Socially responsible investment among Gen Y and Gen Z in Malaysia

This study examines the determinants of socially responsible investment (SRI) intention among Malaysian youth by extending the Theory of Planned Behaviour (TPB) with perceived consumer effectiveness (PCE) and environmental concern. Focusing on respondents aged 18 to 30 with prior investment experience, the study addresses an important gap in Malaysian SRI research, which has rarely examined both the mediating role of PCE and generational differences between Gen Y and Gen Z within one model. Data were collected through an online questionnaire from 180 eligible respondents and analysed using SPSS and SmartPLS. The results show that attitude and PCE directly predict SRI intention, whereas subjective norm, perceived behavioural control, and environmental concern exert significant indirect effects through PCE. Multi-group analysis further reveals that environmental concern is a stronger driver of intention among Gen Y, while attitude is more influential among Gen Z; subjective norm also exerts a stronger indirect role among Gen Z through PCE. The study offers a context-specific extension of TPB by showing that, among young Malaysian investors, SRI intention is shaped not only by evaluative attitudes but also by perceived consumer effectiveness, or the belief that individual investment choices can generate meaningful social and environmental impact. Rather than proposing a new behavioural theory, the study clarifies how efficacy beliefs may help explain why some TPB-related antecedents influence SRI intention indirectly rather than directly. Practically, the findings suggest that SRI promotion strategies should be differentiated by cohort, with more impact-oriented communication for Gen Y and more socially embedded, digitally mediated engagement for Gen Z.