Understanding Intentions Behind ESG Investments: Testing the Theory of Planned Behavior with Italian Investors

Sustainable (ESG) investments have gained significant interest, prompting renewed attention to retail investors’ decision-making processes. ESG investing is motivated by both financial concerns and psychological factors. However, despite growing interest, the motivational underpinnings of sustainable asset allocation remain underexplored. This study bridges economic psychology and sustainable finance to examine drivers of ESG investment intentions and choices in the Italian market. Drawing on the Theory of Planned Behavior, it explores how attitudes, subjective norms, perceived behavioral control, and trust shape ESG investing intentions and choices. Results show that each factor significantly influences investing intentions when considered independently. In particular, the affective dimension of attitudes emerges as especially relevant. These findings challenge traditional views of financial rationality in ESG contexts, suggesting that the motivations of sustainability-oriented investors may differ meaningfully from those of traditional investors. Practical implications are that ESG communication should appeal to emotional and ethical dimensions of decisions, while educational initiatives should enhance investors’ ability to critically assess ESG-related information.