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Abstract
This study extends prior research by investigating and finding that nonprofessional investors’ attitudes regarding environmental sustainability affect their views on the relative importance of environmental versus financial performance and whether environmental performance affects firm investment returns. It also investigates how these views moderate the influence of environmental performance and assurance information on investor judgments. Environmental performance has a positive effect on the investment desirability and amount judgments of nonprofessional investors who find environmental performance relatively more important, and assurance has a positive effect on the investment desirability judgments of this same group of investors. However, neither environmental performance nor assurance affects the investment judgments of nonprofessional investors who believe that environmentally responsible companies yield higher returns. The results suggest that investors’ environmental attitudes are important in influencing the effects of environmental performance information on investment judgments.
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