Overview
This peer-reviewed review article maps the knowledge structure of retail investors’ green investing behavior and explains why this topic matters as retail participation and transaction volume keep growing. The authors highlight that comprehensive bibliometric research focused specifically on retail investors has been limited, so they conduct a structured review to identify trends, key actors, research clusters, and future directions.
What the study covers
The study applies an integrated review approach combining bibliometric analysis and content analysis. Data were sourced from Scopus, then screened using PRISMA: an initial 590 records were filtered to 450 papers, and after manual eligibility checks, 157 papers were retained for final analysis. The analysis includes performance indicators (publication trends, top countries/authors/papers) and science mapping (country collaboration, thematic mapping/evolution, bibliographic coupling), plus content synthesis of dominant methods and theories.
Key findings and insights
• The review reports an upward publication trend in research on retail investors’ green investing behavior.
• The analysis identifies top country and top paper: China leads by volume (100 publications), and the most influential paper is Riedl & Smeets (2017) with 418 citations (52.25/year).
• Collaboration and structure: the study identifies five country collaboration clusters and five bibliometric coupling research clusters, showing an increasingly networked global research space.
• Theme mapping shows a gap in basic and niche themes, while thematic evolution indicates a shift toward more practical themes such as sustainability, alternative energy, and environmental policies.
• Research methods are dominated by quantitative studies, especially survey approaches, and the literature relies heavily on behavioral theory building/testing.
• Content synthesis highlights recurring determinants: TPB factors, financial return considerations, and environmental norm activation are consistently emphasized as key drivers in the literature.
Why this matters for organisations
For financial institutions and investment managers, the study helps pinpoint the factors shaping retail demand for green products, useful for product design, targeting, and communication strategies. For policymakers, it provides a map of what the literature is actually focusing on and where gaps remain, supporting regulation refinement and ecosystem interventions to accelerate green investment adoption. The paper also translates findings into actionable direction: green products aimed at conventional investors must stay competitive on returns, while products aimed at environmentalist segments should emphasise clear “green” characteristics; policy can strengthen adoption through incentives, regulatory support, and ecosystem development.
Publication details
Title: Understanding Retail Investors’ Green Investing Behavior: A Systematic Review—An Integrated Review Approach
Authors: Dian Primanita Oktasari; Winda Widyanty; Devy Mawarnie Puspitasari; Nurfadlih Syahlani; Agung Widyo Utomo; Sik Sumaedi; I Gede Mahatma Yuda Bakti; Medi Yarmen; Prita Prasetya; Mochammad Fahlevi
Journal: International Journal of Sustainable Development and Planning (2025), Vol. 20, No. 12, pp. 5069–5080
Access: Open Access (CC BY 4.0)
