0.09 (0.44) | ||||
| ActivProAgriculteurs exploitants | 0.20 (0.71) | ||||
| ActivProCadres moyens | 0.20 (0.57) | ||||
| ActivProEmployés | -0.35 (0.72) | ||||
| ActivProOuvriers | 0.44 (0.61) | ||||
| ActivProPatrons de l’industrie et du commerce | 0.005 (0.56) | ||||
| ActivProPersonnels de services | 0.41 (0.61) | ||||
| ActivProProfessions libérales et cadres supérieurs | 0.03 (0.62) | ||||
| ActivProSalariés de l’agriculture | 0.27 (0.65) | ||||
| as.numeric(Wealth) | 0.01 (0.03) | ||||
| as.numeric(Savings) | 0.002 (0.02) | ||||
| Constant | 1.23*** (0.20) | 0.27 (0.43) | 0.36 (0.44) | -0.53 (0.67) | -0.52 (1.04) |
| Observations | 3,068 | 3,068 | 3,068 | 2,164 | 1,856 |
| Log Likelihood | -1,030.71 | -1,022.84 | -1,021.42 | -636.42 | -542.15 |
| Akaike Inf. Crit. | 2,065.42 | 2,059.67 | 2,060.84 | 1,318.83 | 1,162.30 |
| Note: | p<0.1; p<0.05; p<0.01 | ||||
1.1.2 Proportion ISR all funds
| Dependent variable: | |||||
| PropISRAllFunds | |||||
| (1) | (2) | (3) | (4) | (5) | |
| ConsEff | 0.01** (0.004) | 0.01* (0.004) | 0.01*** (0.004) | 0.01*** (0.004) | 0.01* (0.01) |
| Altruism | 0.01* (0.01) | 0.01* (0.01) | 0.001 (0.01) | -0.003 (0.01) | |
| RiskSeeking | -0.02*** (0.004) | -0.02*** (0.004) | -0.01*** (0.004) | -0.02*** (0.01) | |
| PairValueE | -0.03* (0.02) | -0.03 (0.02) | -0.02 (0.02) | -0.02 (0.02) | |
| PairValueS | -0.01 (0.01) | -0.01 (0.01) | -0.0002 (0.01) | -0.002 (0.01) | |
| PairValueG | 0.01 (0.02) | 0.002 (0.02) | 0.02 (0.02) | 0.02 (0.02) | |
| Disc10 | -0.02 (0.02) | -0.01 (0.02) | 0.01 (0.02) | ||
| SelfMon | -0.01*** (0.003) | -0.01*** (0.003) | -0.01** (0.003) | ||
| KnowledgeISR | -0.01* (0.004) | -0.01 (0.004) | |||
| SurabISR | -0.01** (0.003) | -0.01** (0.004) | |||
| ISRhelpsS | 0.01 (0.01) | 0.01 (0.01) | |||
| ISRhelpsE | -0.003 (0.01) | 0.002 (0.01) | |||
| ISRrisk | 0.004 (0.004) | 0.003 (0.004) | |||
| ISRimpact | 0.02*** (0.005) | 0.02*** (0.01) | |||
| ISRcomplice | 0.01 (0.003) | 0.005 (0.004) | |||
| ISRperfOne | 0.01 (0.01) | 0.003 (0.01) | |||
| ISRperfTen | -0.001 (0.01) | -0.002 (0.01) | |||
| ISRperfThirty | 0.01 (0.01) | 0.01 (0.01) | |||
| ISRShare | 0.0000 (0.0004) | -0.0001 (0.0004) | |||
| ISRObjective | 0.001*** (0.0002) | 0.001*** (0.0002) | |||
| InvestQuizz | -0.01* (0.01) | -0.003 (0.01) | |||
| NbrFundTwo | 0.25*** (0.01) | 0.25*** (0.01) | |||
| Age | -0.001* (0.001) | ||||
| EducDiplôme professionnel | 0.01 (0.04) | ||||
| EducBaccalaureat | -0.003 (0.03) | ||||
| EducBac +2 | 0.02 (0.03) | ||||
| EducLicence (Bac +3) | -0.01 (0.03) | ||||
| EducMaster (Bac +5) | -0.01 (0.03) | ||||
| ActivProAgriculteurs exploitants | 0.02 (0.05) | ||||
