Title: Gender in socially responsible investment: an application of norm activation model

Authors: Rajdeep Kumar Raut; Rohit Kumar

Addresses: Jaipuria Institute of Management, 1, Bambala Institutional Area Pratap Nagar, Sanganer, Jaipur, Rajasthan 302033, India; Department of Economics and Finance, Birla Institute of Technology and Science, Pilani KK Birla Goa Campus, NH 17B, Bypass, Road, Zuarinagar, Sancoale, Chicalim, Goa 403726, India ' Amity University, Rupaspur, Bailey Road, Patna, Bihar, 801503, India

Abstract: Understanding the unprecedented impact of business operations on societal ethical and sustainable financial decision-making, this study focuses on investor's pro-environmental personal norms along with egoistic values and observes the comparative effect of male and female on socially responsible investment (SRI) intention in an emerging market. A two-step structural equation model was employed to analyse construct reliability and validity and to test hypotheses and overall model predictability. The results indicate that awareness of consequences (AC) and ascribed responsibility (AR) substantially impact personal norms. Personal norms based on AC and AR were shown to be significant but scored lower than economic or egoistic considerations for SRI. In addition, the relationship between the awareness of consequences and personal norms exhibited a full mediation effect of ascribed responsibility. The moderating role of gender was also established between egoism and intention of young investors.

Keywords: sustainability; stock market; ascribed responsibility; egoistic values concern; socially responsible investment; SRI; NAM.

DOI: 10.1504/IJSE.2025.148993

International Journal of Sustainable Economy, 2025 Vol.17 No.4, pp.442 - 462

Received: 22 Apr 2024
Accepted: 07 Aug 2024
Published online: 07 Oct 2025 *

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