The Effect of Providing Peer Information on Evaluation for Gender Equalized and ESG Oriented Firms: An Internet Survey Experiment

Abstract

Internet survey experiment is conducted to examine how providing peer information of evaluation about progressive firms changed individual's evaluations. Using large sample including over 13,000 observations collected by two-step experimental surveys, I found; (1) provision of the information leads individuals to expect higher probability of rising of stocks and be more willing to buy it. (2) the effect on willingness to buy is larger than the expected probability of stock price rising, (3) The effect for woman is larger than for man. (4) individuals who prefer environment (woman's empowerment) become more willing to buy stock of pro-environment (gender-balanced) firms than others if they have the information. (5) The effect of the peer information is larger for individuals with "warm -glow" motivation.