Impact Investment Intention and its Determinants
Description
Impact investing is increasingly important for generating financial and social value, yet determinants of pharmaceutical impact investment intention remain underexplored. This study extends the Theory of Planned Behaviour (TPB) by incorporating risk perception, internal motivation, health-impact perception, regulatory trust, CSR practices, and ESG/innovation capability. Data from 424 Indian individual and institutional investors were analyzed using PLS-SEM. Results show that attitude, subjective norms, internal motivation, risk perception, and health-impact perception positively influence investment intention, while PBC and regulatory trust are insignificant. CSR practices and ESG/innovation capability affect intention indirectly through attitude. The study extends TPB to pharmaceutical impact investing and offers implications for firms and policymakers.