| ActivProCadres moyens | 0.03 (0.04) | ||||
| ActivProEmployés | 0.06 (0.06) | ||||
| ActivProOuvriers | 0.02 (0.05) | ||||
| ActivProPatrons de l’industrie et du commerce | 0.03 (0.04) | ||||
| ActivProPersonnels de services | -0.003 (0.05) | ||||
| ActivProProfessions libérales et cadres supérieurs | 0.05 (0.05) | ||||
| ActivProSalariés de l’agriculture | 0.06 (0.05) | ||||
| as.numeric(Wealth) | -0.0000 (0.002) | ||||
| as.numeric(Savings) | -0.003* (0.002) | ||||
| Constant | 0.44*** (0.02) | 0.45*** (0.04) | 0.47*** (0.04) | 0.21*** (0.05) | 0.26*** (0.08) |
| Observations | 2,741 | 2,741 | 2,741 | 1,942 | 1,663 |
| R2 | 0.002 | 0.01 | 0.02 | 0.27 | 0.28 |
| Adjusted R2 | 0.002 | 0.01 | 0.01 | 0.27 | 0.26 |
| Residual Std. Error | 0.27 (df = 2739) | 0.27 (df = 2734) | 0.27 (df = 2732) | 0.23 (df = 1919) | 0.23 (df = 1624) |
| F Statistic | 6.02** (df = 1; 2739) | 5.73*** (df = 6; 2734) | 5.90*** (df = 8; 2732) | 33.08*** (df = 22; 1919) | 16.65*** (df = 38; 1624) |
| Note: | p<0.1; p<0.05; p<0.01 | ||||
1.1.3 Proportion ISR two funds
| Dependent variable: | |||||
| PropISRTwoFunds | |||||
| (1) | (2) | (3) | (4) | (5) | |
| ConsEff | 0.01*** (0.003) | 0.01*** (0.003) | 0.02*** (0.004) | 0.01*** (0.004) | 0.01** (0.01) |
| Altruism | 0.01* (0.01) | 0.01 (0.01) | 0.0000 (0.01) | -0.004 (0.01) | |
| RiskSeeking | -0.01*** (0.004) | -0.01*** (0.004) | -0.01** (0.004) | -0.01*** (0.01) | |
| PairValueE | -0.04*** (0.02) | -0.04** (0.02) | -0.03* (0.02) | -0.02 (0.02) | |
| PairValueS | -0.004 (0.01) | -0.01 (0.01) | -0.005 (0.01) | -0.002 (0.01) | |
| PairValueG | 0.05*** (0.02) | 0.04** (0.02) | 0.03 (0.02) | 0.02 (0.02) | |
| Disc10 | 0.003 (0.02) | 0.002 (0.02) | 0.02 (0.02) | ||
| SelfMon | -0.01*** (0.003) | -0.01*** (0.003) | -0.01*** (0.003) | ||
| KnowledgeISR | -0.01* (0.004) | -0.01 (0.004) | |||
| SurabISR | -0.01** (0.003) | -0.005 (0.004) | |||
| ISRhelpsS | 0.01* (0.01) | 0.01 (0.01) | |||
| ISRhelpsE | -0.001 (0.01) | 0.01 (0.01) | |||
| ISRrisk | 0.003 (0.004) | 0.002 (0.004) | |||
| ISRimpact | 0.02*** (0.005) | 0.02*** (0.01) | |||
| ISRcomplice | 0.004 (0.003) | 0.004 (0.004) | |||
| ISRperfOne | 0.004 (0.01) | 0.003 (0.01) | |||
| ISRperfTen | -0.002 (0.01) | -0.003 (0.01) | |||
| ISRperfThirty | 0.01 (0.01) | 0.01 (0.01) | |||
| ISRShare | -0.0001 (0.0004) | -0.0001 (0.0004) | |||
| ISRObjective | 0.001*** (0.0002) | 0.001*** (0.0002) | |||
| InvestQuizz | -0.01* (0.01) | -0.005 (0.01) | |||
| NbrFundTwo | -0.04*** (0.01) | -0.05*** (0.01) | |||
| Age | -0.002*** (0.001) | ||||
| EducDiplôme professionnel | -0.01 (0.04) | ||||
| EducBaccalaureat | -0.02 (0.03) | ||||
| EducBac +2 | -0.01 (0.03) | ||||
