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What Drives Sustainable Investment? Environmental Concern, Green Investment Exposure and Trust, Moderated by Investment Experience Joshua Yugo Hasan; Asep Risman
Studi Akuntansi, Keuangan, dan Manajemen Vol 6 No 2 (2026): October
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v6.n2.p1-15.2026

Abstract

Purpose: Addressing the empirical gap regarding how retail investor behaviors translate into sustainable investment decisions in emerging markets, this study examines the effects of environmental concern, green investment information exposure, and green investment trust on sustainable investment decisions. It also investigates investment experience as a moderating variable to determine whether financial experience alters investors' reliance on psychological and informational drivers.Research Methodology: A quantitative cross-sectional survey was conducted using data from 152 individual investors in Indonesia selected through purposive sampling. The model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS.Results: The findings show that environmental concern and green investment trust have positive and significant effects on sustainable investment decisions, while green investment information exposure has no significant effect. Investment experience positively affects sustainable investment decisions and weakens the relationship between green investment trust and sustainable investment decisions but does not moderate other relationships.Conclusions: Sustainable investment decisions are mainly influenced by environmental concern and trust in green investment rather than information exposure. Investment experience reduces investors’ reliance on trust when evaluating green investment opportunities.Limitations: This study uses a cross-sectional sample of individual investors in Indonesia, limiting generalizability across investor groups and periods.Contributions: This study advances behavioral finance by conceptualizing investment experience as a boundary condition mitigating trust-dependence in ESG-related financial decision-making.