From ESG to SRI: A Conceptual Framework Toward Socially Responsible Investments and Investor Behavior

ABSTRACT Socially responsible investing (SRI) has become increasingly popular in financial markets in recent years due to rising investor awareness of environmental, social, and governance (ESG)issues. This article examines 289 publications and provides a thorough understanding of the evolution of SRI and investor behavior research, highlighting important developments, trends, and insights. An analysis of the development of SRI research over the past two decades provides insights into the field's maturation, developing, and increasing global relevance. In addition, the study proposes the framework on the evolution of investor behavior toward SRI based on the past literature. Lastly, the study suggests several research questions as the future road map, such as exploration of cultural and religious impact on SRI, the effective utilization of nudges in SRI, and the need for understanding cross‐industry and cross‐country investors’ behavior toward SRI.