From Knowledge and Values to Green Investment: Analyzing The ‎Mediating Role of Attitude

  • Authors

    • Mohammed Radeef K M Department of Commerce, School of Social Sciences and Languages, Vellore Institute of Technology, Vellore, Tamil Nadu, India-632 014
    • Velmurugan G. Department of Commerce, School of Social Sciences and Languages, Vellore Institute of Technology, Vellore, Tamil Nadu, India-632 014
    https://doi.org/10.14419/z6mwmg87

    Received date: December 17, 2025

    Accepted date: January 12, 2026

    Published date: January 23, 2026

  • Attitude; Environmental Knowledge; Green Investment; Personal Values; SDG
  • Abstract

    This study investigates the motives of Indian investors about how their psychosocial mechanisms influence driving green investment and ‎how it is interlinked with their environmental knowledge, personal values, attitudes towards sustainable investing, and behavioral intentions. ‎Using PLS-SEM in smartPLS 4.0, the data of 455 retail investors in Bangalore were collected through a cross-sectional survey. The results ‎indicate that personal values are pivotal in shaping individuals' attitudes towards green investment intentions. Environmental knowledge exerts ‎an indirect influence on behavioral intentions by forming favorable attitudes, indicating an upstream catalyst to change behavior. This ‎framework explains 44% of the variance in attitude and 50% in investment intentions, indicating predictive power. Overall, these findings ‎emphasize the critical mediating function of attitude and the basic role of values and knowledge in facilitating investment behavior in a ‎sustainable manner. The study gives an insight for financial institutions, policymakers, and advisory professionals in promoting Green ‎Investment Intention with individual ethical perspectives towards broader sustainable development goals‎.

