Climate Transition Beliefs
気候トランジションに関する信念 (AI 翻訳)
Marco Ceccarelli, Stefano Ramelli
🤖 gxceed AI 要約
日本語
米国個人投資家を対象に、気候移行の長期的軌道に対する期待（気候移行信念）の異質性を調査。移行楽観度が高い投資家はグリーン投資への期待と選好が強い。実験で因果効果を確認。信念と選好の区別が重要である。
English
This paper documents heterogeneity in climate transition beliefs among U.S. retail investors, showing that optimism about the energy transition is positively associated with expected green returns and investment preferences, especially for non-environmentalists. Survey experiments confirm a causal role of transition beliefs, highlighting the importance of distinguishing beliefs from preferences in green investment behavior.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でも個人投資家のESG投資行動を理解する上で、移行信念の異質性を考慮する視点は有用。NISAやiDeCoを通じた個人のグリーン投資促進策の設計に示唆を与える。
In the global GX context
This study contributes to the global literature on climate finance by demonstrating that investors' expectations about the pace of the energy transition, not just environmental preferences, drive green investment. Relevant for policymakers and asset managers designing green investment products.
👥 読者別の含意
🔬研究者:A must-read for scholars studying green investment behavior, as it disentangles beliefs from preferences.
🏢実務担当者:Asset managers can use insights on transition optimism to segment clients and tailor green product offerings.
🏛政策担当者:Suggests that communicating credible transition pathways may shift investment behavior more than emphasizing environmental values.
📄 Abstract（原文）
We study an overlooked driver of heterogeneity in green investment behavior: differences in expectations about the long-term trajectory of the energy transition (climate transition beliefs). Drawing on a survey of U.S. retail investors, we document considerable heterogeneity in climate transition beliefs at different long-term horizons. Transition optimism is positively associated with expected green financial performance and preferences for green investments, particularly among investors without strong pro-environmental attitudes. Two preregistered survey experiments provide causal evidence that transition beliefs play a key role in shaping green return expectations and investment decisions. Distinguishing between heterogeneous beliefs and preferences is crucial for a better understanding of the motivations behind green investment behavior. This paper was accepted by Caroline Flammer, sustainability. Funding: This work was supported by the Universität St. Gallen Basic Research Fund [Grant 2130787]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2025.00564 .
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1287/mnsc.2025.00564first seen 2026-06-16 05:32:54
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