Denna avhandling syftar till att bidra till tidigare forskning om hållbara investeringar genom att undersöka enskilda investerares preferenser och kunskap om hållbara investeringar. Avhandlingen redovisar två studier som undersöker effekten av konsumenters investeringsrelaterade attityder och olika demografiska egenskaper samt olika typer av finanskunskap vid val av hållbara investeringar. Data i den första studien beskriver enskilda investerare i Norden. I den andra studie genom en enkät, i båda fall. Dataanalysen utfördes med hjälp av logistisk regression respektive OLS-regression. Resultaten visar att riskaverta investerare och investerare med kortare investeringshorisonter är mer benägna att välja hållbara investeringar. När det gäller sociodemografiska egenskaper föredrog äldre, kvinnliga och mindre förmögna kunder hållbara investeringar. Dessutom undersöktes sambandet mellan kunskapsnivån hos konsumenter som valt hållbara investeringar och deras informations- och rådgivningssökande beteende.

Resultaten antyder att de flesta konsumenter med hållbara investeringar hade en hög objektiv finanskunskap, men låg hållbarhetskunskap och ännu lägre kunskap om hållbara investeringar. Konsumenter som valt hållbara investeringar söker efter information mer aktivt när de har en hög egenupplevd kunskap jämfört med faktisk kunskap, dvs när de överskattar sin förmåga. Vid utvärdering av ett rådgivningssökande beteende upptäcktes att investerare som uppfattar sig själva som mer ekonomiskt kunniga är mer benägna att söka råd om hållbara investeringar från finansiella rådgivare. De som såg sig själva som mer kunniga inom hållbarhet var däremot mindre benägna att rådfråga sina finansiella rådgivare innan de fattade beslut om hållbara investeringar. När det gäller produktkunskap om olika testade hållbara investeringsalternativ, visar resultaten att nyckelinformationen om fonden med högst hållbarhetskrav (den mörkgröna fonden) var svårare att förstå än information om fonder med lägre hållbarhetskrav. 

The increasing role of individual investors in supporting the achievement of sustainable development goals through sustainable investment has gained growing interest from financial authorities and the research community. Digitalization in the financial sector, e.g., robo-advisors, enables lay-investors to make sustainable investments in a simple and convenient way. This study investigates whether investment-related attitudes and demographic profiles are related to robo-advisor clients' sustainable investment choices. This paper describes an empirical study that uses a logistic regression model to investigate sustainable investment preferences at the individual investor level. Cross-sectional data consisting of 27,771 individual investors in Sweden, Norway, and Finland, who purchased investment products through a robo-advisor application, are used in this study. The results suggest that, concerning investment-related attitudes, robo-advisor clients with low-risk tolerance and a short investment horizon are more likely to choose to become sustainable investors. Furthermore, sustainable investments are preferred by robo-advisor clients who are less wealthy, female, and older.

Purpose: The purpose of this study is to simultaneously examine the role of microfinance from the business and social lenses by using the creating shared value (CSV) framework by Porter and Kramer (2011) in the context of Indonesia. Design/methodology/approach: A survey among more than 170,000 borrowers of two specific credit schemes by PT Bank Rakyat Indonesia Tbk., the largest microfinance provider in Indonesia, was conducted to understand the perceptions of borrowers on the benefits of microcredit under the CSV framework. Findings: The result confirms that, overall, the debtors acknowledged the importance of the loans in various aspects of CSV. The highest levels of importance were recorded in the case of stimulating the increase of business revenue growth, business productivity and fulfilling the needs of consumers. Disaggregating the results based on respondents’ demographic characteristics, it is shown that the findings in both credit schemes have a relatively similar pattern in terms of origin, business sectors and the borrowing purpose from. Originality/value: There have been limited studies that examine the impact of microfinance from both the business and social perspectives. Most studies only use one of these. Implementing the CSV framework allows the authors to fill in the gap and understand how microfinance provides business and social benefits.

Indonesia is the fourth most populous country in the world, with a population of 273.5 million in 2020. Approximately 14.4% of Indonesia’s population is in the elderly age group and 8.4% of the total population is in the retirement age group. The current pension system in Indonesia is classified into two major categories: mandatory and voluntary. The mandatory pension fund provider consists of three institutions: PT Taspen (Persero) or Taspen hereafter, PT Asabri (Persero) or Asabri hereafter, and BPJS Ketenagakerjaan. The voluntary pension scheme providers consist of two types, namely, Employer Pension Funds (DPPK) and Financial Institution Pension Funds. (DPLK). There are currently no alternative pension-like programs, such as reverse mortgages, in Indonesia. However, there are some challenges faced by the Indonesian pension system. A low participation rate remains one of the biggest challenges faced by BPJS Ketenagakerjaan, and Indonesia’s retirement scheme ranked 30th among 39 countries in the Mercer CFA Institute Global Pension Index in 2020. In addition, the Indonesian government also needs to review the regulation that allows BPJS Ketenagakerjaan’s participants to redeem retirement savings prior to retirement.

There are some sectors, such as higher education, that are associated with feminine qualities. In several Indonesian universities, the percentage of female lecturers far exceeds that of males, rendering higher education a sector predominantly led by women. Despite dominating the sector, women still face the glass ceiling phenomenon when reaching top management positions in universities. External factors, such as unsupportive organisations, have been recognised as the leading causes of this issue thus far. However, the role played by individual factors, such as self-esteem and self-confidence, in perpetuating the glass ceiling is hardly ever acknowledged. Using a qualitative method with a phenomenological approach, this study aims to investigate the experiences of female academics in Indonesia concerning the glass ceiling phenomenon in relation to individual factors. The data analysis findings confirm that individual factors are as significant as external factors in perpetuating the glass ceiling. The gender quota policy is inadequate in resolving the glass ceiling phenomenon. However, this policy may contribute to positive exposure for women, suggesting that women possess the same abilities as men and may ultimately enhance women's confidence in their abilities.

AI-empowered financial advisory services (or robo-advisory services) emerge as one of the channels to attract customers to invest in financial products that integrate the environment, social, and governance (ESG) criteria to their investment objectives. This reasoning is often based on the assumption that AI is more transparent in fees and unbiased than conventional human advisors, while at the same time, lowering the entry bar for young and low-budget customers. In automated services with little or no human intervention, users’ experience and ability to use this type of service play a critical role in supporting consumer investment decisions. However, the impact of robo-advisor user experience towards customers’ preference for sustainable investment choices has not been addressed by previous studies. In the long run, can robo-advisory services significantly support or promote a more sustainable investment portfolio to customers? We provide initial insights on these questions based on a mixed-method user test, including a pre-test survey, observations of robo-advisor usage, and a post-test retrospective interview. The preliminary results show that this AI-empowered system and its service have not fulfilled the expectations to support customers’ sustainable investment decision-making due to the lack of comprehensible information and transparency. Firstly, we explain the relationships between customers’ intention to select a sustainable portfolio with their features and attitudes towards AI. The observation and interview data reveal that a standardized definition and criteria of sustainable investment and portfolios are needed for customers to establish a fundamental understanding of this service. Also, customers demand more explanations in the final recommendation automatically generated by AI.