In this study, we address the ongoing debate about the relative importance of the three dimensions of the ESG framework and whether they are sufficient to capture the full scope of sustainability. We propose a new dimension, the Future Generations pillar (F-pillar), which aims to account for intergenerational equity and sustainability. Our online experiment explores how retail investors make investment decisions when presented with different combinations of financial and ESG information, including the F-pillar. Our findings suggest that retail investors try to balance their financial objectives with sustainability considerations. Moreover, the E-pillar appears to be most relevant when investors adopt a sustainability perspective, while the S-pillar is most relevant when investors consider the financial perspective. Interestingly, our results show that an explicit F-pillar is somewhat redundant, as individuals believe that the three existing ESG pillars already indirectly address the sustainability towards the future generations. This study contributes to the ongoing debate on the relevance of the ESG framework and highlights the need to further explore the interplay between financial and sustainability considerations in retail investment decision-making.

中文翻译：

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ESG+F 哪个维度对散户投资者最重要？财务决策与子孙后代的实验研究

在本研究中，我们解决了有关 ESG 框架三个维度的相对重要性以及它们是否足以涵盖可持续性的全部范围的持续争论。我们提出了一个新的维度，即未来世代支柱（F 柱），旨在考虑代际公平和可持续性。我们的在线实验探讨了散户投资者在看到不同的财务和 ESG 信息组合（包括 F 柱）时如何做出投资决策。我们的研究结果表明，散户投资者试图平衡其财务目标与可持续性考虑。此外，当投资者采取可持续发展观点时，E 支柱似乎最为相关，而当投资者考虑财务观点时，S 支柱似乎最为相关。有趣的是，我们的结果表明，明确的 F 支柱有些多余，因为个人认为现有的三个 ESG 支柱已经间接解决了子孙后代的可持续发展问题。这项研究促进了有关 ESG 框架相关性的持续辩论，并强调需要进一步探索零售投资决策中财务和可持续性考虑因素之间的相互作用。