Accumulating Good Karma and Individual Investors' ESG Preference

Last registered on December 26, 2025
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Pre-Trial

Trial Information

General Information

Title
Accumulating Good Karma and Individual Investors' ESG Preference
RCT ID
AEARCTR-0017454
Initial registration date
December 11, 2025

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
December 26, 2025, 2:11 AM EST

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

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Primary Investigator

Name
Xingjian Wang
Affiliation
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Other Primary Investigator(s)

PI Name
Meng Miao
PI Affiliation
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Additional Trial Information

Status
In development
Start date
2025-12-13
End date
2026-12-31
Keywords
Behavior, Environment & Energy, Finance & Microfinance, Welfare
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Environmental, Social and Governance (ESG) investment concepts have become an important investment standard in global capital markets. However, there is still a lot of room for improvement in individual investors' awareness and participation in ESG. This study aims to explore how to enhance individual investors' awareness and acceptance of ESG investment through the concept of "accumulating karma" in traditional Chinese culture. This study will test the compatibility between traditional cultural concepts and ESG investment, as well as the impact of uncertainty perception on investment decisions, and provide an empirical basis for promoting the localization of ESG concepts.
External Link(s)

Registration Citation

Citation
Miao, Meng and Xingjian Wang. 2025. "Accumulating Good Karma and Individual Investors' ESG Preference." AEA RCT Registry. December 26. https://doi.org/10.1257/rct.17454-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Intervention Start Date
2026-01-01
Intervention End Date
2026-12-31

Primary Outcomes

Primary Outcomes (end points)
individual investors‘ willingness to invest in stocks with higher ESG ratings
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
This study uses a two-layer randomized experimental design.
In the first layer of treatment, respondents were randomly assigned to different video processing groups or control groups. The processing group watched a video linking ESG investment with the concepts of karma and virtue, and further subdivided into five subgroups according to the different emphasis at the end of the video: (1) Basic version group: only shows the connection between ESG investment and the concepts of karma and virtue; (2) Non-monetary motivation group: emphasizes that ESG investment is not based on monetary gains; (3) Equity income group: emphasizes that ESG investment may bring higher future stock returns; (4) Other income groups: emphasize that ESG investment may bring monetary returns in the form of non-equities; (5) Intergenerational inheritance group: emphasizes the positive impact of ESG investment on future generations. The control group that handles the first layer does not watch any video.
In the second level of treatment, respondents were randomly assigned to either the treatment group that watched the "Uncertainty Rises in Current Life" video or the control group that did not watch any video.
Experimental Design Details
Not available
Randomization Method
randomization done by computer algorithm
Randomization Unit
individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
2400 individuals
Sample size: planned number of observations
2400 individuals
Sample size (or number of clusters) by treatment arms
First Level of Treatment (ESG and Moral Values)
Treatment Group Total 2000, of which: Basic Version 400, Non-monetary Motivations 400, Stock Returns 400, Other Returns 400, Intergenerational Transmission 400, Control Group Total 400.

Second Level of Treatment (Uncertainty)
Treatment Group Total 1200, Control Group Total 1200
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Renmin University of China
IRB Approval Date
2025-12-09
IRB Approval Number
N/A
Analysis Plan