Ethics and sustainable government bonds: The retail investors’ perspective

IF 3.3 2区社会学 Q2 ENVIRONMENTAL SCIENCES

Sustainable Futures Pub Date : 2025-02-21 DOI:10.1016/j.sftr.2025.100499

Muhammad Aulia, Adi Zakaria Afiff, Sri Rahayu Hijrah Hati, Gita Gayatri

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引用次数: 0

Abstract

Using the Hunt-Vitell model, this study examines how ethical considerations (ethical sensitivity, perceived utilitarian value as a proxy for ethical egoism, and social investing efficacy reflecting utilitarianism) influence Indonesian retail investors' ethical judgment and decision to invest in sustainable government bonds. Data were collected from 511 Indonesian individual capital market investors and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that these factors significantly shape investors' ethical evaluations and investment intentions. However, a potential ‘attitude-behavior gap’ exists, where positive ethical judgments do not always translate into a willingness to forgo financial returns. This highlights the intricate relationship between ethical considerations and perceived consequences in sustainable investing. The study contributes to consumer ethics literature by extending the ethical decision-making framework in the sustainable investing domain. It offers valuable insights for sovereign issuers seeking to promote sustainable government securities to the retail market.

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道德与可持续政府债券：散户投资者的视角

利用Hunt-Vitell模型，本研究考察了伦理考量（伦理敏感性、作为伦理利己主义代理的感知功利价值和反映功利主义的社会投资效能）如何影响印尼散户投资者的道德判断和投资可持续政府债券的决策。本文收集了511名印尼个人资本市场投资者的数据，并使用偏最小二乘结构方程模型（PLS-SEM）进行分析。研究发现，这些因素显著影响投资者的道德评价和投资意愿。然而，存在潜在的“态度-行为差距”，即积极的道德判断并不总是转化为放弃经济回报的意愿。这凸显了可持续投资中道德考虑与感知后果之间的复杂关系。该研究通过扩展可持续投资领域的道德决策框架，为消费者伦理文献做出了贡献。它为寻求向零售市场推广可持续政府证券的主权发行人提供了宝贵的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Sustainable Futures Social Sciences-Sociology and Political Science

CiteScore

9.30

自引率

1.80%

发文量

审稿时长

71 days

期刊介绍： Sustainable Futures: is a journal focused on the intersection of sustainability, environment and technology from various disciplines in social sciences, and their larger implications for corporation, government, education institutions, regions and society both at present and in the future. It provides an advanced platform for studies related to sustainability and sustainable development in society, economics, environment, and culture. The scope of the journal is broad and encourages interdisciplinary research, as well as welcoming theoretical and practical research from all methodological approaches.