Exploring the mediating role of attitude in ESG investment intentions: insights from the Fogg behavior model

Abstract

Purpose

With the growing global emphasis on environmental, social and governance (ESG) criteria, it is crucial to investigate the factors that influence individuals' intentions to invest in ESG and to understand the underlying mechanisms at play. This study constructs a theoretical model, grounded in the Fogg behavioral model (FBM), and explores the mediating role of ESG investment attitudes in shaping individuals' ESG investment behaviors.

Design/methodology/approach

A survey was conducted among ESG investors and potential ESG investors in China, resulting in 613 valid responses regarding ESG investment. The partial least squares structural equation modeling (PLS-SEM) approach was utilized to evaluate the proposed model and test the hypotheses.

Findings

The results reveal that future orientation, ESG investment bias and perceived ESG investment performance are significant determinants of ESG investment intentions, with attitude playing a partially mediating role. Furthermore, government support moderates the relationship between perceived ESG investment performance and investment intention.

Originality/value

This study expands the application of the FBM to the context of ESG investment and introduces a novel conceptual framework for understanding ESG investment behavior. The findings provide valuable insights for enterprises and institutions involved in ESG investment, aiding them in identifying and targeting potential investors more effectively. Additionally, the study offers a foundation for policymakers to devise strategies that promote sustainable development.

Citation

Wang, S., Hu, C. and Chen, S.-C. (2024), "Exploring the mediating role of attitude in ESG investment intentions: insights from the Fogg behavior model", Industrial Management & Data Systems, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IMDS-07-2024-0653