Keywords
ESG
Values
Beliefs
Norms
Investor Behavior
Gender Perception
How to Cite
Abstract
This study applies the Value-Belief-Norm (VBN) theory to examine how investors’ ethical investment decisions are shaped by personal values, beliefs, and social norms. With growing attention to Environmental, Social, and Governance (ESG) and Socially Responsible Investing (SRI), the research investigates the psychological determinants of ethical investing, including whether perceptions differ by gender. Primary data were collected through a structured questionnaire distributed via snowball sampling to 100 investors in Bengaluru, India. The findings reveal significant positive correlations among values, beliefs, norms, and ethical investment behaviour, thereby confirming the applicability of the VBN framework in this context. However, independent samples t-tests show no statistically significant gender differences in perception, suggesting that ethical investment behaviour is influenced more by internalized moral and normative factors than by demographic attributes. The study contributes to behavioural finance literature by offering insights into the psychosocial underpinnings of ethical investing in an emerging economy setting.
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