Impact Investment Intention and its Determinants

This study extends the Theory of Planned Behaviour (TPB) by incorporating risk perception, internal motivation, health-impact perception, regulatory trust, CSR practices, and ESG/innovation capability. Data from 424 Indian individual and institutional investors were analyzed using PLS-SEM.

Results show that attitude, subjective norms, internal motivation, risk perception, and health-impact perception positively influence investment intention, while PBC and regulatory trust are insignificant. CSR practices and ESG/innovation capability affect intention indirectly through attitude. The study extends TPB to pharmaceutical impact investing and offers implications for firms and policymakers.