DEFENSA DE LA MUCOSA GÁSTRICA

In the analysis of the HEXACO traits I find evidence supporting the hypothesis of a positive association of Honest-Humility with SRI engagement: Honest-Humility is positively associated with the interest investors have in investing in SRI.

Honest-Humility is significant in the full specification that includes all controls (model 9) and thus appears robust to relevant investor characteristics such as risk- and return-expectations and level of education attained. The marginal effects presented in table B9 in the appendix show that a one-unit increase of Honest-Humility is associated with an increase of the probability that an investor answers 'Somewhat interested' (i.e. the value of the dependent variable 'SRI Interest' equals '4') to the question ""To what degree would you say you are interested in investing in SRI?" by 14.8%. This result suggests that prosocial motivations do play a role in SRI engagement. This finding is in line with findings reported in the literature. For example, Hilbig et al. (2015) report Honest-Humility is positively associated with prosocial behaviour in a dictator game, Hilbig et al. (2012, Study 1) find a positive association of the trait with prosocial behaviour in a public goods game, and Zettler et al. (2013) find such an association in a prisoner's dilemma game.

58 _{The Wald Chi-squared statistics for the probit with the same specifications as the models reported in} table 9 are (Wald Chi-sq. = 8.47, p < 0.21 for the specifications of model 10; Wald Chi-sq. = 12.17, p < .144 for the specifications of model 12; and Wald Chi-sq. = 11.39, p < 0.6846 for the specifications of model 13)

Furthermore, I also find evidence of the other two prosocial traits - Agreeableness and Emotionality - being positively associated with 'SRI-Interest'. These associations too are significant in the full specification (model 9) and thus appear robust to relevant investor characteristics. The marginal effects presented in table B9 in the appendix show that a one-unit increase of Agreeableness and Emotionality are associated with an increase of the probability that an investor answers 'Somewhat interested' (i.e. the value of the dependent variable 'SRI Interest' equals '4') to the question ""To what degree would you say you are interested in investing in SRI?" by 12.25%, and 10.79% respectively. I did not hypothesise a positive association of Agreeableness with SRI engagement based on the conceptualisation of SRI as an active prosocial act - which conceptually is the type of prosocial behaviour associated with Honest- Humility within the HEXACO framework - and the theoretical conception of Agreeableness as a reactive prosocial within the HEXACO framework. However, the evidence suggests that Agreeableness is an important investor characteristic when it comes to investors' self-reported interest in SRI. These findings are partly in line with previous findings. For example by Thielmann and Hilbig (2014) find that a combination of Honest-Humility and Agreeableness is associated with prosocial behaviour in a dictator game. However, investigations into the association of the HEXACO and prosocial behaviour in an economic context, thus far have not uncovered a positive association of Emotionality with prosocial behaviour my finding of a significant positive association of Emotionality with self-reported interest in investing in SRI thus differs from those in the extant literature who find no positive association of Emotionality with active prosocial behaviour (e.g. Hilbig et al. 2012; Zettler et al. 2013; Hilbig et al. 2015a).

Furthermore, I also find a significant positive correlation of Openness with 'SRI- Interest'. Table B9 in the appendix shows that a one-unit increase in Openness is associated with an increase of 14.1% in the probability of observing outcome '4' (i.e. an investor declaring to be 'Somewhat interested' in investing in SRI). This finding is in line with previously reported findings of a positive association of the related trait Big Five Openness and prosocial behaviour (Ben-Ner et al. 2004b; Becker et al. 2012; Brandstätter and Königstein 2001; Mehta 2007). Together, these results suggest that investors' prosocial tendencies are positively associated with the self-reported interest investors have in investing in SRI beyond financial expectations. Together, the results

regarding the HEXACO traits and investors' self-reported Interest in investing in SRI for one suggest that SRI can be viewed as a prosocial act seen as all three prosocial traits - Honest-Humility, Agreeableness, and Emotionality - are significantly associated with 'SRI Interest'. What is more, counter to my expectations, Honest- Humility is not the only, or the most important prosocial HEXACO trait when it comes to capturing investors' interest in SRI. I hypothesised earlier in this chapter that Honest-Humility is the only HEXACO trait that is related to engagement in SRI given that I conceptualised SRI engagement as an active prosocial decision. However, all three prosocial HEXACO traits are significantly associated with 'SRI Interest' and the marginal effects of Agreeableness and Emotionality are similar in size to that of Honest-Humility. The results therefore suggest that a general tendency to be prosocial - captured with all three prosocial traits - is what is relevant when ascertaining investors' interest in investing in SRI, as opposed to the specific type of prosocial behaviour associated with the individual traits (i.e. active prosocial behaviour related to Honest-Humility). Furthermore, Openness is also a significant trait to capture investors' interest in SRI. The significance of Openness suggests that it is not just prosocial tendencies specifically that are a important investor characteristics when it comes to capturing investors' self-reported interest in SRI but also investors' tendency to seek novel experiences and to experiment, which are facets of Openness. Additionally, the significant association of Openness could also be related to investors - high in Openness - having a greater affinity for left-leaning, progressive political views as has been reported in the literature (McCrae, 1996). Furthermore, both investors' risk- and return-expectations are significantly positively correlated with the self-reported interest investors have in investing in SRI.

Turning to the results regarding the dependent variable 'SRI-Ever-Invested' I find a positive association of Honest-Humility and the likelihood that investors have invested in SRI in the past. However, while the overall pattern suggest that investors' prosocial tendencies play a role in the decision to invest in SRI, the diagnostics suggest the models do not provide an adequate fit for the data by conventional standards (i.e. p < 0.1). I therefore cannot exclude the null hypothesis that the independent variables do not have an effect on the dependent variable. It is possible that the poor model fit is due to the small sample size. Compared to the samples of the other personality instruments I employ, the HEXACO sample is only about one- fourth the size. This possibility is supported by the fact that the analysis of the HEXACO traits and 'SRI-Ever-Invested' is the only analysis in which investors'

return-expectations are not significant. However, I stress that this is just an educated guess, future work could explore the association of the HEXACO traits with the likelihood that investors invest in SRI in larger samples to explore whether there is a robust association.