Behavioral perspective on sustainable finance: Nudging investors toward SRI

Gup a, Amisha; Goswami, Shumalini
A icle
Beha io al pe spec i e on sus ainable inance: Nudging
in es o s owa d SRI
Asian Jou nal o Economics and Banking (AJEB)
P o ided in Coope a ion wi h:
Ho Chi Minh Uni e si y o Banking (HUB), Ho Chi Minh Ci y
Sugges ed Ci a ion: Gup a, Amisha; Goswami, Shumalini (2024) : Beha io al pe spec i e on
sus ainable inance: Nudging in es o s owa d SRI, Asian Jou nal o Economics and Banking (AJEB),
ISSN 2633-7991, Eme ald, Leeds, Vol. 8, Iss. 3, pp. 366-390,
h ps://doi.o g/10.1108/AJEB-05-2023-0043
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/334129
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Beha io al pe spec i e
on sus ainable inance:
nudging in es o s owa d SRI
Amisha Gup a and Shumalini Goswami
The Business School, Uni e si y o Jammu, Jammu, India
Abs ac
Pu pose –The s udy examines he impac o beha io al biases, such as he d beha io , o e con idence and
eac ions o ESG News, on Socially Responsible In es ing (SRI) decisions in he Indian con ex . Addi ionally, i
explo es gende di e ences in SRI decisions, he eby deepening he unde s anding o he ac o s shaping SRI
choices and hei implica ions o sus ainable inance and gende -inclusi e in es men s a egies.
Design/me hodology/app oach –The s udy employs Bayesian linea eg ession o analyze he impac o
beha io al biases on SRI decisions among Indian in es o s since i accommoda es unce ain ies and in eg a es
p io knowledge in o he analysis. Pos e io dis ibu ions a e de e mined using he Ma ko chain Mon e Ca lo
echnique, ensu ing obus and eliable esul s.
Findings –The p esence o beha io al biases p esen s challenges and oppo uni ies in he inancial sec o ,
hinde ing in es o s’SRI engagemen bu o e ing aluable oppo uni ies o a ge ed in e en ions. Pee
ad ice and ho s ocks s ongly p edic SRI engagemen , indica ing ex e nal in luences. In es o s eac ing o
ex eme ESG e en s inc easingly in eg a e sus ainabili y in o in es men decisions. Gende di e ences e eal
a g ea e inclina ion o women owa ds SRI in India.
Resea ch limi a ions/implica ions –The sample size was ela i ely small and es ic ed o a speci ic
geog aphic egion, which may limi he gene alizabili y o he indings o o he a eas. While e o s we e made
o selec a di e se sample, he esul s may ep esen some hing di e en han he b oade popula ion. The
esea ch ocused solely on indi idual in es o s and did no conside he pe spec i es o ins i u ional in es o s
o o he s akeholde s in he SRI indus y.
P ac ical implica ions –The s udy’s p ac ical implica ions a e wo old. Fi s , knowing how beha io al
biases, such as he d beha io , o e con idence, and eac ions o ESG news, a ec SRI decisions can help
in es o s and manage s make be e and mo e sus ainable in es men decisions. To educe biases and
encou age esponsible in es ing, s a egiesmigh be c ea ed. In addi ion, he disco e y o gende di e ences in
SRI decisions, wi h women showing a s onge p opensi y, emphasizes he need o a ge ed ma ke ing and
communica ion s a egies o p omo e mo e engagemen in sus ainable inance. These implica ions p o ide
aluable insigh s o in es o s, manage s, and policymake s seeking o ad ance sus ainable in es men
p ac ices.
Social implica ions –The s udy has impo an social implica ions. I o e s insigh s in o he ac o s
in luencing indi iduals’SRI decisions, con ibu ing o g ea e awa eness and esponsible in es men p ac ices.
The gende dispa i ies ound in he s udy se e as a eminde o he impo ance o inclusi i y in sus ainable
inance o p omo e balanced and equi able pa icipa ion. Add essing hese dispa i ies can empowe
indi iduals o bo h gende s o con ibu e o posi i e social and en i onmen al change. O e all, he s udy
encou ages esponsible in es ing and has a bene icial social impac by wo king owa ds a mo e sus ainable
and socially conscious inancial sys em.
O iginali y/ alue –This s udy add esses a signi ican esea ch gap by employing Bayesian linea eg ession
me hod o examine he impac o beha io al biases on SRI decisions he eby o e ing mo e meaning ul esul s
compa ed o con en ional equen is es ima ion. Fu he mo e, he in eg a ion o beha io al inance wi h
sus ainable inance o e s no el pe spec i es, con ibu ing o he unde s anding o in es o s, in es men
AJEB
8,3
366
JEL Classi ica ion —Bayesian analysis (C11), Po olio Choice; In es men Decisions (G11),
Beha io al Finance: Gene al (G40), En i onmen and G ow h (O44), Sus ainable De elopmen (Q01)
© Amisha Gup a and Shumalini Goswami. Published in Asian Jou nal o Economics and Banking.
Published by Eme ald Publishing Limi ed. This a icle is published unde he C ea i e Commons
A ibu ion (CC BY 4.0) licence. Anyone may ep oduce, dis ibu e, ansla e and c ea e de i a i e wo ks
o his a icle ( o bo h comme cial and non-comme cial pu poses), subjec o ull a ibu ion o he
o iginal publica ion and au ho s. The ull e ms o his licence may be seen a h p://c ea i ecommons.
o g/licences/by/4.0/legalcode
The cu en issue and ull ex a chi e o his jou nal is a ailable on Eme ald Insigh a :
h ps://www.eme ald.com/insigh /2615-9821.h m
Recei ed 16 May 2023
Re ised 4 Decembe 2023
27 Feb ua y 2024
19 Ap il 2024
9 May 2024
13 May 2024
Accep ed 23 May 2024
Asian Jou nal o Economics and
Banking
Vol. 8 No. 3, 2024
pp. 366-390
Eme ald Publishing Limi ed
e-ISSN: 2633-7991
p-ISSN: 2615-9821
DOI 10.1108/AJEB-05-2023-0043
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
manage s, and policymake s, he e o e, ca alyzing esponsible capi al alloca ion. The s udy’s explo a ion o
gende dynamics adds a new dimension o he exis ing esea ch on SRI and beha io al inance.
Keywo ds Beha io al inance, SRI, ESG, Sus ainable inance, Beha io al biases, Asian inancial ma ke s,
G40 beha io al inance: gene al, G11 po olio choice; in es men decisions, C11 Bayesian analysis: gene al,
O44 en i onmen and g ow h, Q01 sus ainable de elopmen
Pape ype Resea ch pape
1. In oduc ion
The wo ld con on s unp eceden ed challenges including clima e change, popula ion g ow h,
esou ce deple ion, and escala ing pollu ion, exace ba ed by globaliza ion (Baidya and Saha,
2024;McKenna, 2024). This has led o a signi ican economic shi owa ds sus ainabili y
since hese issues now g ea ly impac he global economy (Amundi, 2023;Ali e al., 2022a,b,c,
d;2024a,b;Bee baum and Puaschunde , 2018;Ca ney, 2015;Ka and Kou , 2023).
In esponse o his, Sus ainable Finance has eme ged as a pi o al solu ion, edi ec ing capi al
owa ds en i onmen ally and socially esponsible companies, p omo ing a low-ca bon ci cula
economy (UNEP-FI, 2017;Le ine, 2004;Schoenmake and Sch amade, 2019). Fu he mo e, he
in eg a ion o ESG p inciples in o co po a e and in es men s a egies has p opelled he p og ess
owa ds SDGs h ough socially esponsible in es ing (A e een and Shimada, 2020;Camille i, 2017;
Goel e al., 2022;Risi e al., 2021;Vishali and Sha i, 2024). This has p omp ed i ms o add ess
nega i e socie al impac s, while also in luencing a company’s cos o capi al based on
en i onmen al and go e nance p ac ices (Busch e al., 2015;Heinkel e al., 2001;Vanwalleghem,
2017;Yada e al., 2023). No ably, he a e ma h o e en s like he Asian inancial c isis (1997–98)
highligh s he signi icance o anspa ency and e icien co po a e go e nance in na iga ing
inancial challenges and p omo ing long- e m sus ainabili y (Ali e al., 2024a,b).
Howe e , gaps pe sis in sus ainable inance esea ch, pa icula ly in unde s anding he
mo i a ions d i ing SRI. This unde s anding is c ucial o guiding in es men decisions
owa ds sus ainabili y (K €
aussl e al., 2023), especially in eme ging ma ke s like India, which
ace unding de ici s and in es men gaps (Goel e al., 2022). Companies in es ing in g een
businesses a e an icipa ed o bene i in he long- e m, emphasizing he c i ical ole o capi al
alloca ion in p omo ing sus ainabili y (Shah, 2024;S a , 2023). Recen s udies highligh he
complexi y o in es o beha io in SRI, speci ically in unde explo ed egions like India
(Vishali and Sha i, 2024;Kuma e al., 2021). Unde s anding he d i e s behind such decisions
holds signi ican implica ions, gi en he lowe ecep i eness o Indian SRI ma ke s compa ed
o Eu ope and Ame ica (Li emin , 2021) since easons behind in es o s’ eluc ance owa ds
hese in es men s emain unclea (Be y and Junkus, 2012;Glac, 2008;Ka and Kou , 2023).
Recognizing he in e connec edness be ween sus ainabili y and human beha io (Ali e al.,
2022a,b,c,d;Ebe ha d -To h and Wasieleski, 2013;S eg and Vlek, 2009), his s udy
in eg a es beha io al inance wi h sus ainable inance o explo e he d i e s o SRI, wi h a
pa icula ocus on he Indian ma ke (Ga g e al., 2022), examining he impac o beha io al
biases on SRI decisions using Bayesian linea eg ession me hod.
Bayesian analysis, a s a is ical me hod based on Bayes’ heo em, is inc easingly popula
in social and beha io al science esea ch (Sco Jones, 2019; an de Schoo e al., 2014). I o e s
a obus me hod o explo ing complex ela ionships among a iables wi hou elying on
p- alues by accommoda ing unce ain ies and in eg a ing p io knowledge in o he analysis
(Thach e al., 2021a,b). I p o ides comp ehensi e model pa ame e in o ma ion, adap able o
a ious da a ypes, enhancing conclusions and explo a ion oppo uni ies (K uschke, 2011).
Je ey’s p io is employed o minimize bias, and MCMC con e gence es s con i m he
model’s eliabili y. Addi ionally, he s udy in es iga es gende di e ences in SRI decisions,
no ing women’s heigh ened inclina ion (Be y and Junkus, 2012;Hoepne and McMillan,
2009;Lunds €
om and Rosbe g, 2017).
