Women rate sin stocks as less morally appropriate investment propositions and feel considerably less comfortable investing in controversial (but not conventional) stocks; sex differences are substantial

Niszczota, Paweł, and Michal Bialek. 2020. “Women Oppose Sin Stocks More Than Men Do.” PsyArXiv. March 18. doi:10.31234/osf.io/7a4cq

Abstract: We experimentally test whether men and women differ in their propensity to hold morally controversial (“sin”) stocks. Participants (N = 335) were recruited via Mechanical Turk and rated the moral appropriateness and level of comfort resulting from holding controversial and conventional stocks. Results show that women rate sin stocks as less morally appropriate investment propositions and feel considerably less comfortable investing in controversial (but not conventional) stocks. Sex differences in sin stock tolerance were substantial (d = .60) and remained significant after accounting for differences in investment knowledge and risk tolerance. We propose differences in deontological inclinations in men and women as a likely explanation for the observed effect, and discuss two important outcomes of these differences.