  • References

    1. A, M., & K, Dr. V. (2025). Modelling young consumers’ awareness and purchase behavior of eco-friendly products: A PLS-SEM approach. Inter-national Journal of Accounting and Economics Studies, 12(2), 61–68. https://doi.org/10.14419/zs6dzj66
    2. Adam, A. A., & Shauki, E. R. (2014). Socially responsible investment in Malaysia: Behavioral framework in evaluating investors’ decision-making process. Journal of Cleaner Production, 80, 224–240. https://doi.org/10.1016/j.jclepro.2014.05.075.
    3. Adialita, T., Ramadanti, F. A., Vasudevan, A., Mohammad, S. I. S., Nagaraj, S., Raman, A., & Subramaniam, K. (2024). Analysis of factors affect-ing purchase intention of slow-fashion products by applying the extended theory of planned behavior. Uncertain Supply Chain Management, 12(4), 2197–2206. https://doi.org/10.5267/j.uscm.2024.6.011.
    4. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T.
    5. Ajzen, I., & Fishbein, M. (1977). Attitude-behavior relations: A theoretical analysis and review of empirical research. Psychological Bulletin, 84(5), 888–918. https://doi.org/10.1037/0033-2909.84.5.888.
    6. Aliedan, M. M., Alyahya, M. A., Elshaer, I. A., & Sobaih, A. E. E. (2023). Who Is Going Green? Determinants of Green Investment Intention in the Saudi Food Industry. In Agriculture (Switzerland) (Vol. 13, Issue 5). MDPI. https://doi.org/10.3390/agriculture13051047.
    7. Amoah, A., & Addoah, T. (2021). Does environmental knowledge drive pro-environmental behaviour in developing countries? Evidence from households in Ghana. Environment, Development and Sustainability, 23(2), 2719–2738. https://doi.org/10.1007/s10668-020-00698-x.
    8. Anderson, J. C., & Gerbing, D. W. (1988). Structural equation modeling in practice: A review and recommended two-step approach. Psychological Bulletin, 103(3), 411–423. https://doi.org/10.1037/0033-2909.103.3.411.
    9. Azad, S., Tulasi Devi, S. L., & Mishra, A. K. (2024). Investing in our planet: Examining retail investors’ preference for green bond investment. Business Strategy and the Environment, 33(6), 5151–5173. https://doi.org/10.1002/bse.3743.
    10. Bilal, M., Xicang, Z., Jiying, W., Wattoo, M. U., & Adnan, M. (2024). Towards sustainable manufacturing: Unpacking green practices’ impact on environmental performance in Pakistan. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-024-05587-1.
    11. Borges-Tiago, M. T., Almeida, A., Tiago, F. G. B., & Avelar, S. M. M. (2024). Bridging the innovative Attitude–Behavior Gap: A dual-level analy-sis. Journal of Innovation & Knowledge, 9(4), 100561. https://doi.org/10.1016/j.jik.2024.100561.
    12. Camacho, L. J., Litheko, A., Pasco, M., Butac, S. R., Ramírez-Correa, P., Salazar-Concha, C., & Magnait, C. P. T. (2024). Examining the Role of Organizational Culture on Citizenship Behavior: The Mediating Effects of Environmental Knowledge and Attitude Toward Energy Savings. Ad-ministrative Sciences, 14(9), 193. https://doi.org/10.3390/admsci14090193.
    13. Canoğlu, M., & Üstüner, S. (2025). The moderating role of environmental knowledge in influencing sustainable consumption intention of Genera-tion Z through Personal Norms, Social Norms, and Environmental Awareness. Innovative Marketing, 21(1), 14–25. https://doi.org/10.21511/im.21(1).2025.02.
    14. Chen, A., Shaosong Wang, & Ahmad Muneeb Mehta. (2025). FinTech adoption for ESG integration through robo advisors, personalization, and perceived trust | Scientific Reports. https://www.nature.com/articles/s41598-025-17046-6.
    15. Chen, X., Rahman, M. K., Rana, Md. S., Gazi, Md. A. I., Rahaman, Md. A., & Nawi, N. C. (2022). Predicting Consumer Green Product Purchase Attitudes and Behavioral Intention During the COVID-19 Pandemic. Frontiers in Psychology, 12, 760051. https://doi.org/10.3389/fpsyg.2021.760051.
    16. Chen, Y., & Feng, J. (2019). Do corporate green investments improve environmental performance? Evidence from the perspective of efficiency. China Journal of Accounting Studies, 7(1), 62–92. https://doi.org/10.1080/21697213.2019.1625578.
