Using both survey and trading data from 9,286 retail investors for the 2005-2011 period, we highlight the impact of financial literacy and risk tolerance on retail stock portfolio exposure to environmental, social and corporate governance (ESG) factors. Our results also reveal that the three ESG factors are not homogeneous and should be considered separately. Lower exposure to ESG factors during the crisis period suggests that ESG investing is a luxury good for most investors.

中文翻译：

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是什么促使零售投资组合暴露于 ESG 因素？

利用 2005-2011 年 9,286 名散户投资者的调查和交易数据，我们强调了金融知识和风险承受能力对零售股票投资组合暴露于环境、社会和公司治理 (ESG) 因素的影响。我们的结果还表明，这三个 ESG 因素并不是同质的，应分别考虑。危机期间对 ESG 因素的影响较低表明 ESG 投资对大多数投资者来说是一种奢侈品。