标题： 环境-社会-治理偏好与加密资产投资 显示英文标题

标题： Environmental-Social-Governance Preferences and Investments in Crypto-Assets

摘要： 个人投资环境-社会-治理（ESG）资产，不仅因为（更高的）预期回报，还受到伦理和社会考虑的驱动。 关于ESG意识投资者对加密资产的主观信念了解较少，以及这些信念与传统资产相比如何。 某些加密资产类别围绕其环境足迹的争议——主要是基于它们的能源密集型加密挖矿——提供了一个可能有信息价值的研究对象。 利用针对奥地利人口的独特代表性家庭金融调查，我们研究投资者的ESG偏好是否可以解释个体在加密资产组合暴露上的横截面差异。 我们发现投资者的ESG偏好与加密投资暴露之间存在强烈关联。 ESG意识投资者对加密资产的关注度高于传统资产类别，如债券和股票。 显示英文摘要

摘要： Individuals invest in Environmental-Social-Governance (ESG)-assets not only because of (higher) expected returns but also driven by ethical and social considerations. Less is known about ESG-conscious investor subjective beliefs about crypto-assets and how do these compare to traditional assets. Controversies surrounding the ESG footprint of certain crypto-asset classes - mainly on grounds of their energy-intensive crypto mining - offer a potentially informative object of inquiry. Leveraging a unique representative household finance survey for the Austrian population, we examine whether investors' ESG preferences can explain cross-sectional differences in individual portfolio exposure to crypto-assets. We find a strong association between investors' ESG preferences and the crypto-investment exposure. The ESG-conscious investor attention is higher for crypto-assets compared to traditional asset classes such as bonds and shares.