    17. Chițimiea, A., Minciu, M., Manta, A.-M., Ciocoiu, C. N., & Veith, C. (2021). The Drivers of Green Investment: A Bibliometric and Systematic Re-view. Sustainability, 13(6), 3507. https://doi.org/10.3390/su13063507.
    18. Chueca Vergara, C., & Ferruz Agudo, L. (2021). Fintech and Sustainability: Do They Affect Each Other? Sustainability, 13(13), 7012. https://doi.org/10.3390/su13137012.
    19. Cohen. (1988). (1988). Statistical Power Analysis for the Behavioral Sciences (2nd ed.). Hillsdale, NJ Lawrence Erlbaum Associates, Publishers. - References—Scientific Research Publishing. https://www.scirp.org/reference/ReferencesPapers?ReferenceID=2041144.
    20. Fenitra, R. M., Hati, S. R. H., Gancar, C. P., Rakotoarisoa, M. H. S., Abbas, A., Ica, R. C., & Rashid, A. A. (2024). International Tourist’s Perspec-tive of Environmentally Responsibility Behaviour. Journal of Tourism and Services, 15(28), 1–21. https://doi.org/10.29036/jots.v15i28.789.
    21. Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Mar-keting Research, 18(1), 39–50. https://doi.org/10.1177/002224378101800104.
    22. Fryxell, G. E., & Lo, C. W. H. (2003). The Influence of Environmental Knowledge and Values on Managerial Behaviours on Behalf of the Envi-ronment: An Empirical Examination of Managers in China. Journal of Business Ethics, 46(1), 45–69. https://doi.org/10.1023/A:1024773012398.
    23. Garg, A., Goel, P., Sharma, A., & Rana, N. P. (2022). As you sow, so shall you reap: Assessing drivers of socially responsible investment attitude and intention. Technological Forecasting and Social Change, 184, 122030. https://doi.org/10.1016/j.techfore.2022.122030.
    24. Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203.
    25. Han, H., Hsu, L.-T. (Jane), & Sheu, C. (2010). Application of the Theory of Planned Behavior to green hotel choice: Testing the effect of environ-mental friendly activities. Tourism Management, 31(3), 325–334. https://doi.org/10.1016/j.tourman.2009.03.013.
    26. Hemdan, W., & Zhang, J. (2024). Investors’ intention toward green investment: An extension of the theory of planned behavior. International Journal of Emerging Markets, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJOEM-06-2023-0874.
    27. Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation model-ing. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8.
    28. Homer, P. M., & Kahle, L. R. (1988). A structural equation test of the value-attitude-behavior hierarchy. Journal of Personality and Social Psychol-ogy, 54(4), 638–646. https://doi.org/10.1037/0022-3514.54.4.638.
    29. Jabbour Al Maalouf, N., Sayegh, E., Inati, D., & Sarkis, N. (2024). Consumer Motivations for Solar Energy Adoption in Economically Challenged Regions. Sustainability, 16(20), 8777. https://doi.org/10.3390/su16208777.
    30. Jansson, M., & Biel, A. (2014). Investment Institutions’ Beliefs About and Attitudes Toward Socially Responsible Investment (SRI): A Compari-son Between SRI and Non‐SRI Management. Sustainable Development, 22(1), 33–41. https://doi.org/10.1002/sd.523.
    31. Kifaya, R., & Rama, D. (2023). Determinants of organic tunisian purchasing behaviour: An application of the consumption values theory. Italian Journal of Marketing, 2023(2), 161–177. https://doi.org/10.1007/s43039-023-00073-4.
    32. Kollmuss, A., & Agyeman, J. (2002). Mind the Gap: Why do people act environmentally and what are the barriers to pro-environmental behavior? Environmental Education Research, 8(3), 239–260. https://doi.org/10.1080/13504620220145401.
    33. Kusmantini, T., Sutiono, H. T., Astuti, R. D., & Ekawati, T. (2021). Antecedents of Green Consumption Attitudes and Consequences for Inten-tions and Buying Behavior of Non-Pesticide Vegetable and Fruit Products. Journal of Environmental Management and Tourism, 12(2), 420–428. https://doi.org/10.14505//jemt.v12.2(50).10.
    34. Kwilinski, A., Lyulyov, O., & Pimonenko, T. (2023). Spillover Effects of Green Finance on Attaining Sustainable Development: Spatial Durbin Model. Computation, 11(10), 199. https://doi.org/10.3390/computation11100199.
    35. Laheri, V. K., Lim, W. M., Arya, P. K., & Kumar, S. (2024). A multidimensional lens of environmental consciousness: Towards an environmentally conscious theory of planned behavior. Journal of Consumer Marketing, 41(3), 281–297. https://doi.org/10.1108/JCM-03-2023-5875.
