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Sustainability
Volume 18
Issue 10
10.3390/su18105118
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This is an early access version, the complete PDF, HTML, and XML versions will be available soon.
Article

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

by
Giulia Sesini
1,
Maria Rosa Miccoli
1,2,*,
Cinzia Castiglioni
1,
Paola Iannello
1,
Matteo Robba
1,3 and
Edoardo Lozza
1
1
Department of Psychology, Università Cattolica del Sacro Cuore, 20123 Milan, Italy
2
Istituto di Sistemi e Tecnologie Industriali Intelligenti per il Manifatturiero Avanzato (STIIMA), National Council of Research, 23900 Lecco, Italy
3
Department of Economic and Business Education, University of Mannheim, 68161 Mannheim, Germany
*
Author to whom correspondence should be addressed.
Sustainability 2026, 18(10), 5118; https://doi.org/10.3390/su18105118
Submission received: 13 January 2026 / Revised: 16 April 2026 / Accepted: 12 May 2026 / Published: 19 May 2026
(This article belongs to the Section Psychology of Sustainability and Sustainable Development)
Versions Notes

Abstract

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.
Keywords: ESG; sustainability; investment intention; theory of planned behavior; economic psychology; retail investor ESG; sustainability; investment intention; theory of planned behavior; economic psychology; retail investor

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MDPI and ACS Style

Sesini, G.; Miccoli, M.R.; Castiglioni, C.; Iannello, P.; Robba, M.; Lozza, E. Understanding Intentions Behind ESG Investments: Testing the Theory of Planned Behavior with Italian Investors. Sustainability 2026, 18, 5118. https://doi.org/10.3390/su18105118

AMA Style

Sesini G, Miccoli MR, Castiglioni C, Iannello P, Robba M, Lozza E. Understanding Intentions Behind ESG Investments: Testing the Theory of Planned Behavior with Italian Investors. Sustainability. 2026; 18(10):5118. https://doi.org/10.3390/su18105118

Chicago/Turabian Style

Sesini, Giulia, Maria Rosa Miccoli, Cinzia Castiglioni, Paola Iannello, Matteo Robba, and Edoardo Lozza. 2026. "Understanding Intentions Behind ESG Investments: Testing the Theory of Planned Behavior with Italian Investors" Sustainability 18, no. 10: 5118. https://doi.org/10.3390/su18105118

APA Style

Sesini, G., Miccoli, M. R., Castiglioni, C., Iannello, P., Robba, M., & Lozza, E. (2026). Understanding Intentions Behind ESG Investments: Testing the Theory of Planned Behavior with Italian Investors. Sustainability, 18(10), 5118. https://doi.org/10.3390/su18105118

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