Asian Jou nal o
Economics and
Banking
367
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
Consequen ly, he s udy con ibu es o he SRI li e a u e by unde s anding he p o iles
and beha io o SRI in es o s. Beyond academia, i aids in iden i ying po en ial socially
esponsible in es o s and ecognizing ba ie s o SRI (Robba e al., 2024;Rooh e al., 2023).
This is u he impo an o de elop a posi i e a i ude and consequen ly, in en ion owa ds
SRI (Thanki e al., 2022). The objec i e is o imp o e SRI s a egies and enhance inancial
accessibili y o sus ainable p ojec s by iden i ying p e alen beha io al biases among
Indian in es o s. Thus, mo e s akeholde s can be a ac ed o socially esponsible p ojec s,
ul ima ely add essing unding challenges (Nicholls, 2021;Na ayanan and P adhan, 2023;
Ozili, 2022).
2. Re iew o li e a u e
O e ecen decades, he e has been a no able su ge in o ganiza ions’ ocus on esponsible
business p ac ices, wi h in es o s playing a c ucial ole in d i ing his momen um (Housley,
2020;Sha i and Adam, 2011). Consequen ly, SRI has eme ged as a pi o al d i e in he
ansi ion owa ds sus ainable inance, encompassing in es men decisions guided by social,
en i onmen al, go e nance, and e hical conside a ions (A e een and Shimada, 2020;Eu osi ,
2016;Gajewski e al., 2021;Glac, 2008;Michelson e al., 2004;Pilaj, 2017;Sandbe g e al., 2008;
Thanki e al., 2022). O igina ing in he 1980s, he g ow h o SRI has gained momen um,
pa icula ly wi h in e na ional e o s o p essu e Sou h A ican businesses du ing he
apa heid e a (Camille i, 2017).
Recen ends show a shi in SRI om emphasizing sus ainable de elopmen o
in eg a ing sus ainabili y objec i es wi h inancial pe o mance (Busch e al., 2015;Rossi
e al., 2018;Schol ens and Sie €
anen, 2012;Tu e al., 2020). Howe e , he u ili y unc ion o SRIs
ex ends beyond op imal isk- ewa d, encompassing pe sonal and socie al alues (Bollen,
2007;Ellis, 2019;Schue h, 2003;Renneboog e al., 2008;Shank e al., 2005;S a man e al., 2006),
unde sco ing he impo ance o s a egic execu ion in SRI s a egies (Axelsson, 2022).
A su ei o li e a u e on SRI, including ba ie s o SRI, inancial li e acy, and pe cei ed
pe o mance (Baue and Smee s, 2015;Ha zma k and Sussman, 2017;Nilsson, 2009;Riedl and
Smee s, 2017;Sandbe g e al., 2008), howe e , he mo i a ions d i ing SRI beha io in Indian
e ail in es o s emain unde s udied (Ka and Kou , 2023;Meh a e al.,2019;Palacios-Gonz
alez
and Chamo o-Me a, 2018). Unde s anding he psychological ac o s in luencing in es o s’
decisions is c ucial, especially gi en he suscep ibili y o in es o s o cogni i e biases,
pa icula ly wi hin Asian ma ke s (Be y and Junkus, 2012;Kim and No singe , 2008)and
dis inc beha io s exhibi ed by socially esponsible in es o scompa ed o he con en ional ones
(Lewis and Mackenzie, 2000;Nilsson, 2009). The e o e, he e is a g owing need o
comp ehensi e esea ch o explo e he ole o beha io al inance in his con ex , especially in
India (Kuma e al., 2021;Williams, 2007). I is because beha io al biases aid in comp ehending
why indi iduals make speci ic decisions and how hese decisions can be enhanced om he
iewpoin o beha io al inance. This is because, in inancial decision-making p ocesses such as
in es ing, indi iduals end o be less a ional han wha adi ional inance heo y sugges s.
Consequen ly, a he han making op imal ( a ional) choices, in es o s equen ly ely on men al
sho cu s o heu is ics ha align mo e closely wi h hei pe sonal p e e ences, esul ing in
sa is ac o y ye no necessa ily op imal decisions (Go zon e al., 2024).
India, wi h i s di e se socie y and e ol ing ma ke dynamics (Kaul, 2015;Meena, 2015),
p esen s a unique con ex o s udying SRI decisions (Ga g e al., 2022). The demand o
socially esponsible b and beha io is also on he ise in India (Suman, 2022). Despi e India’s
g owing ele ance in he global SRI landscape, i s sha e o global asse s emains minimal,
unde sco ing he need o dedica ed esea ch o unde s and he challenges, beha io al
pa e ns, and ac o s in luencing SRI decisions among Indian in es o s (Ka and Kou , 2023).
By add essing hese gaps, he p esen s udy p o ides aluable insigh s in o he beha io al
AJEB
8,3
368
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
biases a ec ing SRI decisions o Indian in es o s, he eby guiding he de elopmen o
e ec i e s a egies o p omo e SRI p ac ices.
2.1 O e con idence and SRI decisions
O e con idence among in es o s is associa ed wi h beha io s such as excessi e ading and
inc eased isk- aking (Ba be and Odean, 2001;B oihanne e al., 2014). This cogni i e bias can
lead in es o s o unde pe o m in he ma ke (Ba be and Odean, 2001) and o exhibi bo h
o e eac ion and unde eac ion o in o ma ion (Glase and Webe , 2007;Lee and
Swamina han, 2000). O e con iden in es o s may belie e ha hei in o ma ion is
supe io , leading hem o o e eac o ecen news while dis ega ding o he ele an
ma ke da a (Pa een e al., 2020). This endency owa ds ex emi ies can esul in
exagge a ed ma ke mo emen s, wi h p ices alling sha ply on nega i e news and ising
excessi ely on posi i e news.
Mo eo e , execu i es cha ac e ized by o e con idence may exhibi a heigh ened
inclina ion owa ds socially esponsible p ac ices (Rooh e al., 2023). Seeking o o se
pe cei ed con ol endencies, hese execu i es p io i ize es ablishing a posi i e epu a ion
h ough socially esponsible beha io . Consis en wi h p e ious esea ch (Bake and
No singe , 2002,2010;Webe and Came e , 1998), i is hypo hesized ha socially esponsible
in es o s may also be in luenced by o e con idence bias.
2.2 O e eac ion and unde eac ion o ESG news
A s udy by Demski e al. (2017) indica es ha ex eme wea he inciden s inc ease public
engagemen in sus ainabili y ma e s, while Lundg en and Olsson (2010) ound ha
en i onmen al e en s can lead o no able nega i e e u ns in he s ock ma ke . Addi ionally,
s udies by Capelle-Blanca d and Pe i (2019),Chen and Yang (2020),K €
uge (2015), and
L€
ansilah i (2012) ha e highligh ed ma ke asymme y in esponse o ESG news, wi h
subs an ial nega i e eac ions obse ed o ad e se news. This pa e n aligns wi h he heo y
ha nega i e e en s a ac mo e a en ion (Fiske, 1980). Consequen ly, i is hypo hesized
ha o e eac ions and unde eac ions o ESG news signi ican ly in luence he SRI decisions
o Indian in es o s.
2.3 He ding beha io in socially esponsible in es o s
In es o s may engage in ESG in es ing ends due o he d beha io , po en ially o e looking
speci ic ESG elemen s o he companies hey in es in (Upadhyaya e al., 2023). Cullis e al.
(1992) sugges ha consump ion in es o s, who de i e u ili y om e hical in es ing, may
con o m o pe cei ed no ms wi hin hei pee g oups. Sociological ac o s can shape people’s
iden i ies, in luencing hei p e e ences (Ake lo and K an on, 2002). He ding beha io
in ol es indi iduals s ongly iden i ying wi h a g oup, leading hem o ques ion hei
judgmen and mimic he ac ions o he g oup. Consequen ly, i is hypo hesized ha he e
exis s a s a is ically signi ican ela ionship be ween he d beha io and he SRI decisions o
in es o s in India.
2.4 Role o gende in socially esponsible in es ing decisions
Gende plays a signi ican ole in shaping in es men beha io , wi h men and women
exhibi ing dis inc endencies (Ma inelli e al., 2017). His o ically, women ha e been
cha ac e ized as cau ious and p ac ical in es o s, while men end o emb ace isk- aking
(Cha ali and Rosa io, 2019). As SRI gains ac ion, women a e inc easingly aking he lead in
his domain (Cu is, 2021). They a e mo e likely han men o p io i ize social and
en i onmen al conside a ions when making in es men decisions, posi ioning hem as
Asian Jou nal o
Economics and
Banking
369
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025

leade s in socially esponsible in es ing (Bane jee, 2023;Housley, 2020;Jung, 2011;Senne,
2023). Women p io i ize he ESG impac s o hei in es men s, aiming o in luence socie al
change signi ican ly (Gup a, 2022). Thei in es men decisions a e o en d i en by a desi e o
suppo businesses ha p io i ize ai employee compensa ion, en i onmen ally iendly
p ac ices, and abs en ion om con o e sial p oduc s like obacco and i ea ms
(Lacu ci, 2022).
This s udy is among he pionee ing e o s o in es iga e he in luence o beha io al
biases on he SRI decisions o Indian in es o s, employing a Bayesian app oach.
Addi ionally, exis ing s udies men ioned ea lie o e an incomple e o e iew o he
li e a u e conce ning he ole o beha io al biases in shaping SRI beha io among Indian
in es o s. The u iliza ion o Bayesian analysis aims o es ablish a obus empi ical
ounda ion, acili a ing he de elopmen o e ec i e s a egies o p omo e SRI decisions in he
Indian con ex .
3. Me hodology
Since he 1990s, he applica ion o Bayesian s a is ical me hods has gained p ominence in
bo h social sciences esea ch and economics (Thach e al., 2021a,b). O e he yea s, he
con en ional equen is Null-Hypo hesis Signi icance Tes ing (NHST), elying on p- alues,
has aced subs an ial c i icism due o heo e ical and p ac ical conce ns (Kubsch e al., 2021;
McShane and Gal, 2017). Nume ous au ho s ha e sc u inized he concep o p- alues,
pa icula ly i s ill-de ined basis o decla ing s a is ical signi icance, ende ing i p oblema ic
(Edwa ds e al., 1963). One majo d awback is he lack o a unique p- alue o any da ase , and
equen is es ima ions o en yield impo e ished pa ame e alues wi hou indica ing ade-
o s among pa ame e s (K uschke, 2021).
In esponse o hese limi a ions, he e has been a g owing ad ocacy o Bayesian
app oaches in s a is ical analysis (B iggs, 2023;K uschke, 2011;Wagenmake s e al., 2017).
