The Effects of Emotion Evocation by Sustainability Imagery on Investor Decision-Making
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2020-08-10
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en
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Abstract
The presented paper employs a between-subjects experimental method (with some within-subject elements) to investigate the role of imagery in investment decision-making processes. Participants were put in a simplified investment environment and enrolled in different imagery treatments groups, as to make distinction between positive and negative imagery. In addition, distinction was made in intensity of the imagery, and whether imagery reflects nature, and thereby sustainability or not. Using cross-sectional analyses with OLS regression estimations, it can be shown that both positive imagery and negative imagery can respectively increase and decrease investment percentages substantially. These effects are found most consistently for medium-intensity imagery and can be amplified by presenting nature, sustainability-related imagery. This increases already higher investments for positive, and decreases already lower investments for negative imagery. The results provide applications, as by legislating imagery to be presented in company documents as a way of ‘rewarding’ or ‘punishing’ certain company behaviours, monetary incentives may be offered through non-monetary means. Negative imagery may be most suitable for policy use, as it is found not to be as dependent on affectional attitude compared to positive imagery, and may influence investment behaviour of persons that have a higher willingness to invest more severely.
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Faculteit der Managementwetenschappen