Investing in Socially Responsible Investment (SRI): the role of responsibility, consciousness and literacy

Ling, Pick-Soon and Ling, Liing Sing and Sarah Dayang Wasali, . (2024) Investing in Socially Responsible Investment (SRI): the role of responsibility, consciousness and literacy. Journal of Sustainability Science and Management (Malaysia), 19 (2). pp. 95-108. ISSN 2672-7226

Investment decisions on Socially Responsible Investment (SRI), an integrative investment tool that combines social and environmental effects with financial benefits, may vary from conventional investment following the essentiality of pro-environmental factors. This study examined the role of Environmental Responsibility (ER), Environmental Consciousness (EC), and Financial Literacy (FL) on investment intention in SRI and extended the Theory of Planned Behaviour (TPB) model by integrating ER, EC, and FL. A total of 228 valid samples were gathered via convenience sampling and further analysed through Partial Least Squares-Structural Equation Modelling (PLS-SEM). Resultantly, the intention to invest in SRI was significantly affected by Attitude (ATT), Subjective Norms (SN), and Perceived Behavioural Control (PBC). Both ER and EC were substantially related to ATT, while FL significantly impacted PBC. The mediating analysis implied the significant and direct impact of ER, EC, and SN on SRI investment intention through ATT. Meanwhile, FL indirectly affected the intention to invest in SRI through PBC. The practical implications of these outcomes potentially facilitate stakeholders to increase their investment intention in SRI.

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Abstract

Investment decisions on Socially Responsible Investment (SRI), an integrative investment tool that combines social and environmental effects with financial benefits, may vary from conventional investment following the essentiality of pro-environmental factors. This study examined the role of Environmental Responsibility (ER), Environmental Consciousness (EC), and Financial Literacy (FL) on investment intention in SRI and extended the Theory of Planned Behaviour (TPB) model by integrating ER, EC, and FL. A total of 228 valid samples were gathered via convenience sampling and further analysed through Partial Least Squares-Structural Equation Modelling (PLS-SEM). Resultantly, the intention to invest in SRI was significantly affected by Attitude (ATT), Subjective Norms (SN), and Perceived Behavioural Control (PBC). Both ER and EC were substantially related to ATT, while FL significantly impacted PBC. The mediating analysis implied the significant and direct impact of ER, EC, and SN on SRI investment intention through ATT. Meanwhile, FL indirectly affected the intention to invest in SRI through PBC. The practical implications of these outcomes potentially facilitate stakeholders to increase their investment intention in SRI.

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Item Type:	Article
AGROVOC Term:	environmental monitoring
AGROVOC Term:	social consciousness
AGROVOC Term:	social participation
AGROVOC Term:	behaviour
AGROVOC Term:	finance
AGROVOC Term:	statistical methods
AGROVOC Term:	stakeholders
AGROVOC Term:	policies
Geographical Term:	Malaysia
Uncontrolled Keywords:	socially responsible investment, environmental responsibility, environmental consciousness, financial literacy, theory of planned behaviour
Depositing User:	Mr. Khoirul Asrimi Md Nor
Date Deposited:	30 Sep 2025 09:56
Last Modified:	01 Oct 2025 10:00
URI:	http://webagris.upm.edu.my/id/eprint/2198

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