Determinants of Green Bond Investment Behavior Among Individual Investors in Beijing: An Extended Behavioral SEM Approach (Acta Innovations)

Summary

• The study tests a behavioral model of green bond investment intention and behavior among 500 individual investors in Beijing, using SmartPLS 4 with 5,000 bootstrap resamples.p.1
• Environmental consciousness is the strongest predictor of green bond investment intention (β = 0.409, p < .001).p.9
• Corporate image (β = 0.255) and social influence (β = 0.211) also positively influenced intention.p.9
• The R2 of green bond investment intention is 0.522 (52.2% of variance) and that of behavior is 0.422 (42.2%).p.10
• The questionnaire had 45 measurement items on a 5-point Likert scale.p.6

Key insights

1. Risk preference had a significant negative impact on green bond investment intention (β = −0.196, p < .001).p.9
2. Past investment habit directly influences green bond investment behavior (0.350, p < 0.001).p.9
3. Policy availability strengthens the link between intention and behavior (0.145, p < 0.001).p.9
4. The model fit is excellent, with CFI of 0.979 and RMSEA of 0.022.p.8
5. Value fit rather than yield maximization is found to be the critical factor in forming green bond investment intention.p.10