| EducLicence (Bac +3) | -0.02 (0.03) | ||||
| EducMaster (Bac +5) | -0.04 (0.03) | ||||
| ActivProAgriculteurs exploitants | 0.02 (0.05) | ||||
| ActivProCadres moyens | 0.02 (0.04) | ||||
| ActivProEmployés | 0.03 (0.06) | ||||
| ActivProOuvriers | 0.01 (0.05) | ||||
| ActivProPatrons de l’industrie et du commerce | 0.02 (0.04) | ||||
| ActivProPersonnels de services | -0.03 (0.05) | ||||
| ActivProProfessions libérales et cadres supérieurs | 0.01 (0.05) | ||||
| ActivProSalariés de l’agriculture | 0.04 (0.05) | ||||
| as.numeric(Wealth) | 0.0003 (0.002) | ||||
| as.numeric(Savings) | -0.002 (0.002) | ||||
| Constant | 0.55*** (0.02) | 0.54*** (0.04) | 0.56*** (0.04) | 0.51*** (0.05) | 0.61*** (0.08) |
| Observations | 2,741 | 2,741 | 2,741 | 1,942 | 1,663 |
| R2 | 0.01 | 0.02 | 0.03 | 0.08 | 0.10 |
| Adjusted R2 | 0.01 | 0.02 | 0.02 | 0.07 | 0.08 |
| Residual Std. Error | 0.24 (df = 2739) | 0.24 (df = 2734) | 0.24 (df = 2732) | 0.23 (df = 1919) | 0.23 (df = 1624) |
| F Statistic | 17.70*** (df = 1; 2739) | 8.55*** (df = 6; 2734) | 9.29*** (df = 8; 2732) | 7.58*** (df = 22; 1919) | 4.59*** (df = 38; 1624) |
| Note: | p<0.1; p<0.05; p<0.01 | ||||
1.2 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)1.2.1 Choose SRI
| Dependent variable: | |||||
| ChoseSRI | |||||
| (1) | (2) | (3) | (4) | (5) | |
| ConsEff | 0.17*** (0.04) | 0.16*** (0.04) | 0.19*** (0.04) | 0.18*** (0.05) | 0.18*** (0.05) |
| Altruism | 0.16** (0.07) | 0.15** (0.07) | 0.07 (0.07) | 0.07 (0.07) | |
| RiskSeeking | 0.01 (0.05) | 0.02 (0.05) | 0.001 (0.05) | -0.0000 (0.05) | |
| PairValueE | -0.27 (0.18) | -0.25 (0.18) | -0.26 (0.19) | -0.27 (0.19) | |
| PairValueS | 0.25* (0.13) | 0.24* (0.13) | 0.22 (0.14) | 0.23* (0.14) | |
| PairValueG | 0.43* (0.22) | 0.39* (0.22) | 0.50** (0.23) | 0.50** (0.24) | |
| Disc10 | 0.07 (0.23) | 0.01 (0.24) | -0.0004 (0.24) | ||
| SelfMon | -0.05* (0.03) | -0.03 (0.03) | -0.03 (0.04) | ||
| KnowledgeISR | 0.03 (0.04) | 0.03 (0.04) | |||
| SurabISR | -0.13*** (0.04) | -0.13*** (0.04) | |||
| ISRhelpsS | 0.07 (0.06) | 0.07 (0.06) | |||
| ISRhelpsE | -0.02 (0.06) | -0.03 (0.06) | |||
| ISRrisk | 0.08* (0.04) | 0.08* (0.04) | |||
| ISRimpact | 0.12** (0.05) | 0.12*** (0.05) | |||
| ISRcomplice | 0.02 (0.04) | 0.02 (0.04) | |||
| ISRperfOne | -0.02 (0.08) | -0.02 (0.08) | |||
| ISRperfTen | 0.10 (0.10) | 0.10 (0.10) | |||
| ISRperfThirty | 0.05 (0.08) | 0.05 (0.08) | |||
| ISRShare | 0.01 (0.01) | 0.01* (0.01) | |||
| ISRObjective | 0.003 (0.003) | 0.003 (0.003) | |||
| InvestQuizz | -0.18** (0.07) | -0.19** (0.08) | |||
| NbrFundTwo | 1.45*** (0.14) | 1.45*** (0.14) | |||
| Age | -0.002 (0.01) | ||||