Bayesian analysis o e s aluable suppo o esea che s, ensu ing a mo e accu a e
in e p e a ion o s a is ical esul s and enhancing anspa ency in esul communica ion
(Kubsch e al., 2021). I p esen s a comple e pos e io p obabili y dis ibu ion o a speci ic
coe icien , educing unce ain y in he model (Thach and Ngoc, 2023). Unlike he epe i i e
null hypo hesis es ing in equen is app oaches, Bayesian analysis acili a es he
con inuous upda ing o knowledge. I e lec s he simila i ies and di e ences be ween he
cu en s udy and p io esea ch. Mo eo e , he Bayesian pa adigm has he po en ial o ei he
eplica e o s eng hen o he s’conclusions, bu i may also lead o di e en o e en opposing
conclusions in ce ain cases ( an de Schoo e al., 2014).
The cu en esea ch adop s Bayesian linea eg ession o analyze he in luence o
beha io al biases on Indian in es o s’SRI decisions. This app oach is oo ed in Bayesian
heo y, ecognized o employing pa ame e ized p obabili y models (B iggs, 2023;Thach
e al., 2021a,b,2022). U ilizing such models, Bayesian linea eg ession acili a es a ho ough
explo a ion o ela ionships among a iables, accommoda ing unce ain ies, and in eg a ing
p io knowledge in o he analysis.
As emphasized by an de Schoo e al. (2014), he selec ion o p io s o he analysis should
be clea ly es ablished in ad ance o ensu e he eplicabili y o esul s. In cases whe e no
speci ic in o ma ion is a ailable, de aul o non-in o ma i e p io s a e equen ly chosen,
delinea ing a b oad spec um o pa ame e alues (Thach, 2023). The ole o de aul p io in
Bayesian analysis is o se e as a e e ence, allowing subsequen adjus men s h ough he
inco po a ion o an objec i e o subjec i e, pe sonal, o p agma ic p io (F ase e al., 2010).
Objec i e o non-in o ma i e p io s a e a o ed o ob aining objec i e esul s,
minimizing hei impac on he pos e io dis ibu ion. A non-in o ma i e p io is
cha ac e ized by i s la ness ela i e o he likelihood unc ion, implying ha i does no
AJEB
8,3
370
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
con ey subs an ial in o ma ion. Such p io s a e pe cei ed as mo e objec i e and widely
u ilized (SAS Ins i u e Inc, 2015). A pa icula ly use ul non-in o ma i e p io is Je ey’s p io ,
which adhe es o he local uni o mi y p ope y, emaining ela i ely cons an o e he egion
whe e he likelihood is signi ican . Je ey’s p io is locally uni o m and non-in o ma i e,
being de i ed om he Fishe In o ma ion Ma ix. I exhibi s in a iance o one- o-one
ans o ma ions and is widely adop ed due o i s maximally sensi i e esponse o da a
(F ase e al., 2010;Ib ahim, 1991). Gi en i s sui abili y, Je ey’s p io is employed in he
p esen s udy o Bayesian linea eg ession analysis.
3.1 Da a
A powe analysis was conduc ed using G*Powe (Faul e al., 2007) o de e mine he equi ed
sample size o he s udy. The analysis ini ially de e mined a sample size o 85 pa icipan s
(Table 1). Howe e , in p ac ice, 106 esponden s we e app oached, esul ing in a 100% esponse
a e. Upon u he e alua ion, i e esponses we e ound o be in alid and we e he e o e
ejec ed. Consequen ly, he inal sample size o he s udy comp ised 101 Indian in es o s.
3.2 Va iables
The dependen a iable in his s udy is SRI decisions, measu ed h ough a sel - epo ed
su ey on esponden s’in es men choices in SRI secu i ies. The cons uc “SRI Decisions”
comp ises six ques ions. Independen a iables include beha io al biases such as
o e con idence, he d beha io , and o e eac ion/unde eac ion o ESG news. A
ques ionnai e was de eloped based on Me awa e al. (2019), ini ially con aining 18 i ems
modi ied o he s udy’s con ex . To ensu e scale eliabili y and alidi y, one “he d beha io
i em”and wo “o e eac ion/unde eac ion o ESG news”i ems we e emo ed. The
emaining i ems we e g ouped in o h ee cons uc s: o e con idence bias (six i ems), he d
beha io ( i e i ems), and o e eac ion/unde eac ion o ESG news ( ou i ems). In his s udy,
McDonald’s Omega (
ω
) and C onbach’s Alpha (
α
) we e employed as eliabili y coe icien s o
assess he in e nal consis ency o he measu emen ins umen (C onbach, 1951). Each
cons uc ob ained alues exceeding 0.7 (Table 2), indica ing high in e nal consis ency
eliabili y (Gliem and Gliem, 2003;Ta akol and Dennick, 2011). The e o e, he scale eliably
measu es he s udy cons uc s.
To add o he no el y o his esea ch, he s udy also examines he ole o gende in SRI
decisions (Table 10). Gende di e ences in decision-making p ocesses ha e been a ibu ed o
psychological and social ac o s (Ri e , 2003;Rudman and Goodwin, 2004). Resea ch
sugges s ha men and women o en hold di e ing a i udes owa d social and en i onmen al
issues (Dhenge e al., 2022;Li e al., 2022;Zhao e al., 2021). Women a e ypically mo e a en i e
o hese issues and show a g ea e inclina ion owa ds suppo ing SRI compa ed o men
(Housley, 2020).
Inpu E ec size (
2
) 0.15
α
e o P obabili y 0.05
Powe (1-β) e o p obabili y 0.80
Ou pu C i ical F 2.4858849
Denomina o Deg ee o F eedom (d ) 80
Minimum Sample size 85
Ac ual powe 0.8030923
No e(s): S a is ical Powe Analysis by G*Powe o de e mine he minimum sample size based on E d elde
e al. (1996) me hod
Sou ce(s): Table by au ho s
Table 1.
A p io i: compu a ion
o equi ed sample size
Asian Jou nal o
Economics and
Banking
371
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
4. Bayesian esul s and discussion
In his sec ion, a comp ehensi e summa y and discussion o he esul s ob ained h ough
Bayesian analysis o he da ase is p o ided. The analysis u ilized Bayesian linea eg ession
me hod wi h Je ey’s p io as he chosen p io dis ibu ion (Je eys, 1998), and was
conduc ed using he JASP so wa e pla o m (Wagenmake s e al., 2017).
The me hodology employed in he cu en s udy aligns wi h he ou -s age analysis
p ocess ou lined by an Doo n e al. (2020). Acco ding o hei ecommenda ions, Bayes ac o
hypo hesis es ing is employed o de e mine he p esence o absence o an e ec . In cases
whe e he goal is o assess he magni ude o an e ec , he pos e io dis ibu ion is isualized,
and c edible in e als a e summa ized. The ou -s age analysis p ocess en ails in eg a ing
bo h es ing and es ima ion p ocedu es, acknowledging ha hese componen s a e no
mu ually exclusi e. Speci ically, Bayes ac o hypo hesis es ing se es as a obus ool o
es ablishing he p esence o absence o an e ec , while he pos e io dis ibu ion o e s
insigh s in o he ela i e plausibili y o pa ame e alues pos he in eg a ion o p io
knowledge and obse ed da a. This app oach enables an in-dep h explo a ion o bo h he
signi icance and size o e ec s wi hin he Bayesian amewo k. Wagenmake s e al. (2010)
sugges ha one-sided hypo hesis es ing in Bayesian analysis is mo e diagnos ically
in o ma i e compa ed o i s wo-sided al e na i e.
Fu he mo e, acco ding o an Doo n e al. (2020), i is ad isable o ho oughly examine
he alidi y o model assump ions, such as no mally dis ibu ed esiduals and equal
a iances ac oss g oups, be o e conduc ing he planned analysis. This ca e ul assessmen o
da a quali y ensu es he obus ness o he subsequen analysis and acili a es accu a e
in e p e a ion o he esul s.
4.1 MCMC con e gence es
Gi en he ad ancemen s in Ma ko Chain Mon e Ca lo (MCMC) sampling me hods and
compu a ional capabili ies, Bayesian s a is ics ha e e ol ed in o a co ne s one o
con empo a y esea ch, o e ing obus ools o s a is ical in e ence. Howe e , he
eliabili y o Bayesian in e ence hinges on he con e gence o MCMC algo i hms, as non-
con e ged esul s may yield biased pa ame e es ima es and misleading s a is ical in e ences
(Thach and Ngoc, 2023). Con e gence o MCMC algo i hms is assessed h ough bo h isual
inspec ion, such as ace plo s, and quan i a i e e alua ion (Gelman and Rubin, 1992). In he
p esen s udy he esul s o con e gence a e p esen ed h ough quan i a i e e alua ion,
speci ically u ilizing he Gelman-Rubin s a is ic (R-ha ) (Gelman e al., 2013). The MCMC
sampling algo i hm s a s wi h andom pa ame e alues and hen con e ges o he pos e io
dis ibu ion as mo e and mo e samples a e d awn. To assess whe he he MCMC sampling
has con e ged o he pos e io dis ibu ion, i is cus oma y o un he algo i hm se e al imes
Es ima e McDonald’s
ω
C onbach’s
α
Mean SD
Pos e io mean 0.920 0.925 58.098 10.099
95% CI lowe bound 0.898 0.903
95% CI uppe bound 0.940 0.947
R-ha 1.00 1.00
No e(s): This able p esen s es ima es and s a is ics o McDonald’s Omega (
ω
) and C onbach’s Alpha (
α
), and
Gelman-Rubin’s R-ha s a is ic. The “Pos e io Mean”column displays he a e age es ima e ob ained om
Bayesian analysis. The “95% CI”columns p o ide he 95% con idence in e als o each es ima e (lowe and
uppe bounds). The R-ha s a is ic assesses he con e gence o he Bayesian analysis, wi h a alue o 1.00
indica ing sa is ac o y con e gence
Sou ce(s): Table by au ho s
Table 2.
Bayesian scale
eliabili y es
AJEB
8,3
372
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
wi h di e en s a ing alues; hese di e en uns a e known as chains (P ad e al., 2022).
This s udy employs a a ge MCMC sample size o 10,000, wi h he i s 2000 bu n-in
i e a ions disca ded om he MCMC sample. To check he chain con e gence, a hinning o
10 is se . The R-ha alues, all equal o 1.00 ac oss eliabili y measu es in ou analysis
(Table 2), indica e con e gence and consis ency be ween mul iple MCMC chains (Gelman
e al., 2013). This aligns wi h ecommenda ions in he li e a u e o u ilize R-ha o quan i y he
mixing o chains and ensu e he eliabili y o Bayesian in e ence (Va s and Knudson, 2021).
Speci ically, he Gelman-Rubin diagnos ic compa es a iance wi hin and ac oss chains, akin
o Analysis o Va iance (ANOVA), o asce ain con e gence (Du e al., 2022).
