Publicação
ESG pillar scores and retail investor flows: evidence from robinhood
| Resumo: | This thesis examines whether firms’ Environmental, Social, and Governance (ESG) pillar scores influence retail investor flows on Robinhood. Using a panel of S&P 500 firms from 2018-2020, Robintrack holdings are merged with Refinitiv ESG data and financial controls. Two-way fixed effects regressions relate lagged ESG scores to a quarterly normalised share of-flow measure. Across all specifications, ESG coefficients are economically negligible and statistically insignificant. These findings suggest that low-salience, annually updated ESG information did not influence retail trading behavior on the platform. |
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| Autores principais: | Moser, Luisa |
| Assunto: | Robinhood ESG pillar scores Retail investors Sustainability Behavioral finance |
| Ano: | 2026 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | This thesis examines whether firms’ Environmental, Social, and Governance (ESG) pillar scores influence retail investor flows on Robinhood. Using a panel of S&P 500 firms from 2018-2020, Robintrack holdings are merged with Refinitiv ESG data and financial controls. Two-way fixed effects regressions relate lagged ESG scores to a quarterly normalised share of-flow measure. Across all specifications, ESG coefficients are economically negligible and statistically insignificant. These findings suggest that low-salience, annually updated ESG information did not influence retail trading behavior on the platform. |
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