Despite a considerable volume of literature on the environmental, social and corporate governance (ESG) investments, most studies have focused on the perspective of managers and investors in markets with developed ethical funds. This study complements previous studies by exploring the retail investors’ attitude toward ESG in Poland as a Central and Eastern European country (CEE) with a minor but developing sustainable investment market. While EU ESG regulations focus mostly on disclosure obligations, this study aims to determine whether retail investors in Poland are interested in ESG and identifies the conditions for the investors’ interest. The binomial logistic regression is applied to retail investors based on data from a survey of a representative sample of the Polish population. The results show that Poles consider human-caused climate changes as an important challenge and most of those willing to invest in the capital market want to do so in a sustainable way. However, they are unwilling to sacrifice their profits for the sake of ESG. Only those investors who make investment decisions based on social aspects are more likely to forgo a part of their profits. Women are more willing to engage in responsible investments and forgo higher profits.

中文翻译：

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中欧和东欧散户投资者对 ESG 的准备情况。波兰的例子

尽管有大量关于环境、社会和公司治理 (ESG) 投资的文献，但大多数研究都集中在道德基金发达的市场中管理者和投资者的观点。本研究通过探讨波兰作为中欧和东欧国家 (CEE) 的散户投资者对 ESG 的态度来补充先前的研究，该国拥有规模较小但可持续发展的投资市场。虽然欧盟 ESG 法规主要关注披露义务，但本研究旨在确定波兰的散户投资者是否对 ESG 感兴趣，并确定投资者感兴趣的条件。基于对波兰人口代表性样本的调查数据，二项式逻辑回归适用于散户投资者。结果表明，波兰人将人为造成的气候变化视为一项重要挑战，大多数愿意投资资本市场的人都希望以可持续的方式这样做。但是，他们不愿意为了 ESG 而牺牲利润。只有那些基于社会因素做出投资决策的投资者才更有可能放弃部分利润。女性更愿意参与负责任的投资并放弃更高的利润。