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Peer-reviewedCC BYDiscover Sustainability

Exploring the psychology behind sustainable investment choices in ESG markets

  • Anna Sofia Atichasari1
  • Rudi Zulfikar1
  • Lia Uzliawati1
  • Windu Mulyasari1
  1. 1Fakultas Ekonomi Dan Bisnis, Universitas Sultan Ageng Tirtayasa
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Abstract

This study examines psychological determinants of sustainable investment behavior among Indonesian ESG investors. Survey data from 180 individual investors were analyzed using PLS-SEM to test the relationships between investor attitude, belief, and perception with perceived return and sustainable investment behavior. Results show that perception and belief significantly influence perceived return and investment behavior, while attitude does not. Perceived return mediates the link between cognitive factors and behavior, highlighting the role of rational expectations and belief-based confidence in ESG investment. The findings emphasize the importance of transparent ESG disclosure for bridging the attitude–behavior gap in practice.

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Cite

BibTeXRIS
BibTeX
@article{atichasari2026exploring,
  title = {{Exploring the psychology behind sustainable investment choices in ESG markets}},
  author = {Anna Sofia Atichasari and Rudi Zulfikar and Lia Uzliawati and Windu Mulyasari},
  journal = {Discover Sustainability},
  year = {2026},
  month = jul,
  doi = {10.1007/s43621-026-03393-5},
  url = {https://doi.org/10.1007/s43621-026-03393-5},
  note = {CC BY},
}
RIS
TY  - JOUR
TI  - Exploring the psychology behind sustainable investment choices in ESG markets
AU  - Anna Sofia Atichasari
AU  - Rudi Zulfikar
AU  - Lia Uzliawati
AU  - Windu Mulyasari
PY  - 2026
DA  - 2026/07/01
JO  - Discover Sustainability
DO  - 10.1007/s43621-026-03393-5
UR  - https://doi.org/10.1007/s43621-026-03393-5
AB  - This study examines psychological determinants of sustainable investment behavior among Indonesian ESG investors. Survey data from 180 individual investors were analyzed using PLS-SEM to test the relationships between investor attitude, belief, and perception with perceived return and sustainable investment behavior. Results show that perception and belief significantly influence perceived return and investment behavior, while attitude does not. Perceived return mediates the link between cognitive factors and behavior, highlighting the role of rational expectations and belief-based confidence in ESG investment. The findings emphasize the importance of transparent ESG disclosure for bridging the attitude–behavior gap in practice.
SN  - 2662-9984
ER  -