Along with the development of global issues regarding climate change, inequality, and pandemics, ethical investors now can integrate environmental and social aspects through sustainable- and responsible-based investment decisions which allow them to not only focus on financial goals. This study aims to investigate whether individual values, i.e., religiosity, altruism, and egoism, directly influence sustainable- and responsible-based investment decisions. This study also aims to find empirical evidence that those individual values (religiosity, altruism, and egoism) indirectly influence sustainable- and responsible-based investment decisions through social investing efficacy (SIE). The respondents of this study are 96 short-term Indonesian individual investors. Using structural equation modeling, this study does not succeed in finding evidence that religiosity, altruism, and egoism have direct influences on sustainable- and responsible-based investment decisions. However, this study documents that religiosity, altruism, and egoism indirectly influence sustainable- and responsible-based investment decisions through social investing efficacy.

Bahasa Abstract

Seiring dengan perkembangan isu global terkait perubahan iklim, ketimpangan, dan pandemi, investor yang beretika kini dapat mengintegrasikan aspek lingkungan dan sosial melalui keputusan investasi berbasis keberlanjutan dan tanggung jawab yang memungkinkan mereka tidak hanya fokus pada tujuan finansial. Penelitian ini bertujuan untuk menginvestigasi apakah nilai-nilai individu, yaitu religiositas, altruisma, dan egoisma, secara langsung memengaruhi keputusan investasi berbasis keberlanjutan dan tanggung jawab. Penelitian ini juga bertujuan untuk menemukan bukti empiris bahwa nilai-nilai individu (religiositas, altruisma, dan egoisma) secara tidak langsung memengaruhi keputusan investasi berbasis keberlanjutan dan tanggung jawab melalui social investment efficacy. Responden penelitian ini adalah 96 investor individu jangka pendek Indonesia. Dengan menggunakan structural equation modeling, penelitian ini tidak berhasil menemukan bukti bahwa religiositas, altruisma, dan egoisma memiliki pengaruh langsung terhadap keputusan investasi berbasis keberlanjutan dan tanggung jawab. Namun, penelitian ini mendokumentasikan bahwa religiositas, altruisma, dan egoisma secara tidak langsung memengaruhi keputusan investasi berbasis keberlanjutan dan tanggung jawab melalui social investing efficacy.


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