Sosyal sorumlu yatırım karar davranışının belirleyicileri: Türk ve Pakistanlı yatırımcıların karşılaştırmalı olarak incelenmesi

Investment decision that integrates social, environmental, and ethical considerations into an investment decision-making process is called socially responsible investment (SRI). The aim of this research is to examine the impact of Islamic financial literacy, religious obligation, business support, reputation, and perceived risk on attitude (investor objectives towards SRI). It also examines the attributes of a theory of planned behavior along with moral norms; and investors' decision-making behavior towards SRI with the mediation of intention. The conceptual framework shows a new research agenda in accordance with the perception of Turkish and Pakistani investors. Quantitative data was collected for this research. The structured questionnaire that was consist of closed and open-ended questions and Likert type statements was used to collect data from Turkish and Pakistani individuals. For this study, positivistic research philosophy was used along with correlation descriptive research design. This research design includes Cronbach alpha as well as the descriptive statistics including mean and standard deviation of the data and confirmatory factor analysis (CFA). To test the study hypothesis Structural equation modeling (SEM), Process by Hayes and multigroup analysis was used. The findings support the hypotheses in the data of both countries. In Turkey, it could be concluded from the statistical results that attitude is predicted by all the determinants (Islamic financial literacy, reputation, business support, perceived risk, and religious obligations). Moreover, in Pakistan, all the determinants (Islamic financial literacy, reputation, business support, and religious obligations) predict attitude, except perceived risk. It is also indicated that intention is predicted by moral norms, perceived behavioral control, subjective norms, and attitude. Furthermore, intention positively and significantly influences socially responsible investing in both countries. The mediational findings of the process by Hayes illustrate that the intention partially mediates between TPB attributes and SRI behavior in both countries. The results of the multigroup analysis show that there are no significant differences between these two countries' individuals in the decision-making process. Results and findings of the study will provide further valuable debate on the Theory of Planned Behavior (TPB). This study will also assist the stakeholders (government, regulatory bodies, and SRI providers) in possible policy implication to enhance the efficiency of promoting socially responsible investments.