Investor’s behavior is affected by multiples factors. In this paper, we investigate the factors affecting the decision-making process, the framing effect and the loss and risk aversion. Our findings suggest that female, younger, employed and graduated investors are more ethical investors. A good financial culture does not imply the overcoming of the cognitive bias. Not all categories of investors are affected by the attribute framing. Finally, we find empirical evidence of an aversion to loss bias. After a loss occurs, investors may decide to shift to an ethical fund for moral principles (“ethics effect”) in addition to the isolation effect.