Do Environmental Values Drive Sustainable Investment Choices? Evidence on Individual Preferences for SDG 15-Linked Funds

Sustainable finance is expected to mobilize private capital toward the Sustainable Development Goals, yet retail investors may not convert favorable environmental attitudes into sustainable portfolio choices. This study examines adult respondents’ preferences for investment funds linked to Sustainable Development Goal 15 (Life on Land), focusing on environmental values, the perceived credibility of sustainable funds, perceived individual impact, expected return, and risk. A quantitative, cross-sectional survey was administered to adults and included eight hypothetical investment-choice scenarios. The final analytical sample comprised 105 respondents. Spearman correlations, robust ordinary least squares models, and clustered logistic comparisons were used. Environmental values, credibility, and perceived impact were positively interrelated, but none significantly predicted the number of SDG 15-linked choices, either directly or through moderation. Respondents selected sustainable alternatives in 4.33 of eight scenarios on average (54.17%). Sustainable-choice frequencies differed substantially across the presented scenario groups: 67.62% when the SDG 15-linked alternative offered higher return and lower risk, 46.03% under lower return and lower risk, and 39.05% under higher return and higher risk. Because return and risk varied simultaneously across fixed scenarios, these differences should not be interpreted as separate attribute effects. The findings reveal a descriptive attitude–behavior gap and are consistent with a three-dimensional view of investment choice in which sustainability is considered alongside return and risk. However, because these attributes were not independently varied, their separate contributions cannot be identified. Fund managers and regulators should combine verifiable biodiversity outcomes with transparent, financially competitive products.