A Study on the Impact of Value Belief Norm Theory on Ethical Investment Behavior

This research explores the elements that affect investors' attitudes towards ethical investments by utilizingthe Value-Belief-Norm (VBN) theory. As the significance of socially responsible investing (SRI) andEnvironmental, Social, and Governance (ESG) factors rises, investors are more frequently synchronizingtheir financial choices with ethical principles. The study uses a structured survey to gather primary datafrom 100 investors in Bangalore, India, utilizing snowball sampling. Using multiple regression analysis,the research demonstrates that Values, Beliefs, and Norms notably influence ethical investment behaviour,with Beliefs identified as the most significant predictor. The findings suggest that although ethical factorsinfluence investment decisions, other elements outside the VBN framework might also impact theinvestment behaviour.