Which factors drive socially responsible investment (SRI) intentions among Generation Z in emerging markets? The evidence from Vietnam

Purpose This study aims to examine the determinants of socially responsible investment (SRI) intentions in the stock market among Generation Z (Gen Z) in Vietnam, an emerging country. It explores the roles of environmental, social and governance (ESG) concerns alongside key behavioral determinants like attitude, subjective norms and perceived behavioral control. Design/methodology/approach A mixed-methods approach was used, combining qualitative interviews with quantitative surveys involving 581 Vietnamese respondents from Gen Z. This study adopted the Theory of Planned Behavior (TPB) and ESG frameworks, analyzed using PLS-SEM. Findings The results reveal that social and governance concerns significantly influence attitudes toward SRI, while environmental concerns show no measurable impact. Attitudes, subjective norms and perceived behavioral control positively affect SRI intentions, with attitudes having the strongest influence. Perceived returns also shape attitudes but rank secondary to altruistic motivations like social and governance concerns. Practical implications This study provides practical recommendations for investment managers, policymakers and educators to enhance engagement with Gen Z, emphasizing transparency and societal benefits in promoting ESG investments. Social implications This manuscript investigates the factors influencing Generation Z’s intentions in Vietnam to invest in socially responsible companies in the stock market. The findings provide valuable insights into the motivations and attitudes of young investors in a developing country context, which could significantly contribute to the ongoing discussions in behavioral finance. Originality/value This study’s key originality lies in its geographic and demographic lens, focusing on Gen Z investors in an emerging market (Vietnam). This research extends TPB by integrating ESG factors, providing a nuanced understanding of SRI behavior in emerging markets. It highlights the contextual differences in ESG prioritization compared to developed economies and underscores the increasing focus on value-driven investment among young investors in emerging markets.