| EducDiplôme professionnel | -0.35 (0.36) | ||||
| EducBaccalaureat | -0.10 (0.34) | ||||
| EducBac +2 | -0.35 (0.33) | ||||
| EducLicence (Bac +3) | -0.12 (0.34) | ||||
| EducMaster (Bac +5) | -0.05 (0.31) | ||||
| ActivProAgriculteurs exploitants | 0.15 (0.55) | ||||
| ActivProCadres moyens | 0.23 (0.44) | ||||
| ActivProEmployés | -0.27 (0.54) | ||||
| ActivProOuvriers | 0.35 (0.47) | ||||
| ActivProPatrons de l’industrie et du commerce | 0.06 (0.43) | ||||
| ActivProPersonnels de services | 0.19 (0.46) | ||||
| ActivProProfessions libérales et cadres supérieurs | 0.18 (0.48) | ||||
| ActivProSalariés de l’agriculture | 0.04 (0.50) | ||||
| as.numeric(Wealth) | -0.01 (0.03) | ||||
| as.numeric(Savings) | -0.004 (0.02) | ||||
| Constant | 1.23*** (0.20) | 0.27 (0.43) | 0.36 (0.44) | -0.67 (0.56) | -0.56 (0.79) |
| Observations | 3,068 | 3,068 | 3,068 | 3,068 | 3,068 |
| Log Likelihood | -1,030.71 | -1,022.84 | -1,021.42 | -926.48 | -922.63 |
| Akaike Inf. Crit. | 2,065.42 | 2,059.67 | 2,060.84 | 1,898.96 | 1,923.25 |
| Note: | p<0.1; p<0.05; p<0.01 | ||||
1.2.2 Proportion ISR all funds
| Dependent variable: | |||||
| PropISRAllFunds | |||||
| (1) | (2) | (3) | (4) | (5) | |
| ConsEff | 0.01** (0.004) | 0.01* (0.004) | 0.01*** (0.004) | 0.01*** (0.004) | 0.01*** (0.004) |
| Altruism | 0.01* (0.01) | 0.01* (0.01) | 0.002 (0.01) | 0.002 (0.01) | |
| RiskSeeking | -0.02*** (0.004) | -0.02*** (0.004) | -0.02*** (0.004) | -0.02*** (0.004) | |
| PairValueE | -0.03* (0.02) | -0.03 (0.02) | -0.02 (0.02) | -0.02 (0.02) | |
| PairValueS | -0.01 (0.01) | -0.01 (0.01) | -0.004 (0.01) | -0.003 (0.01) | |
| PairValueG | 0.01 (0.02) | 0.002 (0.02) | 0.02 (0.02) | 0.02 (0.02) | |
| Disc10 | -0.02 (0.02) | -0.005 (0.02) | -0.003 (0.02) | ||
| SelfMon | -0.01*** (0.003) | -0.01*** (0.003) | -0.01*** (0.003) | ||
| KnowledgeISR | -0.01*** (0.003) | -0.01** (0.003) | |||
| SurabISR | -0.01*** (0.003) | -0.01*** (0.003) | |||
| ISRhelpsS | 0.01 (0.005) | 0.01 (0.005) | |||
| ISRhelpsE | -0.001 (0.005) | 0.0005 (0.005) | |||
| ISRrisk | 0.0001 (0.003) | -0.0003 (0.003) | |||
| ISRimpact | 0.01*** (0.004) | 0.01*** (0.004) | |||
| ISRcomplice | 0.003 (0.003) | 0.005 (0.003) | |||
| ISRperfOne | 0.002 (0.01) | 0.001 (0.01) | |||
| ISRperfTen | 0.003 (0.01) | 0.004 (0.01) | |||
| ISRperfThirty | 0.01 (0.01) | 0.01 (0.01) | |||
| ISRShare | -0.0002 (0.0003) | -0.0002 (0.0003) | |||
| ISRObjective | 0.001*** (0.0002) | 0.001*** (0.0002) | |||
| InvestQuizz | -0.02*** (0.01) | -0.01** (0.01) | |||
| NbrFundTwo | 0.25*** (0.01) | 0.25*** (0.01) | |||
| Age | -0.001** (0.0005) | ||||
| EducDiplôme professionnel | -0.01 (0.03) | ||||
| EducBaccalaureat | -0.001 (0.02) | ||||