Reliabili y, a undamen al concep in psychological esea ch, plays a pi o al ole in ensu ing
he obus ness o measu emen ins umen s such as es s and ques ionnai es (P ad e al., 2022).
McDonald’s Omega (
ω
) and C onbach’sAlpha(
α
) a e commonly employed eliabili y
coe icien s, o e ing aluable insigh s in o he in e nal consis ency o measu emen
ins umen s (C onbach, 1951). McDonald’s Omega, compu ed om pa ame e s o a single-
ac o model, p o ides a comp ehensi e measu e o eliabili y, while C onbach’s Alphase es as
a lowe bound o eliabili y (P ad e al., 2022). The esul s o hese eliabili y es ima es a e
p esen ed in Table 2.McDonald’s Omega p o ides a comp ehensi emeasu eo eliabili y,while
C onbach’s Alpha se es as a lowe bound o eliabili y (P ad e al., 2022). The pos e io mean
es ima es o
ω
and
α
, along wi h hei 95% c edible in e als, u nish esea che s wi h eliable
poin es ima es and unce ain y in e als, analogous o equen is con idence in e als (P ad
e al., 2022). Impo an ly, bo h McDonald’sOmega(
ω
) and C onbach’sAlpha(
α
)indica ehigh
le els o in e nal consis ency and eliabili y in he measu emen ins umen (Table 2). These
esul s collec i elyunde sco e he obus ness o ou Bayesian model and enhance he c edibili y
o s udy’s conclusions.
4.2 He d beha io and SRI decisions o Indian in es o s
The esul s p esen ed in Table 3 e eal ha he “Pee ad ice þHo s ocks”model eme ges as
a obus p edic o , suppo ed by a high p obabili y (P(M)) and subs an ial pos e io
Model compa ison - I engage in in es men s ha a e SR
Models P(M) P(Mjda a) BF
M
BF
10
R
2
Pee ad ice þHo s ocks 0.017 0.177 12.722 1.000 0.263
Pee ad ice þmajo i y þ iends’in luence þHo
s ocks þpee p essu e
0.167 0.097 0.538 0.055 0.280
Pee ad ice þmajo i y þHo s ocks 0.017 0.086 5.524 0.483 0.275
Pee ad ice þmajo i y 0.017 0.065 4.085 0.365 0.246
Pee ad ice þHo s ocks þpee p essu e 0.017 0.058 3.662 0.329 0.268
Pee ad ice þmajo i y þHo s ocks þpee p essu e 0.033 0.054 1.642 0.151 0.277
Pee ad ice þmajo i y þ iends’in luence 0.033 0.050 1.516 0.140 0.276
No e(s): BFM (Bayesian Fac o Model) quan i ies he e idence a o ing one model o e ano he . P(M) is he
p obabili y o a speci ic model. P(Mjda a) is he p obabili y o he model gi en he obse ed da a. BF10 is he Bayes
Fac o suppo ing he al e na i e hypo hesis o e he null hypo hesis. R
2
ep esen s he coe icien o de e mina ion,
indica ing he p opo ion o a iance in he dependen a iable explained by he independen a iables
Pee ad ice: I ely on my iends’/ amily’s/pee ’s ad ice o making an in es men decision
Majo i y: I make my in es men decisions based on he in es men decisions aken by he majo i y o he
in es o s
Ho s ocks: I p e e o in es mo e in ho s ocks (high in demand)
Pee p essu e: I in es /will in es in socially esponsible secu i ies because my pee s ha e in es ed in he same
F iends’in luence: I in es in unds ha I hea d abou om a iend
Sou ce(s): Table by au ho s
Table 3.
Bayesian linea
eg ession model o
he d beha io
Asian Jou nal o
Economics and
Banking
373
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
ha ing a b oade ange o pe spec i es and insigh s may lead o mo e SRI decisions. This
obse a ion also unde sco es he need o mo e educa ion and awa eness campaigns aimed
a male in es o s o p omo e SRI and e hical p ac ices among hem. In summa y, his
esea ch has he po en ial o in o m and in luence he de elopmen o policies and p ac ices
ela ed o SRI, wi h he ul ima e goal o c ea ing a mo e sus ainable and esponsible
in es men landscape.
5. Limi a ions
While his s udy p o ides aluable insigh s, i is essen ial o acknowledge i s limi a ions. The
ela i ely small sample size and geog aphic es ic ions may limi he gene alizabili y o he
indings. While e o s we e made o selec a di e se sample, he esul s may ep esen
some hing di e en han he b oade popula ion. Addi ionally, he s udy ocused solely on
indi idual in es o s, o e looking he pe spec i es o ins i u ional in es o s and o he
s akeholde s in he SRI indus y. Fu u e esea ch could explo e hese iewpoin s o gain a
mo e comp ehensi e unde s anding o SRI in India. Fu he mo e, he s udy’s c oss-sec ional
na u e p e en s an examina ion o changes in beha io o a i udes o e ime. Longi udinal
s udies could o e deepe insigh s in o he e ec i eness o SRI in e en ions and he
e olu ion o a i udes owa ds SRI.
Rega ding he use o Bayesian linea eg ession, while he non-in o ma i e p io s p o ide
aluable insigh s in o explo ed beha io al biases, se e al limi a ions should be
acknowledged. Fi s ly, he sensi i i y o he esul s o he choice o a non-in o ma i e p io
mus be ecognized, emphasizing ha di e en p io could yield di e gen conclusions. I is
c ucial o no e ha he in en ional exclusion o domain-speci ic in o ma ion in non-
in o ma i e p io s limi s he inco po a ion o aluable p io knowledge, which could enhance
he model’s pe o mance and cap u e he dynamics o he s udied phenomena mo e
e ec i ely. Despi e being labeled as non-in o ma i e, hese p io s may ca y implici
assump ions abou da a dis ibu ion, challenging he p ac ical de ini ion o uly non-
in o ma i e p io s. Fu he mo e, he isk o o e i ing should be acknowledged, as non-
in o ma i e p io s may no penalize complex models as igo ously as in o ma i e p io s,
especially conce ning he a ailable da a ( an de Schoo e al., 2014). Communica ing
unce ain y is ano he conside a ion, as non-in o ma i e p io s may no e ec i ely con ey
he inhe en unce ain y in pa ame e es ima es.
While his s udy con ibu es aluable insigh s in o he d i e s o SRI beha io in India, i
is c ucial o conside hese limi a ions when in e p e ing he indings and d awing
conclusions. Fu u e esea ch could add ess hese limi a ions o u he he unde s anding o
SRI in India and i s po en ial o p omo ing SRI p ac ices. Ano he a enue o u u e esea ch
in ol es explo ing he compa ison be ween O dina y Leas Squa es (OLS) eg ession and
Bayesian eg ession in he con ex o SRI decision-making among Indian in es o s. Al hough
Bayesian analysis was chosen as he p ima y me hodological app oach o his s udy due o
i s heo e ical and p ac ical ad an ages, compa ing he esul s wi h hose ob ained h ough
OLS eg ession could o e addi ional insigh s in o he obus ness and eliabili y o he
indings.
6. Conclusion
D awing om beha io al economics li e a u e emphasizing nudging owa ds social
esponsibili y (Pilaj, 2017), his s udy examines he in luence o beha io al biases, such as
he d beha io , o e con idence bias, and eac ions o ESG news, on SRI decisions among
Indian in es o s using Bayesian linea eg ession analysis. Addi ionally, he s udy
in es iga es gende dispa i ies in SRI decisions.
AJEB
8,3
380
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025

By in eg a ing beha io al inance wi h sus ainable inance wi hin he Indian con ex , his
s udy augmen s he exis ing li e a u e, gene a ing no el insigh s in o he de e minan s
shaping indi idual in es men choices.
The s udy p esen s compelling e idence o he signi ican in luence o beha io al biases
on SRI decisions among Indian in es o s, pa icula ly in luenced by ex e nal ac o s such as
social no ms, g oup dynamics, and p e ailing ma ke ends. Con o mi y and pee beha io
wi hin social ne wo ks eme ge as pi o al d i e s o SRI choices, unde sco ing he need o
in es o educa ion p og ams o aise awa eness abou SRI p inciples and po en ial impac s.
Mo eo e , o e con iden in es o s p io i ize hei pe spec i es o e hose o o he s,
pa icula ly in inancial decision-making. Concu en ly, ex eme wea he e en s and clima e
changes d i e shi s owa ds sus ainabili y, emphasizing he signi icance o conside ing ESG
ac o s in in es men s a egies o mi iga e clima e isks and p omo e posi i e socie al impac s.
Addi ionally, he esea ch iden i ies a s onge inclina ion among emale pa icipan s
owa ds sus ainabili y and a g ea e desi e o p omo e en i onmen al and socie al causes
compa ed o male pa icipan s.
The implica ions o hese indings e e be a e ac oss mul iple s akeholde s, including he
economy, in es o s, inancial ad iso s, in es men manage s, and policy-make s. They
unde sco e he impe a i e o enhancing in es o educa ion and awa eness o p opaga e SRI
p ac ices e ec i ely.
Encou aging SRI beha io among in es o s in ol es iden i ying and add essing hese
biases. Howe e , nudges mus be ca e ully planned and aligned wi h in es o alues o a oid
un a o able esponses and main ain SRI’s epu a ion. Beha io al in e en ions and nudges
should complemen a comp ehensi e in es men app oach and, he e o e, be implemen ed
e hically and igo ously e alua ed o ensu e hei e ec i eness in p omo ing SRI p ac ices.
Re e ences
Ake lo , G.A. and K an on, R.E. (2000), “Economics and iden i y”,Qua e ly Jou nal o Economics,
Vol. 115 No. 3, pp. 715-753, doi: 10.1162/003355300554881.
Ake lo , G.A. and K an on, R.E. (2002), “Iden i y and schooling: some lessons o he economics o
educa ion”,Jou nal o Economic Li e a u e, Vol. 40 No. 4, pp. 1167-1201, doi: 10.1257/.40.4.1167.
Ali, S., Jiang, J., Hassan, S.T. and Shah, A.A. (2022a), “Re olu ion o nuclea ene gy e iciency,
economic complexi y, ai anspo a ion and indus ial imp o emen on en i onmen al
oo p in cos : a no el dynamic simula ion app oach”,Nuclea Enginee ing and Technology,
Vol. 54 No. 10, pp. 3682-3694, doi: 10.1016/j.ne .2022.05.022.
Ali, S., Jiang, J., Rehman, R.u and Khan, M.K. (2022b), “Tou namen incen i es and en i onmen al
pe o mance: he ole o g een inno a ion”,En i onmen al Science and Pollu ion Resea ch,
Vol. 30 No. 7, pp. 17670-17680, doi: 10.1007/s11356-022-23406-w.
