Sustainable investing is defined as investing in firms that have a highly favourable track record of addressing environmental issues (e.g. regulatory compliance in the form of reduction of carbon emissions and waste production, efficient usage of environmental resources), social issues (e.g. diversity and inclusion, decent work, ensuring safety at workplaces, observing data privacy), and governance issues (e.g. board composition, shareholder voting rights, executive compensations) (Billio et al., 2021; Li et al., 2021). According to Mutezo (2014), information on the sustainability of firms based on the environmental, social, and governance (ESG) standards is becoming increasingly accessible to investors for the selection of investments that suit their aspirations and ambitions as well as help them reduce the risks of their investment.