Overview
This peer reviewed open access research article develops and tests a novel integrated model to explain Generation Z green investment intentions in Indonesia. It addresses gaps in TPB by combining the Stimulus–Organism–Response (SOR) Model with Social Cognitive Theory, Utility Theory, Rusbult’s Investment Model, and Prospect Theory, capturing how institutional and digital stimuli translate into psychological and value-based mechanisms. Using survey data from 215 Generation Z investors in Jakarta and analyzing it with PLS SEM, the study shows that green investment intention is mainly driven by perceived value and self-efficacy, while risk tolerance is not significant.
What the study covers
The study explains why TPB can miss important investment-specific factors and external triggers, then builds an integrated framework that links government support and green investment digital information (websites, social media, online seminars or training) as stimuli to key psychological mechanisms: perceived value, risk tolerance, perceived attractiveness of alternatives, and self-efficacy. Data were collected via questionnaire from Generation Z investors and tested using PLS SEM (SmartPLS) with a final sample of 215 respondents, providing the empirical basis for hypothesis testing.
Key findings and insights
• Green investment intention is primarily shaped by perceived value and self-efficacy, not by risk tolerance, suggesting a shift from risk-driven to value and capability-driven decision patterns among digital native investors.
• The perceived attractiveness of conventional alternatives significantly reduces green investment intention, highlighting the competitive nature of investment choices.
• Government support strengthens perceived value and self-efficacy, but does not significantly affect the perceived attractiveness of alternatives.
• Digital information channels significantly influence perceived value and perceived attractiveness of alternatives, but do not improve self-efficacy, partly because investment capability is constrained by access to financial resources.
• Among digital channels, online seminars or training have the strongest effects (on perceived value and alternative attractiveness), social media mainly affects alternative attractiveness, and websites show no significant effects on these dimensions.
Why this matters for organisations
For policymakers and financial institutions, the results point to a practical priority: if you want Gen Z to adopt green finance, focus on increasing perceived value and strengthening investor capability (self efficacy), not just messaging about risk. The study also shows where digital outreach works best, with online seminars or training outperforming passive website information, which can guide more effective education and campaign design for green investment adoption.
Publication Details
Title: A novel integrated model of Generation Z’s green investment intentions: combining SOR, social cognitive, utility, and prospect theories
Authors: Dian Primanita Oktasari; Winda Widyanty; Devy Mawarnie Puspitasari; I Gede Mahatma Yuda Bakti; Nurfadlih Syahlani; Agung Widyo Utomo; Sik Sumaedi; Medi Yarmen; Prita Prasetya; Mochammad Fahlevi
Journal: Future Business Journal (2026), Volume 12, article number 23
Access: Open Access (CC BY 4.0)