Ali, S., Mu aza, G., Hed icako a, M., Jiang, J. and Naeem, M. (2022c), “In ellec ual capi al and inancial
pe o mance: a compa a i e s udy”,F on ie s in Psychology, Vol. 13, 967820, doi: 10.3389/ psyg.
2022.967820.
Ali, S., Naseem, M.A., Jiang, J., Rehman, R.U., Malik, F. and Ahmad, M.I. (2022d), “‘How’and ‘when’
CEO duali y ma e ? Case o a de eloping economy”,SAGE Open, Vol. 12 No. 3,
215824402211161, doi: 10.1177/21582440221116113.
Ali, S., Fa ooq, M., Xiaohong, Z., Hed icako a, M. and Mu aza, G. (2024a), “Boa d cha ac e is ics,
ins i u ional owne ship, and in es men e iciency: e idence om an eme ging ma ke ”,PloS
One, Vol. 19 No. 2, e0291309, doi: 10.1371/jou nal.pone.0291309.
Ali, S., Xiaohong, Z. and Hassan, S.T. (2024b), “The hidden d i e s o human de elopmen : assessing
i s ole in shaping BRICS-T’s economics complexi y, and bioene gy ansi ion”,Renewable
Ene gy, Vol. 221, 119624, doi: 10.1016/j. enene.2023.119624.
Asian Jou nal o
Economics and
Banking
381
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
Amundi (2023), 2024 Responsible In es men Views, Amundi Resea ch Cen e , 23 No embe , a ailable a :
h ps:// esea ch-cen e .amundi.com/a icle/2024- esponsible-in es men - iews (accessed 9 Ap il 2024).
A e een, S. and Shimada, K. (2020), “Pe o mance and esilience o socially esponsible in es ing (SRI)
and con en ional unds du ing di e en shocks in 2016: e idence om Japan”,Sus ainabili y,
Vol. 12 No. 2, p. 540, doi: 10.3390/su12020540.
Axelsson, J. (2022), “Whe e sus ainable and beha iou al inance mee ”,No dSip, 29 Augus , a ailable
a : h ps://no dsip.com/2022/08/29/whe e-sus ainable-and-beha iou al- inance-mee /
Baidya, A. and Saha, A.K. (2024), “Explo ing he esea ch ends in clima e change and sus ainable
de elopmen : a bibliome ic s udy”,Cleane Enginee ing and Technology, Vol. 18, 100720,
doi: 10.1016/j.cle .2023.100720.
Bake , H.K. and No singe , J.R. (2002), “Psychological biases o in es o s”,Financial Se ices Re iew,
Vol. 11 No. 2, pp. 97-116.
Bake , H.K. and No singe , J.R. (2010), Beha io al Finance: In es o s, Co po a ions, and Ma ke s, John
Wiley & Sons, (accessed 7 May 2023).
Bane jee, A. (2023), “The u u e o socially esponsible in es ing: why emale leade ship ma e s”,The
Womb, 20 Ma ch, a ailable a : h ps://www. hewomb.in/ he- u u e-o -socially- esponsible-
in es ing-why- emale-leade ship-ma e s/ (accessed 10 Ap il 2023).
Ba be , B.M. and Odean, T. (2001), “Boys will be boys: gende , o e con idence, and common s ock
in es men ”,The Qua e ly Jou nal o Economics, Vol. 116 No. 1, pp. 261-292, doi: 10.1162/
003355301556400.
Baue , R. and Smee s, P. (2015), “Social iden i ica ion and in es men decisions”,Jou nal o Economic
Beha io and O ganiza ion, Vol. 117, pp. 121-134, doi: 10.1016/j.jebo.2015.06.006.
Bee baum, D.O. and Puaschunde , J.M. (2018), “A beha io al economics app oach o a sus ainable
inance a chi ec u e –de elopmen o a sus ainabili y axonomy o in es o decision
use ulness”,SSRN, a ailable a : h ps://pape s.ss n.com/sol3/pape s.c m?abs ac _id53258405
Be y, T.C. and Junkus, J.C. (2012), “Socially esponsible in es ing: an in es o pe spec i e”,Jou nal o
Business E hics, Vol. 112 No. 4, pp. 707-720, doi: 10.1007/s10551-012-1567-0.
Blondel, R. (2022), “Biases in in es men decision making: a s udy on di e ences in he ding beha io
be ween sus ainable and adi ional in es men s”,M
emoi e UCL, 1 Janua y, a ailable a : h p://
hdl.handle.ne /2078.1/ hesis:33810 (accessed 10 Ap il 2024).
Bollen, N.P.B. (2007), “Mu ual und a ibu es and in es o beha io ”,The Jou nal o Financial and
Quan i a i e Analysis, Vol. 42 No. 3, pp. 683-708, doi: 10.1017/s0022109000004142.
B iggs, W.M. (2023), “A pa ial solu ion o he eplica ion c isis in economics”,Asian Jou nal o
Economics and Banking, Vol. 7 No. 2, pp. 180-190, doi: 10.1108/ajeb-03-2023-0027.
B oihanne, M.H., Me li, M. and Roge , P. (2014), “O e con idence, isk pe cep ion and he isk- aking
beha io o inance p o essionals”,Finance Resea ch Le e s, Vol. 11 No. 2, pp. 64-73, doi: 10.
1016/j. l.2013.11.002.
Busch, T., Baue , R. and O li zky, M. (2015), “Sus ainable de elopmen and inancial ma ke s”,
Business and Socie y, Vol. 55 No. 3, pp. 303-329, doi: 10.1177/0007650315570701.
Camille i, M.A. (2017), “Socially esponsible and sus ainable in es ing”,inCo po a e Sus ainabili y,
Social Responsibili y and En i onmen al Managemen , Sp inge In e na ional Publishing, Cham,
pp. 61-77.
Capelle-Blanca d, G. and Pe i , A. (2019), “E e y li le helps? ESG news and s ock ma ke eac ion”,
Jou nal o Business E hics, Vol. 157 No. 2, pp. 543-565, doi: 10.1007/s10551-017-3667-3.
Ca ney, M. (2015), “B eaking he agedy o he ho izon –clima e change and inancial s abili y”,
a ailable a : h ps://www.bis.o g/ e iew/ 151009a.pd
Cha ali, K. and Rosa io, S. (2019), “In luence o gende on in es men decisions o in es o s in
sul ana e o Oman”,Global Jou nal o Economics and Business, Vol. 7 No. 2, doi: 10.31559/
gjeb2019.7.2.7.
AJEB
8,3
382
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
Chen, H.-Y. and Yang, S.S. (2020), “Do In es o s exagge a e co po a e ESG in o ma ion? E idence o
he ESG momen um e ec in he Taiwanese ma ke ”,Paci ic-Basin Finance Jou nal, Vol. 63,
101407, doi: 10.1016/j.pac in.2020.101407.
CNBC (2021), “Socially Responsible Funds: he ise and impo ance o ESG in es ing in India”,
CNBCTV18, 15 Feb ua y, a ailable a : h ps://www.cnbc 18.com/ iews/socially- esponsible-
unds- he- ise-and-impo ance-o -esg-in es ing-in-india-8317551.h m (accessed 11
No embe 2023).
C onbach, L.J. (1951), “Coe icien alpha and he in e nal s uc u e o es s”,Psychome ika, Vol. 16
No. 3, pp. 297-334, doi: 10.1007/b 02310555.
Cullis, J.G., Lewis, A. and Winne , A. (1992), “Paying o Be good? U.K. E hical in es men s”,Kyklos,
Vol. 45 No. 1, pp. 3-23, doi: 10.1111/j.1467-6435.1992. b02104.x.
Cu is, C. (2021), “Op-ed: he u u e o socially esponsible in es ing is in emale hands”,CNBC,10
No embe , a ailable a : h ps://www.cnbc.com/2021/11/10/op-ed- he- u u e-o -socially-
esponsible-in es ing-is-in- emale-hands.h ml (accessed 10 Ap il 2023).
Danila, N. (2023), “He ding beha iou in ESG s ock index: e idence om eme ging ma ke s”,Global
Business Re iew, doi: 10.1177/09721509231199300.
Demski, C., Caps ick, S., Pidgeon, N., Sposa o, R.G. and Spence, A. (2017), “Expe ience o ex eme
wea he a ec s clima e change mi iga ion and adap a ion esponses”,Clima ic Change, Vol. 140
No. 2, pp. 149-164, doi: 10.1007/s10584-016-1837-4.
Dhenge, S.A., Ghadge, S.N., Ahi e, M.C., Go an iwa , S.D. and Shinde, M.G. (2022), “Gende
a i ude owa ds en i onmen al p o ec ion: a compa a i e su ey du ing COVID-19
lockdown si ua ion”,En i onmen , De elopmen and Sus ainabili y, Vol. 24 No. 12,
pp. 13841-13886, doi: 10.1007/s10668-021-02015-6.
Du, H., Ke, Z., Jiang, G. and Huang, S. (2022), “The pe o mances o Gelman-Rubin and Geweke’s
con e gence diagnos ics o Mon e Ca lo Ma ko chains in Bayesian analysis”,Jou nal o
Beha io al Da a Science, Vol. 2 No. 2, pp. 1-24, doi: 10.35566/jbds/ 2n2/p3.
Ebe ha d -To h, E. and Wasieleski, D.M. (2013), “A cogni i e elabo a ion model o sus ainabili y
decision making: in es iga ing inancial manage s’o ien a ion owa d en i onmen al issues”,
Jou nal o Business E hics, Vol. 117 No. 4, pp. 735-751, doi: 10.1007/s10551-013-1715-1.
Edwa ds, W., Lindman, H. and Sa age, L.J. (1963), “Bayesian s a is ical in e ence o psychological
esea ch”,Psychological Re iew, Vol. 70 No. 3, pp. 193-242, doi: 10.1037/h0044139.
Ellis, P. (2019), “How sus ainable and impac in es ing can inc ease in es o esilience and dec ease
he pe o mance gap”,FAMag, a ailable a : h ps://www. a-mag.com/news/how-sus ainable-
and-impac -in es ing-can-inc ease-in es o - esilience-and-dec ease- he-pe o mance-gap-44176.
h ml?p in (accessed 7 May 2023).
Els e , J. (2013), “Emo ions and economic heo y”,inEmo ions, Rou ledge, pp. 315-320.
E d elde , E., Faul, F. and Buchne , A. (1996), “GPOWER: a gene al powe analysis p og am”,
Beha io Resea ch Me hods, Ins umen s, and Compu e s, Vol. 28 No. 1, pp. 1-11, doi: 10.3758/
b 03203630.
Eu osi (2016), “Eu osi epo 2016”,EUROSIF, 2 Oc obe , a ailable a : h ps://www.eu osi .o g/
news/eu osi - epo -2016/ (accessed 4 Feb ua y 2024).
