Exploring the Moderating Role of Social Media Platforms in Sustainable Investing: A Theoretical Extension of the TPB Approach

Abstract

Today, the way we make decisions and communicate has been significantly influenced by the revolution of social media, whose impact is now omnipresent. In India, the number of social media users has reached 1.46 million, accounting for 33.7% of the total population. This widespread adoption of social media has transformed the way people interact, but has also become a powerful tool for disseminating information on various topics, including green investment. The aim of this research is to analyse the relationship between Investor Attitude (IA), Subjective Norms (SN), and Perceived Behavioral Control (PBC) towards Behavioral Intention towards Green Investment (BIGI) and the moderating role of Social Media Influence on Green Investment (SMIGI) in the relationship between BIGI. A survey was conducted among 411 individual investors with prior investment experience. This cross-sectional study adopted a quantitative research approach and employed the convenience sampling technique. Using Jamovi version 2.6.44, we conducted sample adequacy and reliability analyses, followed by Confirmatory Factor Analysis (CFA) to validate the model and Structural Equation Modeling (SEM) to examine the relationships among IA, SN, PBC and BIGI. Additionally, the moderating role of SMIGI was evaluated. The findings reveal significant associations between IA, SN, PBC and BIGI. Furthermore, the moderating effect of SMIGI strengthens the relationships between IA, SN, PBC, and BIGI. These findings highlight the pivotal role of digital platforms in shaping investor behavior. The discussion offers practical strategies for service providers, investment advisors, and policymakers.