<![CDATA[The increasing participation of Generation Z in financial markets has created a need to understand investment decisions through an integrated perspective that combines conventional financial characteristics with sustainability and corporate governance information. This conceptual study examines how the Fama–French Five-Factor Model (FF5), board diversity, and sustainability can be integrated to explain investment decisions among Generation Z investors. The study employs a conceptual theory-building approach based on a structured synthesis of recent empirical and theoretical literature concerning asset pricing, sustainable finance, corporate governance, board diversity, and Generation Z investment behaviour. The analysis conceptualizes FF5 through market, size, value, profitability, and investment characteristics as the financial foundation of investment evaluation, while sustainability represents environmental, social, and governance information relevant to corporate quality, risk, resilience, and long-term performance. Board diversity is positioned as a governance mechanism that can influence sustainability practices, disclosure quality, monitoring, and the credibility of corporate information. The resulting Five-Factor–Diversity–Sustainability Investment Decision (FF5-DSID) framework proposes that Generation Z investors integrate financial attractiveness, sustainability information, and governance characteristics through a multidimensional decision-making process influenced by financial knowledge, sustainability literacy, risk perception, investment preferences, and information accessibility. The framework contributes to sustainable finance and investment literature by connecting established asset-pricing theory with corporate governance and generational investment behaviour while providing an empirically testable foundation for future research.]]>
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