| EducBac +2 | 0.002 (0.02) | ||||
| EducLicence (Bac +3) | -0.01 (0.02) | ||||
| EducMaster (Bac +5) | -0.01 (0.02) | ||||
| ActivProAgriculteurs exploitants | 0.01 (0.04) | ||||
| ActivProCadres moyens | 0.01 (0.04) | ||||
| ActivProEmployés | 0.05 (0.05) | ||||
| ActivProOuvriers | 0.004 (0.04) | ||||
| ActivProPatrons de l’industrie et du commerce | 0.01 (0.04) | ||||
| ActivProPersonnels de services | -0.02 (0.04) | ||||
| ActivProProfessions libérales et cadres supérieurs | 0.01 (0.04) | ||||
| ActivProSalariés de l’agriculture | 0.05 (0.04) | ||||
| as.numeric(Wealth) | -0.0003 (0.002) | ||||
| as.numeric(Savings) | -0.003** (0.001) | ||||
| Constant | 0.44*** (0.02) | 0.45*** (0.04) | 0.47*** (0.04) | 0.26*** (0.04) | 0.32*** (0.06) |
| Observations | 2,741 | 2,741 | 2,741 | 2,741 | 2,741 |
| R2 | 0.002 | 0.01 | 0.02 | 0.26 | 0.27 |
| Adjusted R2 | 0.002 | 0.01 | 0.01 | 0.26 | 0.26 |
| Residual Std. Error | 0.27 (df = 2739) | 0.27 (df = 2734) | 0.27 (df = 2732) | 0.23 (df = 2718) | 0.23 (df = 2702) |
| F Statistic | 6.02** (df = 1; 2739) | 5.73*** (df = 6; 2734) | 5.90*** (df = 8; 2732) | 43.78*** (df = 22; 2718) | 26.20*** (df = 38; 2702) |
| Note: | p<0.1; p<0.05; p<0.01 | ||||
1.2.3 Proportion ISR two funds
| Dependent variable: | |||||
| PropISRTwoFunds | |||||
| (1) | (2) | (3) | (4) | (5) | |
| ConsEff | 0.01*** (0.003) | 0.01*** (0.003) | 0.02*** (0.004) | 0.01*** (0.004) | 0.01*** (0.004) |
| Altruism | 0.01* (0.01) | 0.01 (0.01) | -0.001 (0.01) | -0.001 (0.01) | |
| RiskSeeking | -0.01*** (0.004) | -0.01*** (0.004) | -0.01*** (0.004) | -0.02*** (0.004) | |
| PairValueE | -0.04*** (0.02) | -0.04** (0.02) | -0.02 (0.02) | -0.02 (0.02) | |
| PairValueS | -0.004 (0.01) | -0.01 (0.01) | -0.01 (0.01) | -0.004 (0.01) | |
| PairValueG | 0.05*** (0.02) | 0.04** (0.02) | 0.03 (0.02) | 0.03* (0.02) | |
| Disc10 | 0.003 (0.02) | -0.003 (0.02) | 0.0002 (0.02) | ||
| SelfMon | -0.01*** (0.003) | -0.01*** (0.003) | -0.01*** (0.003) | ||
| KnowledgeISR | -0.01*** (0.003) | -0.01** (0.003) | |||
| SurabISR | -0.01*** (0.003) | -0.01*** (0.003) | |||
| ISRhelpsS | 0.01* (0.005) | 0.01* (0.005) | |||
| ISRhelpsE | 0.001 (0.005) | 0.003 (0.005) | |||
| ISRrisk | 0.0003 (0.003) | -0.0001 (0.003) | |||
| ISRimpact | 0.01*** (0.004) | 0.01*** (0.004) | |||
| ISRcomplice | 0.002 (0.003) | 0.003 (0.003) | |||
| ISRperfOne | 0.002 (0.01) | 0.001 (0.01) | |||
| ISRperfTen | 0.001 (0.01) | 0.001 (0.01) | |||
| ISRperfThirty | 0.01* (0.01) | 0.01* (0.01) | |||
| ISRShare | -0.0001 (0.0003) | -0.0002 (0.0003) | |||
| ISRObjective | 0.001*** (0.0002) | 0.001*** (0.0002) | |||
| InvestQuizz | -0.02*** (0.01) | -0.01** (0.01) | |||