Faul, F., E d elde , E., Lang, A.-G. and Buchne , A. (2007), “G*Powe 3: a lexible s a is ical powe
analysis p og am o he social, beha io al, and biomedical sciences”,Beha io Resea ch
Me hods, Vol. 39 No. 2, pp. 175-191, doi: 10.3758/b 03193146.
Fiske, S.T. (1980), “A en ion and weigh in pe son pe cep ion: he impac o nega i e and ex eme
beha io ”,Jou nal o Pe sonali y and Social Psychology, Vol. 38 No. 6, pp. 889-906, doi: 10.1037//
0022-3514.38.6.889.
F ase , D.A.S., Reid, N., Ma as, E. and Yi, G.Y. (2010), “De aul p io s o Bayesian and equen is
in e ence”,Jou nal o he Royal S a is ical Socie y Se ies B: S a is ical Me hodology, Vol. 72 No. 5,
pp. 631-654, doi: 10.1111/j.1467-9868.2010.00750.x.
Asian Jou nal o
Economics and
Banking
383
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
Gajewski, J.-F., Heimann, M. and Meunie , L. (2021), “Nudges in SRI: he powe o he de aul op ion”,
Jou nal o Business E hics, Vol. 177 No. 3, pp. 547-566, doi: 10.1007/s10551-020-04731-x.
Ga g, A., Goel, P., Sha ma, A. and Rana, N.P. (2022), “As you sow, so shall you eap: assessing d i e s
o socially esponsible in es men a i ude and in en ion”,Technological Fo ecas ing and Social
Change, Vol. 184, 122030, doi: 10.1016/j. ech o e.2022.122030.
Gelman, A., Ca lin, J.B., S e n, H.S., Dunson, D.B., Veh a i, A. and Rubin, D.B. (2013), Bayesian Da a
Analysis, Chapman and Hall/CRC, New Yo k, a ailable a : h p://dx.doi.o g/10.1201/b16018
(accessed 25 Feb ua y 2024).
Gelman, A. and Rubin, D.B. (1992), “In e ence om i e a i e simula ion using mul iple sequences”,
S a is ical Science, Vol. 7 No. 4, doi: 10.1214/ss/1177011136.
Glac, K. (2008), “Unde s anding socially esponsible in es ing: he e ec o decision ames and ade-
o op ions”,inGlobaliza ion and he Good Co po a ion, Sp inge Ne he lands, Do d ech ,
pp. 41-55.
Glase , M. and Webe , M. (2007), “O e con idence and ading olume”,The Gene a Risk and
Insu ance Re iew, Vol. 32 No. 1, pp. 1-36, doi: 10.1007/s10713-007-0003-3.
Gliem, J.A. and Gliem, R.R. (2003), “Calcula ing, in e p e ing, and epo ing C onbach’s alpha
eliabili y coe icien o like - ype scales”,Midwes Resea ch o P ac ice Con e ence in Adul ,
Con inuing, and Communi y Educa ion, Columbus, pp. 82-88 (accessed 24 Ap il 2023).
Goel, R., Gau am, D. and Na alucci, F.M. (2022), Sus ainable Finance in Eme ging Ma ke s: E olu ion,
Challenges, and Policy P io i ies, IMF, (accessed 5 Feb ua y 2024).
Go zon, D., Bo mann, M. and on Ni zsch, R. (2024), “Measu ing cos ly beha io al bias ac o s in
po olio managemen : a e iew”,Financial Ma ke s and Po olio Managemen , Vol. 38 No. 1,
doi: 10.1007/s11408-024-00444-7.
Gup a, P.R. (2022), “Wha d i es millennial women owa ds sus ainable in es ing”,Economic Times,
22 Ap il, a ailable a : h ps://economic imes.india imes.com/ma ke s/s ocks/news/wha -d i es-
millennial-women- owa ds-sus ainable-in es ing/a icleshow/90997703.cms? om5md
(accessed 10 Ap il 2023).
Ha zma k, S.M. and Sussman, A.B. (2017), “Do in es o s alue sus ainabili y? A na u al expe imen
examining anking and und lows”,SSRN Elec onic Jou nal, Vol. 74 No. 6, doi: 10.2139/ss n.
3016092.
Heinkel, R., K aus, A. and Zechne , J. (2001), “The e ec o g een in es men on co po a e beha io ”,
The Jou nal o Financial and Quan i a i e Analysis, Vol. 36 No. 4, p. 431, doi: 10.2307/2676219.
Hoepne , A.G.F. and McMillan, D.G. (2009), “Resea ch on ‘ esponsible in es men ’: an in luen ial
li e a u e analysis comp ising a a ing, cha ac e iza ioncha ac e iza ion, ca ego isa ion and
in es iga ion”,SSRN Elec onic Jou nal. doi: 10.2139/ss n.1454793.
Ho s ede, G. (1980), “Cul u e and o ganiza ions”,In e na ional S udies o Managemen and
O ganiza ion, Vol. 10 No. 4, pp. 15-41, doi: 10.1080/00208825.1980.11656300.
Housley, D.J. (2020), The E ec o Gende on E hical In es ing, Uni e si y o New Hampshi e Schola s’
Reposi o y, a ailable a : h ps://schola s.unh.edu/hono s/487
Ib ahim, J.G. and Laud, P.W. (1991), “On Bayesian analysis o gene alized linea models using
Je eys’s p io ”,Jou nal o he Ame ican S a is ical Associa ion, Vol. 86 No. 416, pp. 981-986,
doi: 10.1080/01621459.1991.10475141.
Je eys, H. (1998), Theo y o P obabili y, 3 d ed., Cla endon P ess (accessed 23 Janua y 2024).
Jung, O.S. (2011), “Socially esponsible in es ing”,Schola lyCommons, a ailable a : h ps:// eposi o y.
upenn.edu/si e/6
Ka , R.N. and Kou , A. (2023), “Socially esponsible in es ing – ecen de elopmen s in India”, a ailable a :
h ps://www.icsi.edu/media/webmodules/CSJ/june/16A icleP o RabiNa ayanKa D Aman
p ee Kau .pd
AJEB
8,3
384
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
Kaul, V.K. (2015), “F om con lic o inno a ion”,Wo ld A ai s: The Jou nal o In e na ional Issues,
Vol. 19 No. 4, pp. 10-43.
Kim, K.A. and No singe , J.R. (2008), “Beha io al inance in Asia”,Paci ic-Basin Finance Jou nal,
Vol. 16 Nos 1-2, pp. 1-7, doi: 10.1016/j.pac in.2007.04.001.
K €
aussl,R.,Oladi an,T.andS e ano a,D.(2023),“A e iew on ESG in es ing: in es o s’expec a ions,
belie s and pe cep ions”,Jou nal o Economic Su eys,Vol.38No.2,pp.476-502,doi:10.1111/
joes.12599.
K €
uge , P. (2015), “Co po a e goodness and sha eholde weal h”,Jou nal o Financial Economics,
Vol. 115 No. 2, pp. 304-329, doi: 10.1016/j.j ineco.2014.09.008.
K uschke, J.K. (2011), “Bayesian assessmen o null alues ia pa ame e es ima ion and model compa ison”,
Pe spec i es on Psychological Science, Vol. 6 No. 3, pp. 299-312, doi: 10.1177/1745691611406925.
K uschke, J.K. (2021), “Bayesian analysis epo ing guidelines”,Na u e Human Beha iou , Vol. 5
No. 10, pp. 1282-1291, doi: 10.1038/s41562-021-01177-7.
Kubsch, M., S ame , I., S eine , M., Neumann, K. and Pa chmann, I. (2021), “Beyond p- alues: using
Bayesian da a analysis in science educa ion esea ch”,P ac ical Assessmen , Resea ch, and
E alua ion, Vol. 26 No. 1, doi: 10.7275/ zpw-ng13.
Kuma , S., Sha ma, D., Rao, S., Lim, W.M. and Mangla, S.K. (2021), “Pas , p esen , and u u e o
sus ainable inance: insigh s om big da a analy ics h ough machine lea ning o schola ly
esea ch”,Annals o Ope a ions Resea ch, Vol. 332 No. 1, pp. 1-44, doi: 10.1007/s10479-021-
04410-8.
Lacu ci, G. (2022), “Women p e e alues-based in es ing. He e’s wha ha migh mean o hei
weal h”,CNBC, 24 June, a ailable a : h ps://www.cnbc.com/2022/06/24/women-p e e - alues-
based-in es ing-he es-how- ha -impac s- hei -weal h.h ml (accessed 18 Ap il 2023).
L€
ansilah i, S. (2012), L€
ansilah i, School o Business Elec onic Theses, a ailable a : h p://epub.lib.
aal o. i/en/e hesis/pd /12744/hse_e hesis_12744.pd
Lee, C.M.C. and Swamina han, B. (2000), “P ice momen um and ading olume”,The Jou nal o
Finance, Vol. 55 No. 5, pp. 2017-2069, doi: 10.1111/0022-1082.00280.
Le ine, R. (2004), Finance and G ow h: Theo y and E idence, Na ional Bu eau o Economic Resea ch,
Camb idge, MA, a ailable a : h p://dx.doi.o g/10.3386/w10766 (accessed 23 Ma ch 2023).
Lewis, A. and Mackenzie, C. (2000), “Mo als, money, e hical in es ing and economic psychology”,
Human Rela ions, Vol. 53 No. 2, pp. 179-191, doi: 10.1177/a010699.
Li, Y., Wang, B. and Saechang, O. (2022), “Is emale a mo e p o-en i onmen al gende ? E idence om
China”,In e na ional Jou nal o En i onmen al Resea ch and Public Heal h, Vol. 19 No. 13,
p. 8002, doi: 10.3390/ije ph19138002.
Li emin (2021), “ESG unds: he i esis ible combina ion o ‘do good’and ‘do well’”,Min , 13 May,
a ailable a : h ps://www.li emin .com/opinion/online- iews/esg- unds- he-i esis ible-
combina ion-o -do-good-and-do-well-11620921592643.h ml (accessed 3 Decembe 2023).
Lundg en, T. and Olsson, R. (2010), “En i onmen al inciden s and i m alue - in e na ional e idence
using a mul i- ac o e en s udy amewo k”, Wo king Pape , doi: 10.2139/ss n.1586284.
Lunds €
om, S. and Rosbe g, R. (2017), Socially Responsible In es men s? - an Empi ical S udy on Why
In es o s Do No In es in SRI, Thesis, UMEA School o Business and Economics, a ailable a :
h ps://www.di a-po al.o g/smash/ge /di a2:1133452/FULLTEXT01.pd (accessed 13 Ap il 2024).
