Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 539706
Title Predicting pension beneficiaries’ behaviour when offered a socially responsible and impact investment portfolio
Author(s) Apostolakis, George; Dijk, Gert van; Blomme, Robert J.; Kraanen, Frido; Papadopoulos, Athanasios P.
Source Journal of Sustainable Finance and Investment 8 (2018)3. - ISSN 2043-0795 - p. 213 - 241.
DOI https://doi.org/10.1080/20430795.2018.1429148
Department(s) Marketing and Consumer Behaviour
Publication type Refereed Article in a scientific journal
Publication year 2018
Keyword(s) confidence - cooperatives - Impact investment - pension funds - perceived consumer effectiveness - social responsible investment - SRI - sustainable investment - TPB
Abstract

In recent years, financial and demographic conditions, including low interest rates and volatile equity markets, have been testing the endurance of pension systems. Concern about the sustainability of pension systems has prompted discussion about introducing individual choices under the collective choice mandate. An ongoing discussion seeks to provide more freedom of choice and to shift towards a more individualized risk system within the collective mandate. This suggested individualization will increase operational costs but aims to keep pensions at current levels by shifting risk onto employees. Following the theory of planned behaviour (TPB), the objective of this paper is to examine pension beneficiaries’ intention to adopt a portfolio consisting of socially responsible and impact investments. We employ confirmatory factor and regression analyses to better understand pension beneficiaries’ attitudes, social norms, perceived consumer effectiveness, and intentions for such a choice. Responses from 637 respondents from a Dutch pension administrative organization were collected and identified as a valid sample. Consistent with the theory, the results of our analysis revealed that attitudes and social norms positively affected individuals’ intention to invest in this specific portfolio. Furthermore, we expand our model and incorporate perceived consumer effectiveness and consumer confidence as important factors influencing and moderating socially responsible behaviour, respectively. Our results imply that understanding the behavioural determinants affecting pension beneficiaries’ intentions can be an effective tool for increasing their involvement in pension affairs by making their own choices. Our findings yield policy recommendations for stimulating socially responsible investment behaviour in pension beneficiaries by examining the determinants of human behaviour.

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