The green bond has emerged as an important financial instrument to advance environmentally friendly projects. While institutional investors have shown ample interest in green bonds, retail investors have lagged in their adoption. This study intends to examine the determinants of retail investors' attitude and intention toward green bond investment, utilizing the theory of planned behavior as the fundamental model and incorporating several context-specific factors. Data from 506 Indian retail investors, representing the majority of Indian states and union territories (UTs), were collected through multi-stage stratified random sampling. The PLS-SEM method, coupled with artificial neural network (ANN) analysis and fuzzy set qualitative comparative analysis (fsQCA), was employed to test the hypothesized relationships, ensure the robustness of outcomes, and derive important practical insights. The findings suggest that intrinsic factors (perceived behavioral control and attitude) are superior predictors of investors' behavioral intentions relative to external factors (government policy support and social influence). Further, for green bonds to receive favorable evaluations from investors, they should display adequate financial cum environmental performance. Investors' attitude is significantly influenced by issuers' ratings and their willingness to pay premiums. Environmental concerns and perceived risk also influence investors' attitude toward green bonds, albeit with relatively lower strength. This study holds significance as it offers crucial implications for researchers, market participants, policymakers, and regulators involved in the development of the green bond market.

中文翻译：

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投资我们的星球：审视散户投资者对绿色债券投资的偏好

绿色债券已成为推进环保项目的重要金融工具。尽管机构投资者对绿色债券表现出了浓厚的兴趣，但散户投资者在采用绿色债券方面却滞后。本研究旨在以计划行为理论为基本模型，结合多种具体环境因素，探讨散户投资者对绿色债券投资态度和意向的决定因素。通过多阶段分层随机抽样收集了代表印度大多数邦和中央直辖区 (UT) 的 506 名印度散户投资者的数据。 PLS-SEM 方法与人工神经网络 (ANN) 分析和模糊集定性比较分析 (fsQCA) 相结合，用于检验假设的关系，确保结果的稳健性，并得出重要的实践见解。研究结果表明，相对于外部因素（政府政策支持和社会影响），内在因素（感知的行为控制和态度）是投资者行为意图的更好预测因素。此外，绿色债券要想获得投资者的好评，就应该表现出足够的财务和环境绩效。投资者的态度很大程度上受到发行人的评级及其支付溢价的意愿的影响。环境担忧和感知风险也影响投资者对绿色债券的态度，尽管强度相对较低。这项研究具有重要意义，因为它为参与绿色债券市场发展的研究人员、市场参与者、政策制定者和监管机构提供了至关重要的影响。