Ma inelli, N., Mazzoli, C. and Palmucci, F. (2017), “How does gende eally a ec in es men
beha io ?”,Economics Le e s, Vol. 151, pp. 58-61, doi: 10.1016/j.econle .2016.12.006.
McKenna, J. (2024), “We need open access o ackle clima e change in 2024”,MDPI Blog, 2 Janua y,
a ailable a : h ps://blog.mdpi.com/2024/01/02/clima e-change-in-2024/ (accessed 10 Ap il 2024).
McShane, B.B. and Gal, D. (2017), “S a is ical signi icance and he dicho omiza ion o e idence”,
Jou nal o he Ame ican S a is ical Associa ion, Vol. 112 No. 519, pp. 885-895, doi: 10.1080/
01621459.2017.1289846.
Asian Jou nal o
Economics and
Banking
385
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025

Meena, K. (2015), “Di e si y dimensions o India and hei o ganiza ion implica ions: an analysis”,
In e na ional Jou nal o Economics and Managemen Sciences, Vol. 04 No. 06, doi: 10.4172/2162-
6359.1000261.
Meh a, P., Singh, M. and Mi al, M. (2019), “I is no an in es men i i is des oying he plane ”,
Managemen o En i onmen al Quali y: An In e na ional Jou nal, Vol. 31 No. 2, pp. 307-329, doi:
10.1108/meq-08-2019-0176.
Me awa, N., Hassan, M.K., Me awa, S. and Sa a, M.F. (2019), “Impac o beha io al ac o s on
in es o s’ inancial decisions: case o he Egyp ian s ock ma ke ”,In e na ional Jou nal o
Islamic and Middle Eas e n Finance and Managemen , Vol. 12 No. 1, pp. 30-55, doi: 10.1108/
ime m-12-2017-0333.
Michelson, G., Wailes, N., Van De Laan, S. and F os , G. (2004), “E hical in es men p ocesses and
ou comes”,Jou nal o Business E hics, Vol. 52 No. 1, pp. 1-10, doi: 10.1023/b:busi.0000033103.
12560.be.
Money C ashe s (2020), “Men s Women –how he sexes di e in hei psychology o in es ing
(su ey)”, 16 Ma ch, a ailable a : h ps://www.moneyc ashe s.com/men- s-women-psychology-
in es ing/
Na ayanan, S. and P adhan, S.K. (2023), “Explo ing he esea ch landscape o socially esponsible
in es men h ough bibliome ics”,Mul idisciplina y Re iews, Vol. 7 No. 1, 2024022, doi: 10.
31893/mul i e .2024022.
Nicholls, A. (2021), “Sus ainable inance: a p ime and ecen de elopmen ”, a ailable a : h ps://www.
adb.o g/si es/de aul / iles/ins i u ional-documen /691951/ado2021bp-sus ainable- inance.pd
Nilsson, J. (2009), “Segmen ing socially esponsible mu ual und in es o s”,In e na ional Jou nal o
Bank Ma ke ing, Vol. 27 No. 1, pp. 5-31, doi: 10.1108/02652320910928218.
O iz-de-Mandojana, N. and Bansal, P. (2015), “The long- e m bene i s o o ganiza ional esilience
h ough sus ainable business p ac ices”,S a egic Managemen Jou nal, Vol. 37 No. 8,
pp. 1615-1631, doi: 10.1002/smj.2410.
Ozili, P.K. (2022), “Assessing global in e es in decen alized inance, embedded inance, open inance,
ocean inance and sus ainable inance”,Asian Jou nal o Economics and Banking, Vol. 7 No. 2,
pp. 197-216, doi: 10.1108/ajeb-03-2022-0029.
Palacios-Gonz
alez, M.M. and Chamo o-Me a, A. (2018), “Analysis o he p edic i e a iables o he
in en ion o in es in a socially esponsible manne ”,Jou nal o Cleane P oduc ion, Vol. 196,
pp. 469-477, doi: 10.1016/j.jclep o.2018.06.066.
Pa een, S., Sa i, Z.W., Subhan, Q.A. and Jamil, S. (2020), “Explo ing ma ke o e eac ion, in es o s’
sen imen s and in es men decisions in an eme ging s ock ma ke ”,Bo sa Is anbul Re iew,
Vol. 20 No. 3, pp. 224-235, doi: 10.1016/j.bi .2020.02.002.
P ad , J.M., Be gh, D.V.D., Sij sma, K. and Wagenmake s, E.-J. (2022), “A u o ial on Bayesian single-
es eliabili y analysis wi h JASP”,Beha io Resea ch Me hods, Vol. 55 No. 3, pp. 1069-1078,
doi: 10.3758/s13428-021-01778-0.
Pilaj, H. (2017), “The choice a chi ec u e o sus ainable and esponsible in es men : nudging in es o s
owa d e hical decision-making”,Jou nal o Business E hics, Vol. 140 No. 4, pp. 743-753, doi: 10.
1007/s10551-015-2877-9.
Rawa , R. (2023), “ESG in es ing in India: c ea ing a buzz in he s ock ma ke ”,Shoonya Blog, 19 July,
a ailable a : h ps://blog.shoonya.com/esg-in es ing-in-india-a-pa h- o-sus ainable-g ow h/
(accessed 11 No embe 2023).
Renneboog, L., Te Ho s , J. and Zhang, C. (2008), “Socially esponsible in es men s: ins i u ional
aspec s, pe o mance, and in es o beha io ”,Jou nal o Banking and Finance, Vol. 32 No. 9,
pp. 1723-1742, doi: 10.1016/j.jbank in.2007.12.039.
Riedl, A. and Smee s, P. (2017), “Why do in es o s hold socially esponsible mu ual unds?”,The
Jou nal o Finance, Vol. 72 No. 6, pp. 2505-2550, doi: 10.1111/jo i.12547.
AJEB
8,3
386
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
Risi, D., Pae zold, F. and Kelle s, A. (2021), “Weal hy p i a e in es o s and socially esponsible
in es ing: he in luence o e e ence g oups”,Sus ainabili y, Vol. 13 No. 22, 12931, doi: 10.3390/
su132212931.
Ri e , J.R. (2003), “Beha io al inance”,Paci ic-Basin Finance Jou nal, Vol. 11 No. 4, pp. 429-437, doi:
10.1016/s0927-538x(03)00048-9.
Robba, M., So gen e, A. and Iannello, P. (2024), “In sea ch o socially esponsible in es o s: a La en
P o ile Analysis”,F on ie s in Beha io al Economics, Vol. 3, doi: 10.3389/ bhe.2024.1369261.
Rooh, S., El-Goha y, H., Khan, I., Alam, S. and Shah, S.M.A. (2023), “An a emp o unde s and s ock
ma ke in es o s’beha iou : he case o en i onmen al, social, and go e nance (ESG) o ces in
he Pakis ani s ock ma ke ”,Jou nal o Risk and Financial Managemen , Vol. 16 No. 12, p. 500,
doi: 10.3390/j m16120500.
Rossi, M., Sansone, D., Van Soes , A. and To icelli, C. (2018), “Household p e e ences o socially
esponsible in es men s”,SSRN Elec onic Jou nal, Vol. 105, doi: 10.2139/ss n.3127711.
Rubbaniy, G., Khalid, A.A. and Sami as, A. (2021), “A e c yp os sa e-ha en asse s du ing Co id-19?
E idence om Wa ele cohe ence analysis”,Eme ging Ma ke s Finance and T ade, Vol. 57
No. 6, pp. 1741-1756, doi: 10.1080/1540496x.2021.1897004.
Rudman, L.A. and Goodwin, S.A. (2004), “Gende di e ences in au oma ic in-g oup bias: why do
women like women mo e han men like men?”,Jou nal o Pe sonali y and Social Psychology,
Vol. 87 No. 4, pp. 494-509, doi: 10.1037/0022-3514.87.4.494.
Sabbaghi, O. (2022), “The impac o news on he ola ili y o ESG i ms”,Global Finance Jou nal,
Vol. 51 C, 100570, doi: 10.1016/j.g j.2020.100570.
Sandbe g, J., Ju a le, C., Hedess €
om, T.M. and Hamil on, I. (2008), “The he e ogenei y o socially
esponsible in es men ”,Jou nal o Business E hics, Vol. 87 No. 4, pp. 519-533, doi: 10.1007/
s10551-008-9956-0.
SAS Ins i u e Inc (2015), “In oduc ion o Bayesian analysis p ocedu es”, (accessed 19 Janua y 2024).
Schoenmake , D. and Sch amade, W. (2019), P inciples o Sus ainable Finance, Ox o d Uni e si y
P ess, (accessed 23 Ma ch 2023).
Schol ens, B. and Sie €
anen, R. (2012), “D i e s o socially esponsible in es ing: a case s udy o ou No dic
coun ies”,Jou nal o Business E hics,Vol.115No.3,pp.605-616,doi:10.1007/s10551-012-1410-7.
Schue h, S. (2003), “Socially esponsible in es ing in he Uni ed S a es”,Jou nal o Business E hics,
Vol. 43 No. 3, pp. 189-194, doi: 10.1023/a:1022981828869.
Sco Jones, J. (2019), Lea n o Use Bayesian In e ence in SPSS wi h Da a om he Na ional Child
Measu emen P og amme (2016-2017), SAGE Publica ions, London, a ailable a : h p://dx.doi.
o g/10.4135/9781526486585 (accessed 19 Janua y 2024).
Senne, A. (2023), “As women gain powe , in e es in ESG in es ing g ows”, a ailable a : h ps://www.
bcweal hmanagemen .com/en-us/insigh s/as-women-gain-powe -in e es -in-esg-in es ing-
g ows (accessed 10 Ap il 2023).
Shah, N. (2024), “G een is he new gold: in es o s lock o sus ainable oppo uni ies in 2024”,
Economic Times, 2 Ap il, a ailable a : h ps://economic imes.india imes.com/ma ke s/s ocks/
news/g een-is- he-new-gold-in es o s- lock- o-sus ainable-oppo uni ies-in-2024/a icleshow/
108968310.cms? om5md (accessed 9 Ap il 2024).
Shank, T., Manullang, D. and Hill, R. (2005), “Doing well while doing good’ e isi ed: a s udy o
socially esponsible i ms’sho - e m e sus long- e m pe o mance”,Manage ial Finance,
Vol. 31 No. 8, pp. 33-46, doi: 10.1108/03074350510769794.
Sha i , T. and Adam, A.M. (2011), “A p elimina y explo a ion o he e ec s o a ional ac o s and
beha io al biases on he manage ial choice o in es in co po a e esponsibili y”,Manage ial
and Decision Economics, Vol. 32 No. 3, pp. 205-213, doi: 10.1002/mde.1530.
Simon, H.A. (1990), “A mechanism o social selec ion and success ul al uism”,Science, Vol. 250
No. 4988, pp. 1665-1668, doi: 10.1126/science.2270480.
