Introduction: Recently there has been a significant increase in the number of investors who decided to build their portfolios by including sustainable investments. This kind of investments has the dual goal of supporting positive social and environmental changes while generating economic returns. From an economic perspective, investors should be guided solely by the profit perspective. However, psychological studies suggest that investment decisions are driven not only by financial goals, but also by investors' desire to generate positive impacts for society and the environment.
Purpose: This study aims to explore the main determinants behind individual investors' choice of socially responsible investing through a comprehensive model including psychological variables, such as attitudes, values, trust, and cognitive factors.
Methods: A quantitative survey was conducted on a representative sample of 500 Italian investors, including both validated scales and ad hoc items. The theoretical model was based on the Theory of Planned Behavior, distinguishing attitudes, values, and perceived behavioral control as main determinants. Separate SEM models were tested for each latent factor, followed by a full SEM with all latent variables.
Results: Taken independently, each latent factor had a significant influence on ESG intentions. In the full model, only attitudes maintained a significant path in determining ESG intentions. The findings show that psychological determinants are key to explain why people invest in sustainable assets beyond purely economic motivations. Values, attitudes, and opinions shaping investment decisions can support the development of communications and interventions that encourage informed choices, ultimately advancing sustainability in the financial sector.
Conclusions: To date, research on the psychology of ESG investors remains limited. This study helps to fill this gap by providing insights into how to promote ESG investments through a better understanding of the psychological drivers that hinder or facilitate such choices.