Factors Affecting Impact Investment among Generation Z: The Moderating Role of Behavioral Biases

Authors

  • Priyanka Chowdhary Amity Business School, Amity University, Lucknow, Uttar Pradesh, India,
  • Manoj Pandey Amity Business School, Amity University, Lucknow, Uttar Pradesh, India,
  • Prakash Singh Indian Institute of Management, Lucknow, Uttar Pradesh, India
  • Praveen Kumar Sharma Amity Business School, Amity University, Lucknow, Uttar Pradesh, India,
  • Aparna Shukla Department of Commerce and Business Administration, University of Allahabad, India.

DOI:

https://doi.org/10.32479/irmm.17547

Keywords:

Impact Investment, Behavioral Biases, Environmental Concern, Environmental Awareness, Social Norms, Perceived Behavioral Control

Abstract

This study explores the determinants that affect impact investment behavior, with a particular emphasis on the moderating influence of behavioral biases. The inquiry examines principal factors influencing impact investment, encompassing environmental concern, environmental awareness, social norms, perceived behavioral control, and attitudes. Additionally, the study investigates how behavioral biases affect the relationship between these factors and impact investment decisions. Employing SmartPLS, structural equation modeling analysis demonstrates that environmental concern, social norms, and perceived behavioral control exert a significant influence on investment behaviors. However, behavioral biases do not appear to moderate the association between attitudes and investment behavior.

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Author Biographies

Priyanka Chowdhary, Amity Business School, Amity University, Lucknow, Uttar Pradesh, India,

Research Scholar at Amity Business School , Amity University Lucknow, Uttar Pradesh

Prakash Singh, Indian Institute of Management, Lucknow, Uttar Pradesh, India

Professor at Indian Institute of Management Lucknow, Uttar Pradesh

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Published

2025-04-15

How to Cite

Chowdhary, P., Pandey, M., Singh, P., Sharma, P. K., & Shukla, A. (2025). Factors Affecting Impact Investment among Generation Z: The Moderating Role of Behavioral Biases. International Review of Management and Marketing, 15(3), 438–449. https://doi.org/10.32479/irmm.17547

Issue

Vol. 15 No. 3 (2025)

Section

Articles
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