  Internet survey experiment is conducted to examine how providing peer
information of evaluation about progressive firms changed individual's
evaluations. Using large sample including over 13,000 observations collected by
two-step experimental surveys, I found; (1) provision of the information leads
individuals to expect higher probability of rising of stocks and be more
willing to buy it. (2) the effect on willingness to buy is larger than the
expected probability of stock price rising, (3) The effect for woman is larger
than for man. (4) individuals who prefer environment (woman's empowerment)
become more willing to buy stock of pro-environment (gender-balanced) firms
than others if they have the information. (5) The effect of the peer
information is larger for individuals with "warm -glow" motivation.