    36. Lee, S. S., Kim, Y., & Roh, T. (2023). Pro-environmental behavior on electric vehicle use intention: Integrating value-belief-norm theory and theory of planned behavior. Journal of Cleaner Production, 418, 138211. https://doi.org/10.1016/j.jclepro.2023.138211.
    37. Liu, Q., Luo, X., & Su, M. (2024). Analysis of the “Greenwashing” Phenomenon in the ESG Investment Environment. Highlights in Business, Eco-nomics and Management, 40, 1161–1170. https://doi.org/10.54097/s5zf4q16.
    38. Lyeonov, S., Pimonenko, T., Bilan, Y., Štreimikienė, D., & Mentel, G. (2019). Assessment of Green Investments’ Impact on Sustainable Develop-ment: Linking Gross Domestic Product Per Capita, Greenhouse Gas Emissions and Renewable Energy. Energies, 12(20), 3891. https://doi.org/10.3390/en12203891.
    39. Mabaso, B., Osakwe, C. N., & Jibril, A. B. (2025). Exploring the green purchase intention-behavior gap among South African millennials using an expanded planned behavior model. Cogent Business & Management, 12(1), 2538715. https://doi.org/10.1080/23311975.2025.2538715.
    40. Malzara, V. R. B., Widyastuti, U., & Buchdadi, A. D. (2023). Analysis of Gen Z’s Green Investment Intention: The Application of Theory of Planned Behavior. JURNAL DINAMIKA MANAJEMEN DAN BISNIS, 6(2), 63–84. https://doi.org/10.21009/JDMB.06.2.5.
    41. Martin, C., & Czellar, S. (2017). Where do biospheric values come from? A connectedness to nature perspective. Journal of Environmental Psy-chology, 52, 56–68. https://doi.org/10.1016/j.jenvp.2017.04.009.
    42. Motamedi-Barabadi, S., Almeida-García, F., & Cortés-Macías, R. (2023). INFLUENCE OF ENVIRONMENTAL ATTITUDES IN IRANIAN ECOTOURIST BEHAVIOUR. Cuadernos de Turismo, 52. https://doi.org/10.6018/turismo.593641.
    43. Neureiter, A., & Matthes, J. (2023). Comparing the effects of greenwashing claims in environmental airline advertising: Perceived greenwashing, brand evaluation, and flight shame. International Journal of Advertising, 42(3), 461–487. https://doi.org/10.1080/02650487.2022.2076510.
    44. Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric theory (3rd ed.). New York McGraw-Hill. - References—Scientific Research Publishing. https://www.scirp.org/reference/ReferencesPapers?ReferenceID=1017362.
    45. Osei, C. D. (2025). Environmental Literacy among Vegetable Farm Entrepreneurs and its Influence on Green Agricultural Production in Ghana. Ecology, Economy and Society–the INSEE Journal, 8(2). https://doi.org/10.37773/ees.v8i2.1533.
    46. Paramita, Isbanah, & Madanika. (2018). (PDF) Young investor behavior: Implementation theory of planned behavior. ResearchGate. https://www.researchgate.net/publication/327335452_Young_investor_behavior_implementation_theory_of_planned_behavior.
    47. Preacher, K. J., & Hayes, A. F. (2008). Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3), 879–891. https://doi.org/10.3758/BRM.40.3.879.
    48. Raut, R. K., & Kumar, R. (2023). Do Values Predict Socially Responsible Investment Decisions? Measuring the Moderating Effects of Gender. Journal of Emerging Market Finance, 22(2), 189–214. https://doi.org/10.1177/09726527231160861.
    49. Ravishankar, K., Akbar Jan, N., & Ramkumar, C. (2023). Examining the Factors Influencing the Intention to Use Electric Bikes by Young Adults: Using Extended Theory of Planned Behavior Model. Asian Journal of Business Research, 13(2). https://doi.org/10.14707/ajbr.230150.
    50. Rehman, A. (2025). Impact of environmental values, pro-environmental behavior, and pricing on purchase intention of electric vehicles. Internation-al Review on Public and Nonprofit Marketing. https://doi.org/10.1007/s12208-025-00449-6.
    51. Robba, M., Sorgente, A., & Iannello, P. (2024). In search of socially responsible investors: A Latent Profile Analysis. Frontiers in Behavioral Eco-nomics, 3, 1369261. https://doi.org/10.3389/frbhe.2024.1369261.
    52. Sachs, J. D., Woo, W. T., Yoshino, N., & Taghizadeh-Hesary, F. (2019). Importance of green finance for achieving sustainable development goals and energy security. https://doi.org/10.1007/978-981-10-8710-3.
