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<p>Generation Z is pivotal to the future of sustainable finance, yet prevailing behavioral models, particularly the Theory of Planned Behavior, provide an incomplete understanding of how their investment decisions emerge from the interplay of digital stimuli, psychological mechanisms, and value-based economic reasoning. Addressing this theoretical gap, this study develops and empirically tests an integrated framework that combines the Stimulus–Organism–Response (SOR) Model with Social Cognitive Theory, Utility Theory, Rusbult’s Investment Model, and Prospect Theory. Using survey data from 215 Generation Z investors in Jakarta, analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM), the findings reveal that green investment intention is primarily shaped by perceived value and self-efficacy, whereas risk tolerance does not exert a significant effect, indicating 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, underscoring the competitive dynamics of investment choices. Government support plays a critical role in strengthening perceived value and self-efficacy, while digital information channels, particularly online seminars and, to a lesser extent, social media, shape perceptions of risk and alternative attractiveness, though none enhance self-efficacy. By unifying four complementary theoretical perspectives, this study provides a comprehensive explanation of how external institutional and digital stimuli translate into cognitive and evaluative processes that drive sustainable investment behavior. These insights offer actionable guidance for policymakers and financial institutions to design strategies that elevate perceived value, enhance investor capability, and leverage targeted digital platforms to accelerate the adoption of green finance among young investors.</p>

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A novel integrated model of Generation Z’s green investment intentions: combining SOR, social cognitive, utility, and prospect theories

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年1月22日

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  • 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

摘要

Generation Z is pivotal to the future of sustainable finance, yet prevailing behavioral models, particularly the Theory of Planned Behavior, provide an incomplete understanding of how their investment decisions emerge from the interplay of digital stimuli, psychological mechanisms, and value-based economic reasoning. Addressing this theoretical gap, this study develops and empirically tests an integrated framework that combines the Stimulus–Organism–Response (SOR) Model with Social Cognitive Theory, Utility Theory, Rusbult’s Investment Model, and Prospect Theory. Using survey data from 215 Generation Z investors in Jakarta, analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM), the findings reveal that green investment intention is primarily shaped by perceived value and self-efficacy, whereas risk tolerance does not exert a significant effect, indicating 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, underscoring the competitive dynamics of investment choices. Government support plays a critical role in strengthening perceived value and self-efficacy, while digital information channels, particularly online seminars and, to a lesser extent, social media, shape perceptions of risk and alternative attractiveness, though none enhance self-efficacy. By unifying four complementary theoretical perspectives, this study provides a comprehensive explanation of how external institutional and digital stimuli translate into cognitive and evaluative processes that drive sustainable investment behavior. These insights offer actionable guidance for policymakers and financial institutions to design strategies that elevate perceived value, enhance investor capability, and leverage targeted digital platforms to accelerate the adoption of green finance among young investors.