| NbrFundTwo | -0.05*** (0.01) | -0.05*** (0.01) | |||
| Age | -0.002*** (0.0005) | ||||
| EducDiplôme professionnel | -0.01 (0.03) | ||||
| EducBaccalaureat | -0.01 (0.02) | ||||
| EducBac +2 | -0.003 (0.02) | ||||
| EducLicence (Bac +3) | -0.01 (0.02) | ||||
| EducMaster (Bac +5) | -0.03 (0.02) | ||||
| ActivProAgriculteurs exploitants | 0.01 (0.04) | ||||
| ActivProCadres moyens | 0.004 (0.03) | ||||
| ActivProEmployés | 0.02 (0.04) | ||||
| ActivProOuvriers | -0.01 (0.04) | ||||
| ActivProPatrons de l’industrie et du commerce | -0.001 (0.03) | ||||
| ActivProPersonnels de services | -0.04 (0.04) | ||||
| ActivProProfessions libérales et cadres supérieurs | -0.002 (0.04) | ||||
| ActivProSalariés de l’agriculture | 0.03 (0.04) | ||||
| as.numeric(Wealth) | -0.001 (0.002) | ||||
| as.numeric(Savings) | -0.002 (0.001) | ||||
| Constant | 0.55*** (0.02) | 0.54*** (0.04) | 0.56*** (0.04) | 0.56*** (0.04) | 0.67*** (0.06) |
| Observations | 2,741 | 2,741 | 2,741 | 2,741 | 2,741 |
| R2 | 0.01 | 0.02 | 0.03 | 0.07 | 0.09 |
| Adjusted R2 | 0.01 | 0.02 | 0.02 | 0.07 | 0.08 |
| Residual Std. Error | 0.24 (df = 2739) | 0.24 (df = 2734) | 0.24 (df = 2732) | 0.23 (df = 2718) | 0.23 (df = 2702) |
| F Statistic | 17.70*** (df = 1; 2739) | 8.55*** (df = 6; 2734) | 9.29*** (df = 8; 2732) | 9.98*** (df = 22; 2718) | 7.06*** (df = 38; 2702) |
| Note: | p<0.1; p<0.05; p<0.01 | ||||
1.3 Figures
1.3.1 Choose SRI
1.3.2 Proportion ISR all funds
1.3.3 Proportion ISR two funds
2 Measurement check consumer effectiveness - moral imperative
Lorsque vous faîtes un choix, vous prenez en compte ce qui serait bien pour la société et l’environnement si tout le monde faisait le même choix. Traduction: When you make a choice, you do take into account what would be good for society and the environment if everyone made the same choice as you.
Lorsque je n’ai pas d’impact sur l’environnement et la société, je ne me préoccupe pas des conséquences globales de mes actions. Traduction: When I have no impact on the environment and society, I do not care about the overall consequences of my actions.
Significance levels: p < .001: , p < .01: ,p < .05:
| Consumer effectiveness | When you make a choice, you do take into account what would be good for society and the environment if everyone made the same choice as you. | |
| Consumer effectiveness | ||
| When you make a choice, you do take into account what would be good for society and the environment if everyone made the same choice as you. | 0.36* * * | |
| When I have no impact on the environment and society, I do not care about the overall consequences of my actions. | -0.66* * * | -0.31* * * |