    53. Schrader, P. G., & Lawless, K. A. (2004). The knowledge, attitudes, & behaviors approach how to evaluate performance and learning in complex environments. Performance Improvement, 43(9), 8–15. https://doi.org/10.1002/pfi.4140430905.
    54. Sendawula, K., Turyakira, P., Akileng, G., & Vincent, B. (2024). Environmental knowledge, regulatory compliance mechanisms, and environmental sustainability practices of manufacturing small and medium enterprises (SMEs) in Uganda. Journal of Innovation and Entrepreneurship, 13(1), 75. https://doi.org/10.1186/s13731-024-00426-z.
    55. Singh, M., Mittal, M., Mehta, P., & Singla, H. (2021). Personal values as drivers of socially responsible investments: A moderation analysis. Review of Behavioral Finance, 13(5), 543–565. https://doi.org/10.1108/RBF-04-2020-0066.
    56. Stern, P. C., Dietz, T., Abel, T. D., Guagnano, G., & Kalof, L. (1999). A Value-Belief-Norm Theory of Support for Social Movements: The Case of Environmentalism.
    57. Sultana, S., Zulkifli, N., & Zainal, D. (2018). Environmental, Social and Governance (ESG) and Investment Decision in Bangladesh. Sustainability, 10(6), 1831. https://doi.org/10.3390/su10061831.
    58. Temesgen Hordofa, T., Minh Vu, H., Maneengam, A., Purnomo, E. P., The Cong, P., & Liying, S. (2023). Does eco-innovation and green invest-ment limit the CO2 emissions in China? Economic Research-Ekonomska Istraživanja, 36(1), 634–649. https://doi.org/10.1080/1331677X.2022.2116067.
    59. Thanki, H., Shah, S., Rathod, H. S., Oza, A. D., & Burduhos-Nergis, D. D. (2022). I Am Ready to Invest in Socially Responsible Investments (SRI) Options Only If the Returns Are Not Compromised: Individual Investors’ Intentions toward SRI. In Sustainability (Switzerland) (Vol. 14, Is-sue 18). MDPI. https://doi.org/10.3390/su141811377.
    60. Thapa, B. S., & Kafle, B. (2025). The Green Investment Intentions of Gen Z: The Moderating Role of Financial Knowledge in the Theory of Planned Behavior. Kshitiz Management Review, 1(1), 1–20. https://doi.org/10.3126/kmr.v1i1.78253.
    61. Wiśniewska, A., Liczmańska-Kopcewicz, K., & Żemigała, M. (2025). Cognitive and affective antecedents of consumer engagement in green inno-vation processes. Sustainable Futures, 9, 100750. https://doi.org/10.1016/j.sftr.2025.100750.
    62. Yan, H., Qamruzzaman, Md., & Kor, S. (2023). Nexus between Green Investment, Fiscal Policy, Environmental Tax, Energy Price, Natural Re-sources, and Clean Energy—A Step towards Sustainable Development by Fostering Clean Energy Inclusion. Sustainability, 15(18), 13591. https://doi.org/10.3390/su151813591.
    63. Ye, J., & Dela, E. (2023). The Effect of Green Investment and Green Financing on Sustainable Business Performance of Foreign Chemical Indus-tries Operating in Indonesia: The Mediating Role of Corporate Social Responsibility. Sustainability, 15(14), 11218. https://doi.org/10.3390/su151411218.
    64. Yee, C. H., Al-Mulali, U., & Ling, G. M. (2022). Intention towards renewable energy investments in Malaysia: Extending theory of planned behav-iour. Environmental Science and Pollution Research, 29(1), 1021–1036. https://doi.org/10.1007/s11356-021-15737-x.
    65. Zhang, X., Ma, L., & Zhang, M. (2024). Investor Perception of ESG Performance: Examining Investment Intentions in the Chinese Stock Market with Social Self-Efficacy Moderation. Journal of Risk and Financial Management, 17(4), 166. https://doi.org/10.3390/jrfm17040166.
    66. Zhao, X., Lynch, J. G., & Chen, Q. (2010). Reconsidering Baron and Kenny: Myths and Truths about Mediation Analysis. Journal of Consumer Research, 37(2), 197–206. https://doi.org/10.1086/651257.
    67. Zhuang, W., Luo, X., & Riaz, M. U. (2021). On the Factors Influencing Green Purchase Intention: A Meta-Analysis Approach. Frontiers in Psy-chology, 12, 644020. https://doi.org/10.3389/fpsyg.2021.644020.
  • Downloads

  • How to Cite

    K M, M. R. ., & G. , V. . (2026). From Knowledge and Values to Green Investment: Analyzing The ‎Mediating Role of Attitude. International Journal of Accounting and Economics Studies, 13(1), 413-422. https://doi.org/10.14419/z6mwmg87