The Influence of Non-financial Factors on Brazilian Individual's Investment Intention Towards Impact Investing
Author
Rodrigues Moreno, Daniel
Term
4. Semester
Publication year
2023
Submitted on
2023-07-30
Pages
104
Abstract
This study examines what shapes people in Brazil’s intention to make impact investments—investments that aim for both financial returns and positive social or environmental outcomes. The analysis is guided by the Theory of Planned Behaviour, which considers how three factors—attitudes, perceived social pressure (subjective norms), and perceived control over the behavior—influence intention. The study also looks at additional influences: risk aversion (tendency to avoid risk), social preferences (concern for others’ well-being), professional financial experience, and sex. Using a quantitative design, the research applied Partial Least Squares structural modeling (PLS-SEM) to survey data from a non-probability sample of 254 Brazilian participants. The results show a statistically significant positive link between attitudes, subjective norms, and perceived behavioral control and people’s intention to invest in impact projects. The study also finds significant indirect effects of social preferences and sex on investment intention. By providing evidence from Brazil—an understudied context in impact investing—this research expands what we know about why people intend to invest for impact and highlights the need to test additional factors in future studies.
Denne undersøgelse ser på, hvad der påvirker brasilianeres intention om at foretage impactinvesteringer—investeringer, der søger både økonomisk afkast og positive sociale eller miljømæssige resultater. Analysen bygger på teorien om planlagt adfærd, som undersøger, hvordan tre forhold—holdninger, oplevet socialt pres (subjektive normer) og oplevet kontrol over handlingen—former intentionen. Undersøgelsen medtager også yderligere påvirkninger: risikoaversion (tilbøjelighed til at undgå risiko), sociale præferencer (omsorg for andres velfærd), professionel erfaring fra finanssektoren og køn. Med en kvantitativ tilgang anvendte forskningen Partial Least Squares strukturel modellering (PLS-SEM) på spørgeskemadata fra en ikke-tilfældig stikprøve på 254 personer i Brasilien. Resultaterne viser en statistisk signifikant positiv sammenhæng mellem holdninger, subjektive normer og oplevet adfærdskontrol og intentionen om at foretage impactinvesteringer. Undersøgelsen finder også signifikante indirekte effekter af sociale præferencer og køn på investeringsintentionen. Ved at levere evidens fra Brasilien—en kontekst, der hidtil har været relativt lidt undersøgt—udvider denne forskning vores viden om intentioner bag impactinvesteringer og peger på behovet for at afprøve yderligere faktorer i fremtidige studier.
[This apstract has been rewritten with the help of AI based on the project's original abstract]
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