Asian Jou nal o
Economics and
Banking
387
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
S a , E. (2023), “56% o in es o s plan o inc ease ESG in es men s in 2024: epo ”,ETBFSI,29
No embe , a ailable a : h ps://b si.economic imes.india imes.com/news/ inancial-se ices/56-
o -in es o s-plan- o-inc ease-esg-in es men s-in-2024- epo /105587211
S a man, M., Tho ley, S. and Vo kink, K. (2006), “In es o o e con idence and ading olume”,
Re iew o Financial S udies, Vol. 19 No. 4, pp. 1531-1565, doi: 10.1093/ s/hhj032.
S eg, L. and Vlek, C. (2009), “Encou aging p o-en i onmen al beha iou : an in eg a i e e iew and
esea ch agenda”,Jou nal o En i onmen al Psychology, Vol. 29 No. 3, pp. 309-317, doi: 10.1016/j.
jen p.2008.10.004.
Sul ana, S., Zulki li, N. and Zainal, D. (2018), “En i onmen al, social and go e nance (ESG) and
in es men decision in Bangladesh”,Sus ainabili y, Vol. 10 No. 6, p. 1831, doi: 10.3390/su10061831.
Suman, V. (2022), “Sus ainable in es ing in India: he op 3 key d i e s in 2022”, 1 No embe ,
a ailable a : h ps://www.linkedin.com/pulse/sus ainable-in es ing-india- op-3-key-d i e s-
2022- i ek-suman/ (accessed 8 Feb ua y 2024).
Ta akol, M. and Dennick, R. (2011), “Making sense o C onbach’s alpha”,In e na ional Jou nal o
Medical Educa ion, Vol. 2, pp. 53-55, doi: 10.5116/ijme.4d b.8d d.
Thach, N.N. (2020), “How alues in luence economic p og ess? E idence om Sou h and Sou heas
Asian coun ies”,inDa a Science o Financial Econome ics, Sp inge In e na ional Publishing,
Cham, pp. 207-221.
Thach, N.N. (2023), “Applying Mon e Ca lo simula ions o a small da a analysis o a case o economic
g ow h in COVID-19 imes”,SAGE Open, Vol. 13 No. 2, 21582440231181540, doi: 10.1177/
21582440231181540.
Thach, N.N. and Ngoc, B.H. (2023), “Nexus be ween ou ism and ecological oo p in in RCEP: esh
e idence om Bayesian MCMC andom-e ec s sampling”,Cogen Business and Managemen ,
Vol. 10 No. 1, doi: 10.1080/23311975.2023.2208703.
Thach, N.N., K eino ich, V. and T ung, N.D. (2021a), Da a Science o Financial Econome ics,
Sp inge Na u e, (accessed 9 Feb ua y 2024).
Thach, N.N., Ha, D.T., T ung, N.D. and K eino ich, V. (2021b), P edic ion and Causali y in
Econome ics and Rela ed Topics, Sp inge Na u e, (accessed 3 Decembe 2023).
Thach, N.N., K eino ich, V., Ha, D.T. and T ung, N.D. (2022), Financial Econome ics: Bayesian Analysis,
Quan um Unce ain y, and Rela ed Topics, Sp inge Na u e, (accessed 14 No embe 2023).
Thanki, H., Shah, S., Ra hod, H.S., Oza, A.D. and Bu duhos-Ne gis, D.D. (2022), “I am eady o in es in
socially esponsible in es men s (SRI) op ions only i he e u ns a e no comp omised:
indi idual in es o s’in en ions owa d SRI”,Sus ainabili y, Vol. 14 No. 18, 11377, doi: 10.3390/
su141811377.
Tu, S., Cos a, M., Kuch yak, M., Callagy, R.M., Pin o, M.R. and Ha is, S. (2020), Beyond Passi e, ESG
In es ing is he Nex G ow h F on ie o Asse Manage s, Moody’s In es o s Se ice, a ailable
a : h ps://www.e icanews.i /wp-con en /uploads/2020/03/Moodys_Sec o -In-Dep h-Asse -
Manage s-Global-27Feb20.pd
Uni ed Na ions En i onmen P og amme - Finance Ini ia i e (2017), “The e olu ion o sus ainable
inance –Uni ed Na ions en i onmen – inance ini ia i e”, Uni ed Na ions En i onmen
P og amme - Finance Ini ia i e, a ailable a : h ps://www.unep i.o g/news/ imeline/ (accessed
23 Ma ch 2023).
Upadhyaya, C., Khan, S., Sandhanshi e, V. and Awas hi, G. (2023), “A s udy o impac o beha iou al
ac o s on ESG in es men ”,Jou nal o Con empo a y Issues in Business and Go e nmen ,
Vol. 29 No. 1, doi: 10.47750/cibg.2023.29.01.039.
an de Schoo , R., Kaplan, D., Denissen, J., Asendo p , J.B., Neye , F.J. and an Aken, M.A.G. (2014), “A
gen le in oduc ion o Bayesian analysis: applica ions o de elopmen al esea ch”,Child
De elopmen , Vol. 85 No. 3, pp. 842-860, doi: 10.1111/cde .12169.
an Doo n, J., an den Be gh, D., B€
ohm, U., Dablande , F., De ks, K., D aws, T., E z, A., E ans, N.J.,
G onau, Q.F., Haa , J.M., Hinne, M., Kucha sk
y,

S., Ma sman, M., Ma zke, D., Gup a, A.R.K.N.,
AJEB
8,3
388
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025
Sa a oglou, A., S e an, A., Voelkel, J.G. and Wagenmake s, E.J. (2020), “The JASP guidelines o
conduc ing and epo ing a Bayesian analysis”,Psychonomic Bulle in and Re iew, Vol. 28 No. 3,
pp. 813-826, doi: 10.3758/s13423-020-01798-5.
Vanwalleghem, D. (2017), “The eal e ec s o sus ainable and esponsible in es ing?”,Economics
Le e s, Vol. 156, pp. 10-14, doi: 10.1016/j.econle .2017.04.008.
Va s, D. and Knudson, C. (2021), “Re isi ing he Gelman–Rubin diagnos ic”,S a is ical Science, Vol. 36
No. 4, doi: 10.1214/20-s s812.
Vinay (2023), “ESG in es men - lis o 10 bes ESG unds in India”,Blogs 8211; Resea ch and
Ranking, 2 Ap il, a ailable a : h ps://blog. esea chand anking.com/esg- und-in-india/ (accessed
11 No embe 2023).
Vishali, M. and Sha i, M.K.M. (2024), “Eme ging pa adigms in socially esponsible in es men (SRI)—
a s udy wi h ocus on ESG mu ual unds in India”,En i onmen and Social Psychology, Vol. 9
No. 4, doi: 10.54517/esp. 9i4.2006.
Wagenmake s, E.-J., Lodewyckx, T., Ku iyal, H. and G asman, R. (2010), “Bayesian hypo hesis es ing
o psychologis s: a u o ial on he Sa age–Dickey me hod”,Cogni i e Psychology, Vol. 60 No. 3,
pp. 158-189, doi: 10.1016/j.cogpsych.2009.12.001.
Wagenmake s, E.-J., Lo e, J., Ma sman, M., Jamil, T., Ly, A., Ve hagen, J., Selke , R., G onau, Q.F.,
D opmann, D., Bou in, B., Mee ho , F., Knigh , P., Raj, A., an Kes e en, E.J., an Doo n, J.,

Sm
ı a, M., Epskamp, S., E z, A., Ma zke, D., de Jong, T., an den Be gh, D., Sa a oglou, A.,
S eing oe e , H., De ks, K., Roude , J.N. and Mo ey, R.D. (2017), “Bayesian in e ence o
psychology. Pa II: example applica ions wi h JASP”,Psychonomic Bulle in and Re iew, Vol. 25
No. 1, pp. 58-76, doi: 10.3758/s13423-017-1323-7.
Webe , M. and Came e , C.F. (1998), “The disposi ion e ec in secu i ies ading: an expe imen al
analysis”,Jou nal o Economic Beha io and O ganiza ion, Vol. 33 No. 2, pp. 167-184, doi: 10.
1016/s0167-2681(97)00089-9.
Williams, G. (2007), “Some de e minan s o he socially esponsible in es men decision: a c oss-
coun y s udy”,Jou nal o Beha io al Finance, Vol. 8 No. 1, pp. 43-57, doi: 10.1080/
15427560709337016.
Yada , S., Kuma , A., Mehlawa , M.K., Gup a, P. and Cha les, V. (2023), “A mul i-objec i e sus ainable
inancial po olio selec ion app oach unde an in ui ionis ic uzzy amewo k”,In o ma ion
Sciences, Vol. 646, 119379, doi: 10.1016/j.ins.2023.119379.
Yoon, A. (2023), Wha ESG News Ma e s Mos o he Ma ke ?, CFA Ins i u e En e p ising In es o , 22
Ma ch, a ailable a : h ps://blogs.c ains i u e.o g/in es o /2023/03/22/ he-ma ke - eac s-mos - o-
posi i e- inancially-ma e ial-co po a e-esg-news/ (accessed 14 Ap il 2024).
Zhao, Z., Gong, Y., Li, Y., Zhang, L. and Sun, Y. (2021), “Gende - ela ed belie s, no ms, and he link wi h
g een consump ion”,F on ie s in Psychology, Vol. 12, 710239, doi: 10.3389/ psyg.2021.710239.
Fu he eading
Gelman, A., Ca lin, J.B., S e n, H.S. and Rubin, D.B. (2003), Bayesian Da a Analysis, 2nd ed., CRC P ess,
(accessed 12 May 2024).
Iacu ci, G. (2023), “O e con idence can be a pa hway o poo po olio pe o mance,’says chie
in es men o ice . How o check you ego”,CNBC, 19 Janua y, a ailable a : h ps://www.
cnbc.com/2023/01/19/why-o e con idence-bias-may-cos -in es o s.h ml (accessed
17 Ma ch 2023).
Nikolic, B. and Yan, X.S. (2012), “In es o o e con idence, i m alue, and cos o capi al”,SSRN
Elec onic Jou nal. doi: 10.2139/ss n.2130889.
Nilsson, J. (2007), “In es men wi h a conscience: examining he impac o p o-social a i udes and
pe cei ed inancial pe o mance on socially esponsible in es men beha io ”,Jou nal o
Business E hics, Vol. 83 No. 2, pp. 307-325, doi: 10.1007/s10551-007-9621-z.
Asian Jou nal o
Economics and
Banking
389
Downloaded om h p://www.eme ald.com/ajeb/a icle-pd /8/3/366/9503033/ajeb-05-2023-0043.pd by ZBW Ge man Na ional Lib a y o Economics use on 16 Decembe 2025