Exploring the heterogeneous perceptions and drivers of sustainable investment decisions among individual investors in an emerging economy

Four main heterogeneous preferences emerged from our analysis: long-term economic outcomes, environmental factors, ethical and religious preferences, and societal welfare . The primary drivers identified were cultural values, religious values, herding bias, and selective perception bias . Our findings show significant differences in ESG motivations, especially in the weight given to ethical, religious, and societal factors, between value-based investor behavior in emerging economies and that in Central Europe.